The construction industry remains one of the least digitised globally, falling second only to hunting and agriculture. You cannot always expect projects to go the same way, and customised approaches must be made on different projects. One primary reason that keeps construction companies from digitising is limited finances.
Change has to begin at the managerial level. Construction executives should develop a clear plan to create value with digital integration. More money has to be spent on technology and research to initiate and track value addition in the construction industry. A study conducted by the McKinsey Global Institute found that digitising the construction industry will improve its productivity by between 14 and 15% and reduce the cost of construction by 4 to 6%.
As construction and renovation companies slowly adapt to a digitised model, they will understand what works and what doesn’t. As a result, artificial intelligence technology will improve workforce productivity and reduce operating costs by automating many aspects of construction.
Digitising the construction industry will make it easier for different companies to collaborate and solve common problems. This will further reduce the cost of construction and drive towards better value creation.