The global #constructionindustry is estimated to be worth $12 trillion. That’s a lot of buildings! With construction comes the need for construction leaders to plan, build, and oversee the progress of these structures.
But what does the future of construction look like? What will construction leaders need to do to stay ahead of the curve? What about this roller coaster ride and is the future promising?
From roller coaster ride into the Future!
The construction industry is vital to the economy and its health is a key indicator of the health of the economy as a whole. That said, the industry has been on a roller coaster ride in recent years, but now the data shows that it is slowly gaining momentum.
This growth is driven by stronger economic activity and higher levels of investment. The rebound in the construction industry is good news for the economy as a whole, as it is a key driver of economic growth.
There are some insights that we can glean from the statistics data, about the future of construction.
- Becoming increasingly competitive
This is likely due to the fact that there are more construction companies than ever before. As a result, construction companies are investing in new technologies and processes to stay competitive.
- Going global
This is likely due to the fact that construction projects are becoming more complex and expensive. As a result, construction companies are looking for ways to cut costs and reduce the time to deliver projects.
- Streamlining operations to scale
The demand for construction services is growing, particularly in emerging markets. This means that construction companies will need to expand their operations to meet this demand.
- Going big on data
Big data is one of the latest trends to hit the construction industry, and it’s one that shows great promise for the future. Big data is used to describe large sets of data that can be analysed to reveal trends and patterns. In construction, big data can be used to improve project planning, identify potential problems, and even optimise construction methods.
The use of big data is still in its early stages, but the potential benefits are already clear. As the construction industry continues to embrace big data, we can expect to see even more amazing advancements in the way we build.
Overall, the future of construction looks promising. By investing in new technologies and processes, construction companies can stay ahead of the curve and continue to grow.
The experts weigh in – what construction leaders have to say about the future
With the advancement of technology, the rise of new materials and the ever-changing landscape of the built environment, the way we build things is rapidly evolving. This has led many to wonder what the future of construction will look like.
In order to get a better understanding of what the future may hold, we reached out to some of the top construction leaders and experts for their thoughts on the matter. Here are a few of their top insights.
- The first insight is that construction companies need to be prepared for a future where projects are delivered faster and with more precision. This means that construction companies need to be able to work quickly and efficiently, without compromising on quality.
- The second insight is that construction companies need to be more flexible in the way they work. In the past, construction companies have been very rigid in their methods, but that needs to change if they want to stay competitive in the future.
- The third insight is that construction companies need to focus on sustainability.
The construction industry is undergoing a major transformation. The way we design, build and operate our buildings and infrastructure is changing rapidly, and this is having a big impact on the construction workforce. In the future, construction workers will need to be more skilled and adaptable as the industry continues to change.Sarah Jane Coombs, Director of the Institute for the Future
How technology will shape the future of construction
Technology has always been a driving force in the construction industry. The construction industry has been slow to adopt new technologies, but that’s changing. Construction companies are starting to see the benefits of using technology to streamline operations and improve safety. Today, we are on the cusp of a new era of construction, one that will be defined by cutting-edge technology.
In the future, construction will be drastically different. Buildings will be built faster and with less manpower. Robots will be used to handle dangerous tasks, and drones will be used to inspect worksites. Virtual reality is already in use to plan and design buildings, and 3D printing will be used to create construction materials.
Technology will shape the future of construction in a big way. Construction companies that embrace new technologies will be the ones that thrive in the future.
How to stay ahead of the competition
To stay ahead of the curve, construction businesses must be proactive and always be on the lookout for new ways to improve their operations and workflows. Few things you can do now to prepare for the future.
Integrated Construction Planning or ICP Approach
Integrated Construction Management (ICM)
How to start and not stop?
I would recommend starting simply by just taking this approach, which has negligible risk, simple and yet an amazingly effective positive step towards our goal of a proactive strategy
A) Take pen-paper or manual method (start now)
Start implementing the recommended strategy using your existing technology resources for a known and low-risk segment of Suppliers within your business to find out what works and what doesn’t. Indeed, this causes efforts, but this will pave the way for better clarity around unknown risks.
B) Take help from us
If you are ready to make a shift from reactive/preventive strategies to proactive strategies and stay ahead of the competition, let’s get in touch.