The construction industry has been a critical part of Florida’s economy for decades and is the state’s fastest-growing major industry. It is also one of the slowest industries to digitize. However, that could be changing as the long-overdue digital transformation in the construction industry nationwide gains speed.
Industry-wide, contractors are using more digital tools for construction to gain an advantage over their market peers. Those who lag in adopting digital construction technology could soon find themselves losing to competitors who have found ways to work smarter and faster.
To reap the benefits of digitization, contractors will need to quickly learn from first-mover firms that have already taken their first digital steps as they invest in their own digital transformation.
The construction industry has digitized more slowly than others, according to global management consulting firm McKinsey & Company. This lack of successful digital transformation in construction occurs despite the fact that the industry is one of the world’s largest economic sectors, with global construction spending totaling at least $13 trillion. Slow digital uptake has created productivity problems that leave the growth of the industry lagging far behind the economy as a whole.
Industry-wide, contractors are digitizing more of their processes in an effort to gain an important advantage over their market peers. Those who lag in adopting digital technology could soon find themselves losing to competitors who have found ways to work smarter and faster.
The construction industry has been slow to embrace digitization for several reasons. Its dynamic and physically demanding environment presents unique challenges, especially in remote locations where workers interact directly with building materials and heavy machinery. Additionally, frontline workers are often hesitant to adopt new technologies unless they are straightforward and intuitive. There's also a longstanding perception within the industry that technology is an added expense rather than a tool for boosting efficiency.
By learning from early adopters and aligning technology with business goals, contractors can improve collaboration, increase visibility and reduce inefficiencies. As digital workflows take hold, the construction industry will shift from isolated efforts to integrated, data-driven operations that support growth and resilience.
Here are some key areas where construction firms are digitizing:
The future of construction and engineering is digital. Firms that focus on practical, people-first tech strategies will lead the way.
Digital transformation in construction, engineering and commercial real estate (CRE) isn’t about adopting the flashiest new tools—it’s about solving real-world challenges. The most successful strategies start by identifying operational inefficiencies and then applying digital solutions that directly address them.
Before investing in new technology, take a close look at your workflows. Are there bottlenecks in communication? Repetitive tasks that slow down progress? Once those are identified, you can explore digital tools that support smarter, faster operations. When technology is tied to tangible improvements, teams are more likely to embrace it.
One of the biggest hurdles in construction is fragmentation—multiple teams, vendors and stakeholders working in silos. Digital platforms that support shared access to project data, such as BIM, can help unify efforts. Projects move forward with fewer delays and less confusion when everyone is aligned.
Engineering and design are evolving rapidly. Generative design tools and modular construction methods are shifting the focus from manual drafting to digital interpretation and optimization. Firms that invest in digital skills and build reusable design libraries will be better positioned to lead in a competitive market.
For more insights on how digital strategies are reshaping the construction industry, explore McKinsey’s full report.
Today’s digital banking can support the construction industry’s tech-enabled evolution. Banks are offering construction business banking that offers rapid payments, mobile deposits and real-time cash flow visibility. These functions are vital in an industry in which supplies must be ordered at specific times and multiple subcontractors and vendors must be paid on schedule to meet completion timelines.
Automated and digitized banking features also reduce errors, allow the elimination of paper checks and accelerate the reconciliation process, making construction businesses more efficient. In addition, digital management tools enable centralized control over several accounts so contractors can get better oversight of project budgets and spending.
Construction firms can also benefit from automated payables and receivables, fraud protection services and daily cash position reporting. And they can take advantage of banking integrations with accounting and project management platforms to streamline workflows among financial operations and field teams.
At Seacoast Bank, we understand construction firms’ unique financial needs. Our digital-first business banking services help contractors save time, keep overhead low and ensure projects are moving. We are here to help whether you're digitizing payroll, financing new equipment or managing complex vendor payments.
Use the form below to contact a Seacoast Bank business specialist to explore digital banking tools that support your construction business. We’re here to help every step of the way.
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