I've learned from speaking with Smartsheet customers in residential and commercial construction, whether they build condos or sculpt storefronts, that property owners and investors need to feel connected to their architects, contractors, and construction managers.

After all, the investor's money is at stake, and they deserve to know if budgets are at risk. And 80 percent of construction projects run over budget, according to a recent report. So innovative construction companies are turning to digital platforms to improve visibility and help streamline processes, which could be a boon for their bottom line.

By adopting digital technology tools and evolving productivity practices, McKinsey & Company estimates that engineering and construction companies could boost their industry's output by $1.6 trillion per year.

Owners and project managers (PMs) who work together by adopting a work execution platform, such as Smartsheet, are the innovators leading the construction industry through this digital transformation.

While it's essential for all stakeholders, from architects to subcontractors, to report on their work from the field, owners need to have visibility into project statuses, risk, and budget at the levels they require to stay on top of their investments.