PwC projects that by the year 2030 construction output will grow to $15.5 trillion worldwide. That means that just a 1% reduction in costs would provide savings of over $150 billion.
The reality is that the size, volume and complexity of today’s and tomorrow’s projects cannot be supported using yesterday’s methods.
So, what is keeping us from improving how we deliver projects in the construction and engineering sectors? According to: The World Economic Forum, Boston Consulting Group, and McKinsey & Company:
- We focus too much on each individual projects.
- We innovate in areas of engineering and construction, but not business processes.
- There are disconnects between the field and office that make it hard to prioritize and gain adoption of new processes.
- Contract types and project structure can get in the way of the cross-organization collaboration, that is so essential to efficiently running a project.
“ROI orientation. Measuring and communicating how new technology will improve construction…the positive effects on cost, schedule, and risk optimization—is the surest way to build a compelling case for adoption.” ~ McKinsey & Company – Imagining Construction’s Digital Future
