The construction industry is a key pillar of Australia’s economy.
Previously contributing around 8-9 per cent of our GDP and employing over 1.3 million Australians, the industry has been suffering because of skyrocketing operating costs, severe labor shortages and growing skills gaps. These pitfalls continue to apply pressure to project timelines, resulting in increasing financial pressure on firms and implications for completing projects on time, if at all.
With operating challenges at hand, it’s clear that the industry stands to benefit from a comprehensive digital transformation to improve efficiency and future-proof against challenges.
Organizations and project managers across the country must embrace best-in-class budget forecasting and risk mitigation technologies. Leveraging advanced analytics and digital tools would help identify cost-saving opportunities, optimize resource allocation, and improve project delivery efficiency. As cost escalation becomes more unpredictable, adopting a proactive approach to risk management is no longer optional, it’s essential for maintaining project viability and ensuring long-term industry resilience.
At IFS, we recently commissioned research into the rate of technological integration in Australia’s construction industry. We made some telling discoveries regarding the sentiments of industry leaders in relation to the current state of play.
Modern Challenges Require Modern Solutions
Many Australian construction businesses rely on non-integrated software solutions, often juggling as many as 16-20 different systems to manage operations. This fragmented approach creates inefficiencies and increases administrative burden. Using multiple solutions or poorly integrated processes hinders productivity and makes it harder for businesses to scale and adapt.
To stay competitive, organizations must adopt singular, agile solutions that support business diversification and long-term growth. By streamlining workflows and centralizing data, leaders and project managers will optimize asset management, and make better informed, data-driven decisions to enhance productivity and reliability.
Efficiency is paramount in our competitive market. Roughly a third of construction firms report challenges with project delays due to outdated systems, while only a fifth cite immediate interest in changing their methods of digital adoption.
As leaders, we need to create greater visibility of the value of optimized solutions, and the difference they would make to an organization’s bottom line. The ability to forecast costs accurately, manage resources efficiently, and adapt to shifting market conditions will undoubtedly be critical for sustained success as Australian construction moves into the future.
Our work with Quanta Services
Quanta Services Australia (QSA), a specialist in infrastructure solutions, is set to implement IFS Cloud to streamline operations and support its ambitious growth plans.
Previously managing multiple platforms across different service areas – many reaching end of life – QSA needed a single, future-proof solution to drive efficiency and enhance financial transparency. By consolidating systems into one cloud-based platform, they can standardize their operations across projects, finance, assets, procurement, supply chain, and human capital management.
The decision to transition to integrated solutions isn’t just about becoming more efficient today, it’s about creating a technological foundation for growth in the future.
With expert support through IFS Customer Success services, QSA is going live with IFS Cloud right across 2025.
IFS empowers Australian businesses, giving back time and resources to pursue innovation, explore new territories and opportunities in their sector. In construction, we’re working with industry leaders to ensure their projects are delivered on time, and within budget. We’re excited to learn more about the challenges faced by the industry, to find ways that our solutions can help you ultimately deliver on your moment of service.
Learn more about our solutions via ifs.com
