Labor in the It’s no secret that labor costs To calculate labor and labor shortages in the productivity in your construction construction industry are on construction business, sector an upward rise. One survey you could ask yourself found that 80% of construction the following questions: companies can’t find the workers 2 they need. To combat this trend, ▶ How much work can a firms need to improve jobsite group of 20 workers get performance and become even done in a day? more productive. ▶ If the number of workers is Labor efficiency is the basis fixed, how many days do of most tender estimates, as you need to complete the well as the yardstick by which job? performance is measured and monitored. However, labor ▶ If the days you have to 44% efficiency is very closely related to complete the job are fixed, of firms report increasing physical resources and ability in how many workers will you construction prices due terms of knowledge and skills. need to finish in time? to labor shortages.2 Advancements in technology are ▶ How much time can you making management of labor save on finishing one part 80% productivity more predictable by of the job if you invest of construction companies exposing business inefficiencies. in equipment that works can’t find the workers This can help improve planning faster? they need.2 and overall profitability. Tool and Mending the digital black hole in Prioritizing digital technology the construction industry; and, creates data – a lot of data. equipment more specifically in an individual Key data items can then be construction company, starts usage identified to enable quick action. with prioritizing digital technology. In turn, this creates data – a lot of data. Key data items can then be location, usage information, and 65% identified to enable quicker action maintenance status. of companies have for potential problems or applied difficulties tracking to cultivate positive outcomes for Smart batteries are equipped with tools and equipment future projects. built-in battery diagnostics that sync with a connected tool to In construction, the industry’s relay information that provides a 7k digital adopters are harnessing holistic view of the item including is spent annually on IoT with the help of smart the battery performance levels, lost tools, materials, batteries – to prevent issues location, and usage data. and equipment like not knowing an asset’s This provides key information to 33 HUMAN AUGMENTASSET AND EQUIPMENT MANAGEMENTATION