Construction Industry and its Adaptability with New Technology
The construction industry is continually expanding its vision and raising standards. Buildings are getting taller, while our search for sustainable resources is taking us deeper. But the pace of change at which industry is utilizing technological advances is virtually obsolete.
It is a well-known fact that any new technology when introduced thoroughly in any industry reduces at least 20 percent of total life-cycle costs of a project and offers substantial improvements in the time required to complete the project, its quality and safety. However, still, the construction industry is behind the curve in adopting new technologies as well as resists to commit time and money, whereas those who invest, do it sporadically.
Almost 55 percent of construction enterprises state that their budgets do not include plans to expand to newer technology. It sums down to the lack of dedicated budgets for IT services, staff and management reluctance. In common knowledge, it is assumed that contractors allocate only around 1 percent of their annual budget for technology. It leads to stunted growth of productivity. Ironically slump productivity only proves the point that technology adoption should play a bigger role—from the worksite to the office.
Major Challenges of Construction Industry
The construction industry is evolving at a glacial pace. Compared to other sectors, the construction industry is least digitized. According to MGI digitization index, the construction industry is placed second last. Despite the great demand in the industry, the industry has shown the least growth in labour productivity.
Enhanced project results can just happen through comprehension of the customized applications and gadgets for example, estimation tools are as of now accessible. Also, its high time to acknowledge the fact that innovations and adoption of technology synergistically can co-operate and enhance these processes.
These process change will probably bring disruption at its wake but will prove as a game changer in the not-so-distant future. While technology can enhance the planning and development process, usage of technology must be a part of a broader strategic platform throughout the industry.
Today, the industry is in gridlock—to break it will require development from all players. Companies ought to be the principal recipients of a move to a more gainful model that will, in the long run, reward them with a higher timetable, unwavering quality and lower costs.
Productivity and Profitability in Bottom Line
Demand is rising; the size of players and ventures is expanding, making a new framework more practical and beneficial; while the cost of technology innovation is falling, making them more accessible. Technology like quantity take-off tools, cloud service and systematic spreadsheet templates can transform the way construction projects are designed and delivered. The adoption of technology also changes the ways of estimation and cost plans of schemes that are to be developed. These tools provide a visual audit trail of the take-off measurements, serve as drafting light tables and enable users to overlay multiple iterations of the same plan to determine changes.
By using the latest technological tools to complete projects, several pitfalls caused by manual errors can be avoided, while gaining significant amounts of billable time in the process. The quicker the industry embraces the technological enhancements, the greater will be their collective contribution to business and to society.