Competition in the construction industry is getting fierce year after year. Every firm has boosted its competitiveness down to every single contractor, working under immense pressure to adapt to changes and compete in a completely new environment.
Why is the Construction Industry Getting So Competitive?
Construction has always been a competitive business, but a series of changes in the recent past and ongoing changes within and outside the industry have influenced the functioning of the industry as a whole. Companies are struggling to keep up with the rapidly growing industry, with new technology changing the way projects used to be undertaken. The main reasons behind the changes are:
- Traditional Contracting is Being Replaced by Turnkey Projects Which Involves a Greater Share of Risk for the Contractor.
Clients in both the public and the private sector are getting increasingly savvy towards how much a project should actually cost. They are also benefiting from greater competition for bids. The demand for Lump Sum Turn Key contracts is expected to grow in the coming years.
- Clients are in Favour of Hiring Multiple Firms to Handle Different Aspects of the Construction Project.
These types of unbundled contracts prevent firms from subsidizing weaker and less cost-effective aspects of the construction with profits from stronger areas of their operation. Buyers now select construction firms for specific work areas of a project based on relative cost positions.
- Past and Future Market Consolidation.
Consolidation is an effective solution in a flat market as it helps companies diversify and stabilise their revenue systems. Firms are looking to expand their criteria and start making acquisitions in new locations and service offerings.
Construction firms in growing economies have focused on building and solidifying their presence in their home market. With the ease in home markets and the growing scope of globalization, these firms are expanding into other countries and seeking to compete against global players.
How Adopting the Right Tech can Help You Move Ahead of the Competition
Construction firms are beginning to understand the importance of data and its direct relation to business growth. Quality construction leads cannot be obtained from google searches. There are specialized tools that can provide you with relevant leads, data and analytics on the construction industry.
Project Intel is effective software that provides construction firms, contractors and project managers with the tools and intelligence they require to generate leads and identify new opportunities. This software opens up new possibilities by allowing you to utilise market intelligence and commercial construction leads to identify and target decision-makers within the industry at the precise moment when they require your services. This way you can grab an opportunity long before your competitors are even aware of it.
Project Intel contains the largest database for the construction industry and is regularly updated with relevant data on ongoing or upcoming projects. This data allows industry professionals to identify opportunities, risks, compare and predict past and future trends and visualise project prospects from an early planning and design stage. This helps them run the project with greater confidence.
Operating across the GCC region, the services of project Intel are available to the member countries, UAE, Saudi Arabia, Oman, Bahrain, Kuwait, Qatar. Users can access valuable construction project sales leads, market analysis, forecasting and company intelligence by subscribing to the online service. This makes the information exclusive, which provides you with a great advantage over the competition.