The COVID-19 pandemic has had an impact on every industry worldwide – for better or worse. In the construction industry, the pandemic has caused:
And now, as we shift into the ‘next normal’ for the construction industry, players both large and small must find new solutions to remain competitive. In this new environment, the benefits of IoT (‘Internet of Things’) technology applications in construction could play a central role in future-proofing the industry. If you’re not sure where your company stands now, you’re not alone. Our industry report is designed to inform stakeholders of the construction value chain of their future opportunities, as well as how to overcome common challenges to ensure they not only survive but actively thrive. | Construction Industry Report How to overcome the industry challenges and thrive in the ‘next normal’ |
Emerging trends in the construction industry
Pandemic-related economic uncertainty combined with unexpected lockdowns exacerbated existing problem areas in the construction industry and created serious new issues. Our report identifies some current industry trends, including:
- reduced construction activity in several key building markets, including the apartment and non-residential building sectors
- major disruptions in the supply of building materials, equipment and parts from overseas, due to shipping and manufacturing delays
- the “ability to quickly adopt new technology” emerging as one of the critical factors for construction industry success.
What are the common challenges?
We asked construction industry expert Christian Porter, Chief Commercial Officer of Keolis Downer, for his take on what’s happening and where he sees future opportunities. He comments that one of the big-picture challenges facing the industry is learning how to get the most out of new technologies.
“As these technologies come through, they provide more data, and are changing the nature of how the construction industry works,” he says. “So we need to focus on how we utilise this data to understand what we’re doing and how to build autonomy into jobs.”
Based on similar expert insights and industry analysis, our report identifies five key challenges:
- Supply chain and materials-sourcing issues: the pandemic has created the ‘perfect storm’ of surging demand coupled with supply shortages and bottlenecks. As a result, sourcing construction materials is becoming ever more difficult.
- Labour and skills shortages: shortages in both labour and skills are forecast to remain in the industry for the next few years. This makes cost escalations and delays more likely and will put extreme pressure on both existing workers and already-tight industry margins.
- Under-utilisation: unless construction industry operators take steps to increase utilisation, and – in turn – productivity, they risk missing out on significant value.
- Addressing climate change: if Australia is to meet its goal of net-zero emissions by 2050, the construction industry will likely need to play a part by reducing its own emissions.
- Resistance to change: while the industry has made some incremental changes, for the most part, the building technologies and systems of the 1950s still reign supreme.
Want to know the solutions?
The good news is that with the right strategies and approach, your company can overcome all of these challenges, and our report details how. In particular, it reveals how tech-based solutions are a key component of post-pandemic industry recovery and growth.
We know that in the past, some operators have resisted embracing technology. But those who choose to adopt new technologies – in particular, IoT to improve construction project management – can realise significant productivity and efficiency gains.
And to help your operations thrive in the ‘next normal’, our report also includes actionable, achievable recommendations based on successful in-market solutions.
It’s time to take action
Don’t get left behind. Download our report today to find out how you can use smart technology to get ahead of the pack.
Construction Industry Report How to overcome the industry challenges and thrive in the ‘next normal’ |
