Investments in construction technology continue to attract attention. In fact, funding in U.S.-based construction tech startups is over $3.1 billion, according to data from CrunchBase.
There’s no question that a slew of cool, new technologies are making their way onto jobsites. The real question is which of these technologies, if any, offer real value.
Ultimately, every general contractor (GC) needs to come to their own conclusions and calculate ROI numbers specific to their business. However, there are ways to analyze an investment in construction tech before you spend the money. Here are five questions to ask before committing to a purchase.
1. Does the technology address a real business issue?
There have been countless exciting and innovative technology products that offered little value in the real world. Who could forget the 2017 Consumer Electronics Show (CES) hit “The Umbrella Drone.” Perhaps we all forgot about that one, except those who paid $1,600 for it.