Weekly Technology Wrap - 01/05

This week in Construction Technology

Welcome to Kyro’s weekly technology roundup, your go-to source for all the latest updates in the world of construction management.

In this edition, we bring you a curated collection of articles and insights that will keep you well-informed and ahead of the curve.

Funding and M&A

A consortium of investors including Macquarie Capital has made an offer to acquire all shares in Byggfakta Group Nordic HoldCo AB, a Swedish software company catering to the construction industry

Innovations & Alliances

New apps for the new year include an AI program that answers project questions, a 360-degree camera for building models and a tool that automates procurement quotes.

Here are five recent announcements from software makers and other tech providers about new offerings or updates to existing products that are designed to smooth out construction for contractors.

Generative AI is becoming a more common addition to employee workflows, according to an Insight Enterprises survey published last month in partnership with The Harris Poll.

Nearly 3 in 4 workers use generative AI tools for data analysis and visualization, according to the survey of 601 leaders at companies with 1,000 or more employees. Two-thirds use AI-powered tools for research and email summarization.

The many challenges facing construction have created fertile ground for innovation and all kinds of new (and not so new) ideas from pioneers, tech-firms and their backers on how technology could help solve the industry's problems. 

Construction's skilled labour shortage and long-running struggle for improved productivity creates a dynamic where AI, automation and robotics are emerging as potential solutions to help fill the gap. 

Insights

The construction industry’s days sales outstanding (DSO) stands at 94 days, according to “Under Construction: Improving Payments in the Construction Industry,” a PYMNTS and Ingo Money collaboration.

Those payment delays impact general contractors, subcontractors, vendors, workers and customers alike, according to the report.

Because of these cash flow disruptions, contractors and subcontractors must increase their bids, pay out of pocket for materials and use credit cards to cover payments, the report said.

What We're Reading

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