Construcciones Yamaro: Building a technology ecosystem for construction success

Payapps’ Misty Cronin at FCON-Tech 2024. (Image: Payapps)

In today’s fast-evolving construction landscape, technology has become more than just a helpful tool – it is essential. However, as the industry becomes increasingly complex, it is clear that no single technology can address every challenge. A technology ecosystem built with purpose-fit solutions is critical to navigating the specific pain points of the construction lifecycle. Whether it’s progress claim management, compliance or subcontractor coordination, specialised technology is crucial for success.

This was the focus of Misty Cronin’s speech at FCON-Tech 2024, where she highlighted the power of specialised solutions to streamline processes and improve project outcomes. She shared how Payapps, a comprehensive progress claim management platform, helps construction companies reduce disputes, accelerate approvals and ensure projects stay on track.

As Cronin pointed out, building a cohesive technology ecosystem doesn’t happen by chance; it requires careful planning and the right strategy. Here are five key steps to consider when constructing a technology stack:

1. Create a clear technology strategy

Leadership must align on a shared vision for how technology will support business goals. By establishing a clear roadmap, it is easier to ensure that each adopted tool delivers tangible return on investment.

2. Involve the right stakeholders

Don’t make technology decisions in isolation – engage the people closest to the pain points. Their input will help ensure that real-world inefficiencies, not just theoretical problems, are being addressed.

3. Prioritise integration

The best technology ecosystem is one where all systems communicate. Businesses should ensure their solutions integrate seamlessly, allowing for smooth data flow and reducing manual input.

4. Focus on scalability

As businesses grow, their technology stack must scale accordingly. It is essential to select solutions that can adapt to evolving demands and increasingly complex workflows, thereby ensuring continued agility.

5. Ensure strong vendor support

Even the best tools are only as good as the support received. Choose vendors that provide robust training, implementation support, and continuous improvement to help team members maximise the benefits of the software.

Research from Payapps backs up this approach. Companies that adopt purpose-fit technology report a 49 per cent increase in productivity, and 81 per cent of Payapps users find it easier to comply with payment deadlines under regulations such as the Security of Payment Act (SOPA) in Australia and the Construction Contracts Act (CCA) in New Zealand. Additionally, Payapps users are five times more likely to be “very satisfied” with their job compared to non-users.

Another important consideration is how to build a technology ecosystem. Businesses should consider whether to rely on a single vendor for their technology needs or adopt a more diversified approach. For some, a comprehensive construction cloud platform offers a streamlined experience with solutions that cover multiple stages of the project lifecycle. For others, adopting a combination of specialised tools from different vendors ensures that each pain point is addressed by the best-in-class solution.

What matters most is that these tools – whether from one vendor or multiple – work together seamlessly. Interoperability is at the heart of a successful technology ecosystem. For example, Payapps integrates easily with project management platforms, enabling a single source of truth for teams. This connectivity fosters collaboration, reduces the risk of disputes, and ultimately improves profitability.

As construction companies navigate rising costs, tighter regulations, and labour shortages, it’s clear that building a robust, integrated technology stack isn’t just a luxury – it’s a necessity. The right technology investments can significantly improve productivity, collaboration, and overall project outcomes.

The future of construction depends on the ability to embrace specialised solutions. Companies that are open to adopting purpose-fit technology – and ensuring those tools integrate well into their technology stack – will be best positioned for long-term success. The question isn’t whether the business can afford to invest in technology; it’s whether the business can afford not to.

To learn more about how Payapps can complement an existing construction technology stack and help standardise, streamline and simplify progress claim management, visit the website.

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