2019 is the year of reflection for the building and construction industry.
It’s high time to gear up for change amidst today’s volatile market landscape. To top that, the Works Ministry is forecasting a slower growth due to the revision of the mega projects and slowdown of the global construction sector. Change is necessary to tackle existing challenges that are long-due. For instance, issues in meeting construction timelines cost overruns and ensuring the safety and wellbeing of site workers. The industry is also burdened with the consequences of environmental damage over the decades from pollution to high energy usage. For all these challenges and environmental impact, what our building and construction need is a disruption.
According to a 2015 report by McKinsey & Company, the construction industry is the second least digitized industry globally, ahead of agriculture. Many industry players argue that the rising cost of development deters them from considering the infusion of innovation and technology in their go-to-market strategies. Some may argue that the adoption of new technologies is unrealistic as each project is unique and new ideas are not scalable. Here’s another perspective for your consideration – disruption is not just limited to the adoption of new technologies like robotics and Artificial Intelligence into the end-product. It looks into novel ways to infuse innovation and technology into different parts of the business and value-chain including the basics of project planning, contracting processes, performance management and supply-chain practices in the sector.
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