4 Strategies for Mitigating Supply Chain Disruptions in Your Next Construction Project

Construction firms are fighting an uphill battle to maintain project budgets and schedules as the industry grapples with global supply chain disruptions. 

The Associated General Contractors of America (AGC) reported that material prices for nonresidential construction soared 21% from February 2021 to February 2022, and analysts predict costs will continue going up. Additionally, logistical bottlenecks such as overseas shipping delays and shortages in the transportation sector are drastically impacting project lead times. 

Stellar’s industry veterans are discovering there are ways to mitigate supply chain disruptions and their effects on construction projects — but only if construction firms are willing to shift their paradigm and use a different approach when working with their clients. 

Here are four ways our teams are navigating the waters.

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How Blockchain, IIoT and AI Make the Global Supply Chain More Resilient

The Suez Canal blockage in March 2021 pointed out a major pinch point — for lack of a better term — within the global supply chain. One ship getting blown off course during a predictable sandstorm halted 12% of global trade — an estimated $9.6 billion per day. While the Ever Given was freed after six days, the ripple effects of the event will be felt for months due to the thousands of ships delayed in those six days.

Witnessing the magnitude of what a single ship mishap can do to interrupt global trade makes it obvious that safeguards need to be put in place to prevent such events in the future. If an accident put a stop to 12% of global trade, what kind of damage could an intentional act inflict?

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