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Topic

Management Style And Profitability In The Construction Industry: A Focus On Maintaining Quality Through Technology Adoption

1. Introduction

1.1. Background

In a dynamic realm, the construction industry revolves around maintaining an effective management style and enhanced profitability. It has become a part of discussion among most scholars as the dais of a construction industry depends on effective strategies and decision-making. Adopting an accurate management style allows the company to determine strategies that improve the financial outcome of a construction project. Technology is one of the highly adopted marketing practices that help companies gain financial stability when combined with an effective leadership style. As stated by Best & Meikle (2022), effective strategies and concepts can help in controlling costs, and resources, as well as improve performance in the construction industry (Best & Meikle, 2022). However, most journals have focused on suggesting the concept of advanced technologies rather than discussing its benefits as well as factors affecting it in terms of finances.

1.2 Research gap

Leadership plays a critical part in the construction industry by determining whether the projects are supported by technological advancement and enhancing profitability. Most journals have discussed the efficacy of financial strategies in achieving success while very few have focused on exploring the nuances of the correlation between leadership dynamics, technology adoption, and their collective impact on financial performance (Thangaraj & Chan, 2012). Further, previous work was mostly related to exploring locally owned or public-listed firms and their financial aspects. Less focus was given to analysing the role of leadership in the adoption of advanced technology and its collective impact on the financial aspect of the firm (Murray & Kulakov, 2022). It has become a substantial challenge for project stakeholders to gather a comprehensive understanding of how leadership styles, technology adoption, and effective decision-making affect the overall success of the project in the construction sector (John Laing Ltd, 2023). Further, understanding the impact of leadership styles in heightening profitability has also become a major concern.

1.3 Aims and Objectives

Aim: The study aims to investigate the role of leaders in influencing quality standard management as well as profitability in the family-owned construction industry. The overall aim is to analyse the role of leaders in adopting technology to improve the quality standards of the project.

Objectives: The research study carries various objectives which are-

  • To investigate leadership, adoption of technology, and standard quality management Nexus in a family-owned construction company.
  • To explore the influence created by leaders for maintaining profitability in the family-owned construction company.
  • To explore the factors that influence leaders in adopting advanced technologies to improve quality standards of projects in a construction company.
  • To provide suggestive measures at an individual as well as the organizational level to improve the profitability & technology adoption of the family-owned construction company.

1.4 Scope of the study

The scope of the research revolves around exploring different leadership styles and attributes that can help to achieve excellence in the construction industry, especially in family-owned companies. The scope also includes examining how leaders of family-owned construction companies can engage stakeholders effectively and satisfy them by fulfilling their demands and offering them high profitability (Best & Meikle, 2022). Further, the scope of the study also includes a discussion of the factors that might influence leaders in improving the quality of the projects by adopting advanced technology.

2. Research problem

The construction industry faces inherent complexities that need to be mitigated through effective leadership styles. One of the major complexities is the barrier to adopting advanced technology. However, 61% of businesses believe that adopting new technology is a primary focus which leads to revenue growth in construction companies. While 34% of businesses believe that it improves the overall productivity of employees (Indovance. 2023). The complex situation demands the role of leaders in establishing quality standards while achieving profitability in the construction industry by adopting new technologies. The gap in understanding how leaders of family-owned construction companies balance the connection between achieving quality standards through new technologies and driving financial success affects the industry’s ability to imply leadership strategies (Ing, 2023). Therefore, this research will fill the knowledge gap by achieving a strong leadership structure that will achieve superior quality standards as well as improve their bottom line by adopting new technologies.

3. Methodology

3.1 Research approach

The research approach offers an overview of the procedure that is going to be followed throughout the research study. Among qualitative, quantitative, and mixed-method approaches, the study can opt for a quantitative approach. The quantitative research approach aims to collect numeric values to identify or compare with certain values (Afzal et al., 2022). Collecting quantitative data can be beneficial for the study as the purpose of the research is to identify the impact of leaders in a family-owned construction company in improving quality standards and improving profitability using advanced technologies. Therefore, collecting financial data will help to compare data of several firms and understand how leadership styles and adoption of technology leverage their revenues.

