In an industry that utilizes cutting-edge technology to tackle their clients' most complex projects, construction has struggled to embrace digitalization across their business and jobsite practices. According to McKinsey Global Institute's Industry Digitalization Index, construction is rated as the second least digitized sector in the world. Continual use of outdated or manual processes has contributed to inefficiencies that have caused large projects to go up to 80% over budget1 and, on average, run 20% longer than scheduled.
With the ongoing challenges of skilled labor shortages, keeping up with the newest in construction technology, offsetting increasing material costs and staying ahead of the competition, it's more important than ever to prepare construction businesses for the present and future. While it's understandable that going digital can seem intimidating, it's becoming easier to transition with the latest digitally connected products and solutions on the market. Escape the digital void with newly available integrated tools, services, and software specifically built to drive construction productivity, and more productivity can mean more for your bottom line.
One company that has dedicated decades to bringing the latest in technology, safety and efficiency to the industry, recently launched the most groundbreaking innovation in the company's history. Earlier this year, Hilti, a leading manufacturer and provider of construction tools, technology and services, released Nuron, a new all-on-one cordless platform. With its connected battery interface, advanced safety technology and extensive portfolio of new and enhanced tools, Nuron sets a new standard of performance, safety and flexibility, impressing construction professionals and the industry.
The trick to escaping the digital void plaguing the construction industry is prioritizing data and digital technology. Those in the industry effectively harnessing data and intelligence are doing so with the support of smart batteries. Smart batteries are equipped with built-in diagnostics that sync with connected tools to collect data and provide a holistic view of the tools, including location, usage insights and battery performance levels. This affords the ability to provide key intelligence in real-time for making quicker and more informed tool crib decisions.
The cornerstone of Hilti's Nuron platform is a set of interchangeable 22V smart batteries that power a new generation of more than 60 high-performing cordless tools, with many more scheduled for release later this year. The growing portfolio of tools and batteries cover light, medium and heavy-duty jobs and are designed to deliver more power, greater speed and often double the runtime than like platforms on the market, enabling more productive crews and improved project turn times. Nuron not only enables simplified asset management but also allows companies to streamline procurement by operating off a single platform and moving away from expensive and hazardous gas and corded power systems, helping to reduce costs and complexity.
So how does Hilti's Nuron all-on-one platform support digitalization? Nuron provides a gateway for a streamlined transition to the digital world. The intelligent 22v batteries upload usage, performance, location, and battery health through a cloud-connected charger that delivers data every time they're charged. The data then connects to an app or online profile that can be accessed from anywhere in the world. So not only are jobsite crews working with higher-performing tools, but businesses are gaining data-driven insights and valuable intelligence to help with making more informed decisions, simplifying processes, and reducing unnecessary costs.
Construction companies spend an average of 90 hours each month—that's nearly 4.5 hours per workday—searching for assets across construction sites. That can quickly add up. Tools and equipment, materials and consumables, and labor are the top three expenditures for construction companies. They're also the most difficult to manage, especially when using manual paper-based systems like spreadsheets and sticky notes. Systems like these can have negative cost implications for managing physical and administrative assets. One elevator company found that it was spending $200,000 annually in time and cost for asset management.
Further supporting digital optimization—and more cost control—is Hilti's ON!Track asset management and equipment tracking solutions. By combining Nuron with ON!Track, customers will experience even more features and benefits. Some of which include identifying idle tools so they can be put back to work where they're needed most, information on tool health with proactive maintenance alerts, battery replacement services. You can also digitally manage safety certifications, tool maintenance records and schedule digital or on-site health and safety training. ON!Track helps keep jobsites under control with software that works with Nuron's connected tools and smart batteries to leverage predictability by monitoring inventory through a cloud-based platform. Since ON!Track tracks inventory and the usage of materials and consumables like bits, chisels, nails, and fasteners; closer estimates can be made for purchasing project needs before even breaking ground. Additionally, by implementing digital asset management solutions like ON!Track, can help control loss during an active project by monitoring any unauthorized removal of tracked equipment and tools or abnormal consumption of consumables.
Yes, the construction industry is still skirting around the cloud. Still, it should look at digitizing asset management as a real opportunity to keep projects running on time, reduce losses, and better control costs. Digitally enabled solutions like Hilti's Nuron all-on-one cordless platform and ON!Track's digital asset management software is getting easier to use and less expensive to implement. By cutting costs on physical assets, freeing up staff time for more productive tasks, and eliminating delays created by antiquated manual processes, the right construction technology system more than pays for itself. Prepare your company for the future by embracing digitalization, using connected products and solutions, and diversifying your business.