Throughout the past year, the AEC industry has undergone notable growth, marked by a range of innovative solutions that have begun to transform project management practices. Project management solutions play a large role in the built world, providing a centralized database of project-specific information that streamlines the management of tasks, assignments and specific scopes of work. This article will be a recap of BuiltWorlds' 2022 Project Management & Oversight Report, while also serving as a look ahead to possible emerging trends and technologies occurring in 2023.
Project management solutions facilitate the management of complex projects through its many channels for team members both within the office and the field. Effective project management solutions help to promote collaboration, decrease errors and miscommunication, and increase efficiency and economic gain.
According to data from the 2022 Project Management Report, there was roughly a 60% increase in the widespread use of business intelligence solutions. The majority of which named Microsoft PowerBI as their top solution of choice. It is anticipated that there may be a trickle of even more adoption of this solution, as new feature upgrades are being released onto the platform throughout the year.
With ERP systems showing average to low functionality ratings in last year’s report, there is an opportunity for advancements to be pushed out to higher user satisfaction. Procore was a top solution last year, and there have been updates to its platform, which lends a strong hand to improvements in user experience for 2023. We remain hopeful that other solutions will follow suit and improve functionality within their platforms.
A rise in Fintech solutions within the AEC industry lends new hope to an increased adoption of new payment solutions. In 2022, Fintech solutions within the industry saw funding to 14 unique solutions, which more than doubled that of 2021’s 5 unique solutions. There seems to be potential for a need to expand platform solutions within the built world, with overall industry growth in the near horizon.
Overall, the need for development of project management solutions continues to grow as emerging technologies and initiatives take hold within the industry. Keep an eye out for the 2023 Project Management Report set to be released within the next few weeks. In the meantime, we encourage you to register for the 2023 Construction Tech Conference happening in Chicago July 18 through July 20.
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