Reimagining Construction Productivity: The Power of Real Time Data

The construction industry plays a huge role in the global economy, employing nearly 10% of the world’s workforce and contributing over $13 trillion annually. But let’s be real—despite its size, the industry has a serious productivity problem. In fact, new data from 2024 shows that construction productivity has only increased by 1% per year over the last two decades. Compare that to 3.6% in manufacturing or 2.8% for the global economy, and you start to see why this is such a big deal.

What’s worse? This gap in productivity is costing the global economy a staggering $1.85 trillion every year. And it’s all because project management is hinged on data that is at best 30 days old, available in parts and companies are just unable to make informed decisions on the go.

The Big Issue: Why Construction Productivity is Still Stuck

While industries like retail and manufacturing have embraced digitization and automation, construction has been much slower to catch up. In fact, a recent study ranked construction as one of the least digitized industries in both the U.S. and Europe. Some may argue that the technology itself is either dated, clunky or just plain complicated. The result? 70% of large construction projects still suffer from cost overruns and schedule delays.

Contractors are feeling it, too. In 2024, nearly 50% of contractors reported that low productivity directly hit their bottom line, contributing to up to 30% in cost overruns. Why? Poor communication, outdated workflows, and missed opportunities to use data more effectively.

The $1.85 Trillion Opportunity: A Path Forward

But here’s the good news: the construction industry has a massive opportunity to turn things around. Reports from AutoDesk, McKinsey and others point to improving productivity through digitization and smarter project management that could unlock an additional $1.85 trillion in economic value every year. This is enough to not only close the gap but also help meet rising global demands for infrastructure.

How Bettamint is Leading the Charge

At Bettamint, we’re focused on solving this problem by giving construction teams a single source of truth for performance, payments, and insights. Our platform brings real-time data to the forefront, helping construction companies make smarter decisions and deliver better results. Here’s how Bettamint is changing the game:

1. Real-Time Observability: Imagine being able to track everything happening on your site—manpower, materials, progress—in real time. Bettamint gives you that visibility so you can make decisions fast and stay ahead of any issues.
2. Verified Data & Trusted Transactions: We ensure that all the metrics you’re working with are accurate. Plus, we streamline billing and verification so you can trust that every transaction is solid and dispute-free.
3. Smart Risk Management: Our platform analyzes the data for you, flagging risks early on so you can tackle them before they impact your project timelines or budget.
4. Better Onsite Execution: With Bettamint, you can automate workflows and stay on top of every move on the site. This means fewer mistakes, less wasted material, and fewer delays.
5. Seamless Collaboration: Bettamint connects all the key players—developers, contractors, subs, consultants, lenders—on one platform. No more miscommunication or delays due to disconnected systems.

Looking Ahead: The Future of Construction is Data-Driven

As construction costs rise and the demand for new projects grows, using real-time data is becoming crucial. The companies that are adopting solutions like Bettamint are already seeing 50-60% improvements in project efficiency. They’re reducing cost overruns and hitting deadlines more consistently—and that’s the kind of progress that delivers a solid competitive edge.