To rebuild itself for the 21st century, the construction industry needs to embrace innovation and new technologies.
Across many sectors, companies large and small are ditching manual systems and investing in technology to streamline processes and create competitive advantage. The construction industry should be no exception. In a sector where manual systems still rule, construction CEOs have the opportunity to gain an edge by embracing the advantages of tech innovation.
Although the local and international economy isn’t as buoyant as construction sector business leaders would like it to be, the reality is that the need for investment in new and innovative digital technologies in the building industry continues to rise.
This is according to GIBB Power and Energy Sector business unit head, Paul Fitzsimons. He says the global construction sector could make an estimated USD10.5 trillion in turnover by 2023, forecasted to grow at 4.2% from 2018 to 2023.
“This pace of growth is quickly antiquating pen, paper and spreadsheets,” Fitzsimons notes.