One of the most important aspects of my job is keeping up with trends in the industries we’re involved in — not only lending, but construction, software and technology, as well. And the end of the year brings us a great time to look at what’s coming next, to see what trends we should expect in the coming months.
On the construction side, there have been two articles recently, in particular, that both reinforced my belief that we’re on the right path at Built and provided new insight into where the industry is focused. Not surprisingly, both had to do with technology.
Construction Executive explored the ways in which contractors and builders are turning to building in-house apps to solve their problems. Their biggest focus: to increase efficiency and reduce paperwork. Spreadsheets and hardcopy forms are eating their teams’ time and they need a way to free people up to perform in their jobs.
That sounds to me to be the same challenges facing lenders across the country. Tedious paperwork and inefficient processes create headaches that make some institutions avoid construction lending altogether.
At the same time, a Deloitte report looked at the ways in which builders are using new technologies to make their projects more appealing to consumers — through sensors and other integrations. ‘Smart’ buildings are quickly becoming the standard in new construction.
In each of these cases, embracing technology is not only inevitable, it’s empowering builders and contractors. They’re quickly changing the way their businesses operate — connecting employees and customers, creating process efficiencies, and differentiating their businesses from competitors.
The industries or businesses that once thought maybe they wouldn’t be touched by technology are quickly finding themselves left behind by those who embraced it from the start.
Thankfully, lenders don’t have to build apps from scratch to improve the way they manage construction loans. And builders no longer have to rely on hardcopies to make funding draw requests. The construction industry can keep with the trend, embracing technology to make everyone’s lives easier. The Built platform works for all construction loans, making things more efficient for everyone involved. That’s a trend that won’t be slowing down.