In recent years, Singapore’s economy has entered a period of low growth, and the growth in construction industry has been a downward trend, which decreased to 2.5% in 2015, and this situation did not improve during New Year time. According to Ministry of Trade and Industry Singapore (MTI), due to the weak demand in 2016 orders for construction companies have decreased while facing manpower shortage. Low margins, intense competition and demand for faster completion times increase risk and put pressure on construction firms. Seen from industry development, companies which place high importance on growth rate and getting orders but ignoring costs would be hard to sustain in the long term.
Therefore, how to control costs, improve internal productivity and achieve operational efficiency is the key to achieving profitability and sustainability. To achieve this, project-driven firms in construction require an integrated and construction-centric solution – one which provides enables process efficiency, helps minimize cost overruns and provides full project visibility. Find out how to take advantage of Yonyou Construction Project Management Solution to bridge the gap in construction realities through digitalization and informationalization.