Gearing Up for the Roaring 2020s
After a pandemic that swept the world had abated, the world experienced a massive era of growth – the Roaring 2020s. Now, a century later, the global construction industry needs to gear up for a new roaring decade.
The industry needs to change to meet the new opportunities and challenges ahead. At least initially, manpower and raw materials availability will remain constrained; clashing into pent up demand and governments wanting to spend on infrastructure.
Despite current pandemic uncertainties, BCI Forecaster in April 2021, projected a 21% increase in new construction for the year ahead in Malaysia, and 47% for the Philippines. In Hong Kong, the report noted that “government spending has been approved [and as a result] the annual total construction output will increase to around HK$300 billion (US$38.6 billion) in the coming years”. In May, the Singapore government passed a bill to raise S$90 billion (US$67.9 billion) in bonds to fund new infrastructure. The solution isn’t to work harder; the solution, now more than ever, is to work smarter and with greater efficiency.
A June 2020 McKinsey report, “The next normal in construction: How disruption is reshaping the world’s largest ecosystem”, saw that “digital technologies can enable better collaboration, greater control of the value chain, and a shift toward more data-driven decision making. These innovations will change the way companies approach operations, design, and construction as well as engage with partners. … Using digital tools can significantly improve on-site collaboration. And digital channels are spreading to construction, with the potential to transform interactions for buying and selling goods across the value chain.”
Nearly two-thirds of respondents for the report believe that the COVID-19 crisis will accelerate industry transformation, and half have already raised investment in line with the shifts. “The full transformation of the construction industry could take decades, but the process has already begun. Our survey shows that industry leaders largely agree that the shifts outlined in this report are likely to occur at scale within the next five to ten years and that the COVID-19 crisis will accelerate shifts.”
While these digital tools address specific needs well, they tend to operate as single-point solutions that silo their information within their own systems. This often results in disjointed systems which hinder collaboration and prevent companies from gaining a true, comprehensive picture of their projects and making the whole project management process more cumbersome.
What businesses need is a technology that is simple to use, scalable, and built for purpose – technology that operates more like a complete platform for project management. With centralised data, standardised processes and streamlined workflows, all-in-one solutions lead to enhanced communication and greater consistency between project teams and clients. Projects progress more efficiently, productivity dramatically improves, and costs are reduced.
Companies that have adopted such a solution include Ananda Development, based in Bangkok, Thailand. The company has been able to boost efficiency by 25% and has seen its market share surge from 5% in 2007 to 26% in 2019. “It’s little quality-of-life things that honestly make the difference. It’s an enhancement for our ecosystem and our partners. We provide this platform, and it enables them to work more effectively,” said Alan Landau, Head of Technology Innovation.
Visit https://proco.re/3oqKApf to find out more about how to digitise your construction projects, for the decade to come.
