According to consulting firm KPMG’s Global Construction Survey, the vast majority of construction industry companies are failing to adopt new technologies now available to improve workflow management and building performance monitoring – including advanced data and analytics, automation and robotics. While project-related risks seem to be increasing, only a small percentage of construction and engineering firms are re-thinking their business models to take advantage of new technologies that could mitigate these uncertainties.
Research indicates that even though the construction industry is well-positioned for technological disruption, most firms don’t want to be first-adopters, even though there is an opportunity to use high-tech innovation to streamline work flows, improve data collection, integrate project management information systems, and gain competitive advantage by using whiz-bang devices such as smart sensors and drones. Cost and scale, perceived as risk in relation to benefits, seem to be hindering investments in the new-new things.
With so few firms adopting tech innovations (only 8% fall into the “cutting edge visionary” category according to the KMPG survey) it would seem there is tremendous opportunity for a few fearless leaders to gain market share and improve the bottom line by embracing the new tech-savvy innovations.