Do you want to manage construction on-time and budget? What is your formula to success? Do you think that the most significant promise lies in the new technologies? Find the answers to all these questions from this blog. However, before delving deep into the latest technologies and the key trends, let’s take a look at the Global Construction Statistics and the challenge faced by construction firm for being slow at technology implementation.
Global Construction Statistics – Longer Time with Budget Overrun: As per Oxford Economics’ Global 2030 forecast, the construction market is expected to grow over 4% annually, with a projection of 6% per year in the US, reaching US$1.5 trillion by 2020. Large construction projects take a longer time to complete, which exceeds their original budgets. According to the McKinsey Global Institute report, capital projects take about 20% longer to finish than the scheduled and run about 80% more over budget. Challenge of Construction Firm – Slow to Implement Technology: What’s the reason for taking more extended time than the planned program? Why is there a budget overrun? The problem is that the construction firms are often slow to implement technologies that would help to cash in on their growth. They fail to improve project portfolios and update delivery techniques. Consequently, the global firms leave over US$1 trillion on the table per year as per McKinsey. Promise Lies in Technologies – Adopt the latest to Anticipate problem: Several construction firms are adopting the most recent technologies but at different speeds and level of sophistication. You need to understand and evaluate the technological maturity of your organization for taking the first step towards digital transformation. Latest Technologies:
We at Tejjy believe in the power of technology to transform your business. We use Virtual Design & Construction like BIM, VR, Drones, Robotics, and Big Data. Our construction management solutions support various stages of the project lifecycle, including pre-construction, construction, quality management, program management, bidding and negotiation management, commissioning, and risk management, and project management. Get in touch with us for your complete construction management needs.
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