The construction industry is to receive a much-needed £250m boost in the UK government’s effort to boost productivity, reports the Construction Enquirer.
Business Secretary Greg Clark confirmed the construction industry had won the investment as part of the government’s Industrial Strategy, a planned partnership between the government and the construction industry to work collaboratively to increase spending on innovation, research and development in certain sectors.
The strategy is targeting three key areas for construction industry growth: procuring for value, industry-led innovation and skills for the future. Both the Industrial Strategy Challenge Fund (ISCF) and National Retraining Scheme will receive significant investments to transform the construction sector, focussing on improving efficiency, reducing project costs and improving digital and construction training for the next generation of workers.
Explaining how the investment will benefit the construction industry, Clark explains: ‘[It] will substantially boost the sector’s productivity, through greater investment in innovation and skills, creating new and well-paid jobs and maximising its export potential.’
For construction companies, it really is a case of modernising both on-site and back office processes with the use of technology. In our free eGuide, we have previously discussed the benefits of using construction specific software available to help streamline processes like credit control, subcontractor applications and payments and estimating and tendering activities.
When it comes to boosting productivity, reducing cost and maximising efficiency by aligning on-site and off-site activities, making managing projects simple, smart software designed specifically with construction companies in mind can help.
Smart software uses new and historical business data to give you total control of your processes. By knowing more about your business and enjoying greater visibility over projects, you can ensure every build comes in on time and on budget, helping you take advantage of the opportunities that arise.