material costs, global supply chain disruptions, and a shortage of skilled labor have reshaped the business landscape. For Lifestyle Building and Design, these pressures have been felt most acutely in the form of increased costs and longer timelines. “COVID-19, bushfires, and now inflation have all had major impacts,” Parkes notes.“We’ve seen huge spikes in material prices and labor shortages that make it harder to maintain the margins we used to see. At the same time, development applications are backlogged, and rising interest rates are making clients more cautious.” While many companies have struggled to adapt, Parkes sees opportunity in these challenges. By leaning into technology and AI-driven solutions, Lifestyle Building and Design is finding ways to offset rising costs and maintain efficiency. HARNESSING THE POWER OF AI One of the company’s defining moves for the future is its embrace of artificial intelligence. Parkes and his team are investing in the development of proprietary AI tools that will support key business functions such as: estimating, automating and refining cost estimates to save time and reduce human error project management, streamlining scheduling, resource allocation, and reporting, client Communication, using AI to generate progress updates, streamline approvals, and enhance transparency, labor allocation and staff management as well as optimizing staffing across multiple projects. By reducing overheads and increasing accuracy, AI offers Lifestyle Building and Design the chance to remain competitive even in a high-cost market. “AI is not about replacing people,” Parkes emphasizes. “It’s about giving our team the tools to work smarter, not harder.” LOOKING AHEAD: BIGGER PROJECTS, BROADER VISION Over the next three to five years, Parkes envisions Lifestyle Building and Design evolving into a company that takes on fewer but larger-value FLAWLESS FINISHES START HERE. From family homes to large-scale projects, we specialize in residential and commercial tiling as well as waterproofing. Every tile is set with precision and care, giving you a finish that’s built to last and made to impress. For a durable, beautiful result that stands the test of time, choose Auscorp. auscorptiling.net.au | info@auscorp.net.au | (02) 9730 0209 | & Waterprooong Experts Sydney-Wide Tiling 18 BUSINESS VIEW OCEANIA VOLUME 07, ISSUE 09
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