The first half of 2023 has drawn to a close and the architecture, engineering, and construction (AEC) industry continues to undergo rapid transformation – with technology playing a pivotal role.  

Data shows that embracing tech-forward strategies can help AEC firms enhance performance, streamline operations, and boost profitability.  

Let’s take a closer look at the key areas of technology AEC firms should focus on to enable better business and support scalable growth in the second half of 2023. 

Master your data 

Every business requires data to help them make more informed decisions. However, to remain competitive, AEC firms must understand how to properly manage that data. They must also determine how to master other critical areas such as system integration, cloud centricity, and mobile access.  

Effective data management is at the heart of a firm’s ability to grow. Understanding how to access and use data helps firms make decisions with confidence, knowing they are backed by trustworthy, up-to-date information.  

System integration and cloud centricity further augment productivity by enabling seamless operations – critical for today's dynamic work environments.  

Lastly, mobile access has become a crucial component, especially for field operations, making it an essential feature in any tech-forward AEC firm's toolkit. 

All four of these elements (data management, system integration, cloud centricity, and mobile access) all rely on a tech-forward approach to handling, storing, and managing data. 

Boost performance with integrated tech 

Beyond managing your data, incorporating all of your business needs within an integrated platform can truly revolutionize AEC firm performance.  

Streamlining accounting and finance processes can increase efficiencies, while agile project management ensures timely, budget-friendly project completion, and increased profitability. Technology also aids in market capture, enabling firms to deliver superior value to their clients. 

Integrated tech empowers your teams and departments to make decisions faster while focusing less on mundane, operational tasks and more on developing and executing high-level business strategies. Simply put, integrated tech keeps your team focused on doing what they do best.  

Ensure success with adoptable tech 

Research shows a direct correlation between an AEC firm's success and its adoption of technology and, as Unanet’s 2022-2023 AEC Inspire Report confirms, adopting technology is a game-changer.  

The numbers don’t lie. Here's are a few statistics that show just how much technology adoption can impact key metrics for firms that embrace: 

• Profitability: A significant 67% of tech-forward firms anticipate a profit rate of at least 20% in the upcoming year.

• Efficiency: Tech-forward firms are also showing efficiency in labor utilization, with 14% reporting a direct labor multiplier of at least 3.5 over the past year, compared to 4% of their tech-static counterparts.

• Recruitment and Retention: Staffing sits atop the list of common challenges facing AEC execs. However, tech-forward firms have an edge here too. Half of these firms reported improved recruitment and retention since the pandemic, while nearly half (46%) of tech-static firms admitted to performing worse in this area.

• Win Rate: Optimism about future success is higher among tech-forward firms. About 27% of them expect their win rate to be within the 75-100% range in the next year. In contrast, only 13% of tech-static firms share this confidence.

That said, it is critical to use the platforms and systems that support your business goals and work best for you. By integrating the right tech – the kind that is easy to use and fits nicely in your existing tech stack - firms can significantly improve performance and profitability.  

Leverage technology to address common challenges 

All AEC firms encounter a variety of challenges such as recruitment, improving efficiency, and competition. Technology offers solutions to these obstacles. It provides critical insights into key metrics, empowering firms with data-driven decision-making capabilities. This assists in strategic planning, budgeting, and effective project management, thereby transforming challenges into opportunities for growth and success.  

With the AEC industry constantly evolving, technology adoption is no longer optional—it's essential. By adding the right solutions to your current tech stack, AEC firms can not only maintain competitiveness but also enhance the value they offer to clients. This is why you’ll want to make technology adoption and integration a primary focus for your AEC firms as you navigate the remainder of 2023. 

Unanet’s ERP and CRM AE solutions are purpose-built to manage project lifecycles, drive profitability, revenue, and growth for your AEC firm. For more on how we can help, visit our website.