LONDON, Feb. 13, 2018 /PRNewswire/ -- Digitalization,
Analytics, Smart Assets, and Materials Key Toward Smart
Construction
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Digital transformation journey has to be adopted in order to
stay competitive. The building and construction industry
productivity in general is largely left behind, compared to other
industries, due to the slow digital transformation movement.
Poor planning, lack of automation, insufficient communication,
inadequate risk management, and unsophisticated supply chain
practices are the major factors hampering productivity and causing
significant cost and time overruns.
The need to boost productivity, coupled with the need to minimize
project overruns and the reliance on unskilled labor, is the top
driver for IT adoption in the construction industry. In addition,
the combination of new mega trends like urbanization, connectivity
& convergence, smart is the new green, artificial intelligence,
and other social trends are driving transformational changes in the
industry. Ultimately, the move toward digital transformation will
be inevitable for the building and construction industry.
Research Highlights
Digital transformation in the construction industry focuses on
three key areas:
i) Big data: management of bulk data, allowing information sharing
on transparent and accountable platforms and processes, encouraging
a collaborative and inclusive decision-making process, as well as
better analysis and prediction;
ii) Automation: facilitates competitiveness, reduces
unpredictability that contributes to time and cost overruns, and
improves resiliency to threats and interruptions; and
iii) Standardization: leads to efficient resource management,
simplifies operations and supply chain, minimizes waste and boost
efficiency, and facilitates innovation and sustainability. Despite
the increasing availability of digital solutions, the industry has
to overcome the challenge of rolling out technology across multiple
sites, subsectors, and stakeholders. The way forward will be a
platform that promotes interoperability. The regulatory framework
has to be strengthened as well and the overall perception of
industry stakeholders has to be debunked to enhance awareness and
the willingness to invest in this digital transformation
journey.
This analysis on current building and construction industry journey
towards digital transformation shows the fundamental issues in the
industry and identify achievable digital transformation
opportunities. Case studies and examples of current digital
transformation implementations are provided to showcase possible
applications.
Key Issues Addressed
• What are the industry challenges that can to be solved with
digital transformation?
• What will happen to companies that cannot keep up with digital
transformation? Who will win? Who will be threatened by them?
• What are the customer values by adopting digital transformation
in the building and construction sector?
• What are the growth opportunities? Who are the key providers of
digital transformation within the building and construction
sector?
• Why must digital transformation be a part of the company's
corporate strategy? What are the innovative business models that
can be mirrored?
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