Over the past few years, construction costs have increased dramatically across the country, increasing up to 10%. Post COVID-19, however, is changing this dynamic. With unemployment rising, supply chains breaking, and the drop in energy prices, it will affect everything from material costs to transportation.
With demands of goods and supplies skyrocketing, businesses are becoming more and more concerned. They are buying and holding inventory on-hand that exceeds more than 5% of what they actually use, out of fear of not getting the supplies timely, or if at all.
Looking past the current emergency, it’s clear we need a more resilient supply chain that can readily adapt to future times of crisis and stress.
The supply chain industry has been doing business in the dark for decades, and to tap into these growth opportunities in such challenging and evolving times, construction businesses are finally focusing on software and encouraging greater use of digital technologies.
All of this is creating a shift in the construction industry. A shift from conventional models to more innovative business models with increased technology.
But …. we can do so much better!
With growth in the construction region to reach $14 trillion by 2021, businesses are facing long delays in completion of projects, and seeking solutions to better manage these developments.
It’s time to build a more resilient and agile supply chain, and manage construction projects through blockchain technology.
And that’s exactly what DigiBuild is doing!
DigiBuild is bringing in blockchain technology, with all its superior functionality, scalability, efficiencies, security and more, to the remote and at-home supply chain worker or procurement manager.