The future of the construction industry has been saved
The future of the construction industry
Preparing for fundamental shifts in connected construction
Are engineering and construction industry leaders ready to harness the full potential of changing industry dynamics to benefit their clients, people, organizations, communities, and society more broadly? Our new, two-part report takes a detailed look at the key trends shaping engineering and construction and the fundamental capability shifts needed for long-term success.
Key trends: New ways E&C firms are doing business
Changes in customer demand, the nature and economics of construction, and the realities of the modern supply chain have led to fundamental shifts in the way engineering and construction (E&C) firms tend to do business. Construction is no longer simply about building unique structures and physical infrastructure. Fundamental shifts are happening that can push E&C firms to explore radically new ways of creating and capturing value as they make the leap toward the fourth industrial revolution. Five key trends are largely driving the future of construction:
- Smart operations
- Prefabrication and modular construction
- Data and advanced analytics
- Future of work
- Strategic sourcing
To navigate this rapidly changing industry landscape, E&C firms should develop a connected, integrated, and automated operations foundation—a dynamic, always-on network that provides continuous access to information, analytics, and insights, with a host of efficiency- and productivity-enhancing technologies. With this foundation, E&C firms could consolidate construction management platforms with analytics layers to enable dynamic scheduling and inform data-driven decisions in the short term. And in the long term, they could deliver turnkey solutions with preferred ecosystem partners. This should help E&C firms deliver greater certainty on schedules and budgets, increase productivity, and reduce disruption onsite. This new industry standard that digitizes and connects job sites by overlaying data analytics can help drive dynamic, data-driven workflow management and decision-making.
How digital construction can increase productivity and profits
Implementation guide for the engineering and construction industry