The Effect of Technology Adoption on the Profitability of Construction Businesses: A Qualitative Evaluation of Present Trends in Developing Nations

Abstract

This study examined the impacts of technology adoption on the profitability of construction businesses. A theoretical approach was used to identify various construction companies adopting different technologies. The qualitative component of the survey research method was employed to collect data from published literature, focusing on current trends in construction business profitability research, particularly in developing countries. Articles were sourced from open research corpora such as Google Scholar, ResearchGate, and Academia. Relevant references were then exported to an Excel file, including details like the author's name, publication year, work title, abstract, and date. Data collection involved document analysis, including examining financial reports, technology adoption records, and business plans. The literature review covered discussions on technology adoption, exploring the process, reasons, challenges, decision-making, and the impact on profitability. Thematic analysis was employed to analyze the documents, identifying patterns, themes, and connections related to technology adoption and profitability. The collective findings of these studies demonstrate the significant influence of a number of factors on firm profitability, including dividend policies, turnover, digital transformation, firm size, narratives in innovation, and financial ratios. It is imperative that financial managers and decision-makers have a thorough understanding of these factors in order to formulate strategies that will optimize profitability and maintain business growth. By embracing technological advancements, construction firms can enhance their competitiveness, achieve sustainable growth, and ultimately thrive in a rapidly evolving industry landscape.