Over the last couple of months, the research team at Steer has been conducting an extensive study to understand the pain points which are prevalent in the industry. The construction industry, which is the least digitized sector, is riddled with inefficiencies. Approximately 70% of the projects are delayed or over-budgeted due to manual processing which results in almost half of all construction projects suffering losses.
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Read articles on digital transformation, no-code development, and order fulfillment automation in industries such as field services, HVAC, automotive written by the Steer Team and Subject Matter Experts from the Steer Partner Network
A large number of construction companies grapple with issues around material stockout or overordering for their job sites. Stockouts almost always make it to the ‘worst nightmare’ list of your on-site construction manager, and for a good reason. He has on-site workers who have to sit idle or be deployed to other tasks until the appropriate stocks arrive, leading to a loss in productivity, time, and increasing costs. Overordering is another similar challenge, where the construction manager has to deal with issues around inventory management, spoilage, or pilferage.
Over the last couple of months, the research team at Steer has been conducting interviews with various stakeholders in the construction industry to better comprehend some of the most pressing pain points that developers and contractors are grappling with. The research demographics were a dexterous mix of professionals across the construction industry. During the course of our research, we were able to conduct close to 30 interviews, with diverse construction companies of different sizes across the Philippines, Singapore, and India markets.
Steer bagged the Best Industrial/Supply Chain Startup award at the recently concluded X-Pitch 2021, the "X Games" of startup competitions.
The 10-trillion construction industry is one of the largest but one of the least digitized industries in the world. Because of the traditional ways of managing construction, around 70% of projects are delayed or over-budget, and manual tracking of activities and materials on-site is one of the primary reasons. In fact, our team has found that almost half of construction projects are losing money instead of making money. They need greater visibility and control over the entire business operations to thrive in the new normal.
To address this, we are introducing our Fieldwork Management Solution for Construction, Repair, and Maintenance that connects on-site construction teams with the head office and core systems for materials & task tracking, change orders, punch lists, and more.
While materials count for a considerable amount of construction costs, the way materials are managed seems to be improvised rather than approached methodically. In the construction industry, one of the common challenges organizations face is issues with their onsite material management. Our research suggests that the management of materials has, over the years, been a problem for most firms in the construction industry. In construction project operations, there is always a tendency of mismanagement of materials creating various operational and business challenges.
Companies in the HVAC industry are fast looking towards technology solutions to help them improve their operations and enhance customer experience. While consistently obtaining exceptional customer service standards for HVAC companies is still desirable, most of the market leaders have already started incrementally improving their technology stack to differentiate themselves from the pack.
The HVAC industry is undergoing a tectonic change – the evolving customer expectations coupled with a cut-throat marketplace resulting in shrinking profit margins has indicated that HVAC companies cannot underestimate the importance of the experience which is dished out to the customer. If you have been a part of the HVAC industry for some time, you would agree that running a profitable business requires more than just trained technicians and accurate equipment – you would also need to provide an outstanding customer experience to create loyal customers.
Steer was chosen as a semi-finalist in X-Pitch’s GLOBAL TOP 150 Startups, besting 3680 applicants in 42 countries. The grand finale will be on November 11, 2021.