Report reveals construction firms are low adopters of innovation
A report released by the Canadian Construction Association (CCA) and KPMG reveals that Canadian construction companies have been slow to embrace innovation. Construction in a digital world also identifies opportunities for businesses to adapt their digital strategy.
“The industry is on the cusp of digital transformation with leading firms already adopting technology – from analytics to drones, robotics, 3D printing, and augmented reality – to yield improved productivity, safety and decision-making,” says Mary Van Buren, president of CCA. “Our survey reveals, however, that smaller and medium-sized firms are not yet capitalizing on the benefits technology can bring. For many contractors, the low-bid model simply does not allow for innovation or to invest in new technologies.”
For example, 75 per cent of companies surveyed say their digital maturity is “fairly low” compared to competitors, while three in five say their company “needs to moderately or considerably” adapt its digital strategy.
At the same time, the report notes that construction companies which embrace digital transformation “will achieve greater efficiency, generate substantial productivity gains, improve onsite safety for workers, reduce the cost of goods sold, and modernize operating models.” Opportunities for construction companies exist in technology such as predictive analytics, building information modelling (BIM), wireless monitoring and autonomous equipment, and augmented reality (AR).
The report can be downloaded here.