Last week, we saw the sombre news that yet another significant logo in construction had gone into administration. According to the government's Insolvency Service, the construction sector represents 17% of all insolvent firms with just over 4000 going bust, in the 12 months ending March 2023.
A litany of reasons have been cited as contributing to the loss of these companies. Factors include rising interest rates and inflation, war in Ukraine, COVID-19 and Brexit-related supply chain issues, resulting in labour shortages and rising costs of equipment and materials, longer lead times and cost overruns.
Whilst technology can’t combat the effects of external market forces, such as inflation or supply chain stress, where software can help by giving real time visibility of data that can reduce risk, cost and increase business resilience.
Ironically, in an industry renowned for slow digital adoption and with investors increasingly nervous to commit capital, there is a greater requisite for more control and visibility that only technology can supply.
fu3e was designed to centralise critical portfolio data to have full visibility of capital performance in real-time, whilst evaluating risk at a glance- getting away from outdated processes – and allowing agile, informed management decisions.
fu3e offers customers across the real estate market from funds, developers and consultants the ability to track, identify and take action across costs, risks and compliance before it can impact project or portfolio level.
Companies that successfully survive challenging times such as these, are the ones that can drive productivity and efficiency, whilst reducing costs, and embracing innovation.
It is, therefore, fundamental that digital transformation in the real estate sector is adopted today for the protection and preservation of tomorrow and beyond.