Evaluating Trends for a Better Tomorrow - Articles

As we close out 2024, I’m inspired by how CFMA members continue to embrace opportunities to lead, innovate, and connect in our ever-evolving industry.

The acceleration of artificial intelligence (AI) in our businesses and personal spheres has captured everyone’s attention, and we are imagining how it will affect our jobs and our lives. The convergence of AI and big data has put us at a crossroads — those who choose not to integrate AI will be left behind by those who do.

By combining our best talent with AI tools, we can accelerate progress and expand the realm of possibilities exponentially. Through our extensive resources, CFMA members are empowered to shape the future of their companies and the construction industry.

Notable Industry Trends

Modular construction is emerging as a promising, efficient alternative, yet widespread adoption in the construction industry remains limited. As technology advances, only time will tell if improved data, better connectivity, and seamless integration will propel this approach forward, despite unique financing
challenges.

Sustainability has also gained significant attention, expanding beyond traditional Leadership in Energy and Environmental Design (LEED) initiatives. Now, these discussions have broadened to include equipment and materials, with smaller companies feeling the impact of sustainability requirements set by owners and regulators.

When compiling our budgets, we can also identify new opportunities grounded in concrete data, leveraging tools like CFMA’s Financial Benchmarker and the Heavy Equipment Comparator to set meaningful goals.

Growing Together With CFMA

As we plan new initiatives and set budgets for the coming year, it is important to take time to celebrate our successes and look back at the past year. For me, it has been a year of deepening my connections within CFMA by attending CFMA’s Annual Conference & Exhibition, regional conferences, and chapter events across the country. I’ve met new people, connected with old friends, and learned so much from educational
sessions.

I’ve also grown from connecting with other associations within the construction industry. We look forward to spreading the word even further about what CFMA can offer for construction financial professionals (CFPs) and the companies they represent, including the Certified Construction Industry Financial Professional (CCIFP) designation.

As many of us are preparing for a busy season of audits and reporting, it is important to stop and thank those who have encouraged us — family, friends, and connections we’ve made within our companies and CFMA.

Wishing all of you the very best as we reflect upon 2024 and look forward to an exciting and fulfilling 2025!