Navigating the complexities of deadlines and delays
In today’s fast-paced construction industry, managing large-scale projects—from commercial buildings and energy infrastructure to transportation networks—is increasingly complex. Tight deadlines and budget constraints are the norm, requiring meticulous planning and seamless coordination to succeed. Balancing the two is rarely straightforward: delays and budget overruns can arise from a range of factors, including materials and labour shortages, subcontractor management, site safety incidents, and more. A 2020 survey of senior project executives found that on average, projects overrun their budgets and schedules by 30-45%.
Rework is a significant factor contributing to these delays and cost overruns. It is estimated that between 4-6% of total project costs can be attributed to rework, with construction rework activities leading to productivity losses of up to 300%. Moreover, up to 70% of all rework in construction can be traced back to engineering and design-related errors. Addressing these issues is crucial for improving project outcomes and staying within budget and schedule constraints.
These challenges are exacerbated through slow, paper-based processes and limited visibility for project managers and operations personnel. Innovation and digitisation of these outdated processes are essential for the construction industry to unlock its full potential, and catch up with other industries already exploiting AI.
Real-time visibility yields greater efficiency
Developed alongside industry experts who have firsthand experience with these struggles, FYLD has emerged as the key solution to provide project stakeholders with the visibility, data, and tools needed to overcome these challenges. By digitising site evidence, job hazards, and project progress, FYLD empowers our construction partners to make informed, data-driven decisions that optimise project efficiency.
FYLD addresses the communication issues that often lead to rework. Its AI-powered video risk assessments help field workers and remote managers proactively mitigate site safety risks, reducing incident rates. Additionally, the platform prioritises critical issues for managers, enabling more efficient responses and reducing project downtime. This addresses one of the main causes of rework related to construction activities: miscommunication and poor communication among team members, which account for 48% and 26% of rework, respectively.
Robust dashboard visibility empowers managers to optimise subcontractors and workforce resources more effectively, maximising ROI across all projects. Site evidence and project documentation also aid in reporting and compliance adherence, ensuring that all stakeholders have access to a single source of truth, which enhances transparency and accountability.
Industry-leading companies like Ferrovial are already reaping the benefits, reporting significant savings and job completions 3 months ahead of schedule.
Data-driven decision-making for better outcomes
FYLD revolutionises construction project management by enabling data-driven decision-making, leading to superior outcomes. By leveraging digital data capture and AI-powered analytics, FYLD provides project stakeholders with the critical insights needed to make informed decisions quickly and efficiently.
With comprehensive dashboards and real-time data, project managers can efficiently allocate resources and manage subcontractors to maximise productivity. FYLD’s data-driven insights ensure that every aspect of the project is optimised. By minimising project delays and preventing costly incidents, FYLD maximises the ROI for construction projects. The platform’s ability to streamline operations and optimise resource use ensures projects are completed on time and within budget, resulting in higher stakeholder satisfaction and stronger client relationships.
Finish on time, on budget with FYLD
Balancing time and budget in construction is a challenging yet essential task. With FYLD, construction companies can navigate these complexities effectively, achieving on-time and on-budget project completions.
Request a demo today to find out how our platform can revolutionise your construction project management.
Explore our case studies to discover more about FYLD’s time and cost savings for construction projects
