WHY SHOULD WE CARE THE LAGGARD OF CONSTRUCTION?
By Sandra Jeyaseelan
How many construction industry’s embracing to the exposure of technologies in advance? By implementing latest device and collaboration or promote the productivity and reducing the waste along the way.
The constructions sector has not early adopter to the new technology, from the case studies this slow adoption as a reason for the industry’s to gain a poor productivity since World War II.
Many sectors’ such as retail, manufacturing, agriculture, etc. Which shows the increase of productivity by factor of 10 to 15 since 1945. The construction remains a laggard as a least productivity and least digitize industries. If the productivity in construction sector increase in value of the economy, it would be profitable sector’s value by approximately $ 1.6 trillion.
The 4th Annual JB Knowledge Construction Technology Report quotes Gartner in saying that out of 19 industries looked at in the report, construction placed dead last in percentage of revenue allocated for technology, with 50 percent of companies spending just 2% or less. The report also noted that only 42% of construction companies have a dedicated IT staff.
“It means that technology is so unimportant to most contractors that they’re not even assigning a single person to be responsible for it,” James Benham, CEO of JB Knowledge told for Construction Pros.
The awareness created to the many industries are taking seriously. To transformed their businesses over past few decades. By employing the technology experts to harness the power of digital. The Case studies also state the productivity in construction has remained stagnant, falling half since the late 1960s, according to the Economist.
The efficiencies realized by upgrading the technology would be profound effect on productivity. By spending over the IT could be increasing the opportunity for the contractors operate on small margins. Through this introduction of technologies enable entirely new ways of operating systems. This would be enhanced the worker’s safety time to time and cost savings to improved quality and accuracy. The modern trend will lead to continue to accelerate as today’s notions become the tomorrow realities.
This industry has many ups and downs but constructions has come back strong since 2008 financial crisis. Companies rapidly facing drying talent as fewer young workers are involving in this business.
This sector ripe for digital disruption its increasing complexity of projects, tighter deadlines and shrinking profit margins. Its cause all the contractor and project manager more pressure from all sides. Which need them to emerging technologies to keep their projects on-time and on-budgets.
In this construction industries also, time has always been money. The embarrassment will slow the productivity of growth in the business and reluctant technology adoption, it will continue become fall of its full potential compared to other sectors that more readily invest.