InEight (45 pages).
Despite another stormy 12 months, it seems nothing will hold the global construction sector back from feeling confident and resilient. Soaring capital project spend has the industry in good spirits, but for how long? Labor and skills shortages, unreliable supply chains, cost inflation, and the threat of economic recession remain ever-present.
Digital transformation has long been lauded as the answer to many, if not all, of the construction industry’s weaknesses. With the pressure mounting, this belief is being put to the test, and this year’s results show an industry that is moving in the right direction.
Project certainty has increased this year, and respondents are resoundingly positive about the potential for technology to help maintain this trend. This year, we also reveal the tremendous impact that historic project data and industry benchmarks can have on project delivery.
However, a gap remains. While technology is being widely used to better execute everyday tasks, the value that connected data can have to improve project outcomes and support organizational success remains underappreciated. With unrelenting “big picture” challenges — from supply chain disturbances to the energy transition — the opportunities for technology
adoption have increased tenfold. And so too has the threat of inaction.
For those at the forefront, the availability of new technologies will transform project delivery models and best practices over the next few years, bringing a new era of relationships, shared risk and transparency.