3.2 Data collection method

This research study can investigate the study by collecting quantitative data. By collecting information from the La Trobe library database, the participation of leaders in accelerating the productivity of the family construction business and maintaining its quality standards using advanced technology can be analyzed (Khaw et al ., 2023). One of the rationales behind choosing the secondary method is its cost-effective nature as well as the time it takes to offer results as compared to primary methods. 

3.3 Sampling method

The sampling method can be integrated using an exclusion and inclusion strategy. This is because the inclusion and exclusion strategy helps in shortlisting important data that will help in investigating the leadership practices in handling quality standards through advanced technology and profit margin in a family-owned construction company. The inclusion strategy includes a variety of keywords related to this study and much more. 

3.4 Data analysis

For dissecting the information, the thematic investigation will be way better as auxiliary subjective information will be collected for consideration (Khaw et al., 2023). The thematic investigation will offer assistance to recognize different designs and create topics that will portray the part of pioneers in presenting compelling quality guidelines and proficient productivity within the family-owned construction company.

4. Significance of the study

This investigation offers assistance to pioneers and development companies to coordinate significant experiences and key choices to move forward the quality measures and accomplish in general productivity of the firm. At a hierarchical level, this investigation will offer assistance to get how pioneers can offer assistance to fortify their connections with partners by fulfilling project quality standards using advanced technology (Thangaraj & Chan, 2012). It will moreover offer assistance in investigating how a development industry can accomplish long-term flexibility by actualizing different approaches such as the adoption of technology. At an instructive level, this study can offer assistance in investigating administration flow within the development segment. It will act as existing information in understanding the relationship between quality administration, technology adoption, authority, and benefit subsequently including the inquiry about the study.

5. Expected outcomes.

The study will give a viable outline of different administration styles, technology adoption, and practices and their effect in keeping up standard quality administration as well as progressing benefits within the development industry. The study will also investigate quantifiable or key execution measurements that can be utilized to degree the viability of specific administration strategies in improving productivity as well as keeping up quality measures. Moreover, this research will also offer bits of knowledge related to the improvement of administration practices. This will incorporate fundamental abilities, competencies, and preparation required to make a person an effective pioneer to exceed expectations within the development division.

6. References

Afzal, N., Hanif, A., & Rafique, M. (2022). Exploring the impact of total quality management initiatives on construction industry projects in Pakistan. Plos one 17 (9), e0274827. https://doi.org/10.1371/journal.pone.0274827

Best, R., & Meikle, J. (Eds.). (2022). Describing Construction: Industries, Projects and Firms . Taylor & Francis. https://doi.org/10.1201/9781003102403

Indovance. (2023). Digitizing Construction: Adoption Report in the AEC Industry. https://www.indovance.com/knowledge-center/digitizing-construction-aec-industry-report/

Ing, W. (2023). Laing O’Rourke plunges to £288m loss https://www.constructionnews.co.uk/sections/contractors/laing-orourke/laing-orourke-plunges-to-288m-loss-30-11-2023/

John Laing Ltd. (2023). John Laing Limited .: https://www.laing.com/assets/John-Laing-Sustainability-Report-2022.pdf

Khaw, K. W., Sadaa, A. M., Alnoor, A., Zaidan, A. S., Ganesan, Y., & Chew, X. (2023). Spurring sustainability commitment strategy of family-owned SMEs: A multi-analytical SEM & ANFIS perspective. The Journal of High Technology Management Research 34 (1), 100453. https://doi.org/10.1016/j.hitech.2023.100453

Murray, A., & Kulakov, A. (2022). Using financial concepts to understand failing construction contractors. In Describing Construction (pp. 249-275). Routledge. https://doi.org/10.1201/9781003102403-11

Thangaraj, R. K., & Chan, T. K. (2012). The effects of the global financial crisis on the Australian building construction supply chain. Australasian Journal of Construction Economics and Building, The 12 (3), 16-30. https://search.informit.org/doi/10.3316/informit.757792549839085

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