Can digitalisation transform the construction industry ?
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Can digitalisation transform the construction industry ?
Digitalisation not merely surviving
Is the construction industry experiencing a temporary hiccup or the early signs of a slowdown ? After two years of gradual recovery from the COVID-19 pandemic , the industry is now facing the spectre of a recession compounded by rising interest rates , spikes in the prices of energy and materials , and skills shortages .
Atradius , a risk management company , thus expects British construction output ’ s growth to stagnate this year after a five per cent increase in 2022 and foresees strong cash pressures due to rising payment delays .
How should companies prepare for such an uncertain outlook ? Four key technologies can help them become more resilient to external shocks , seize growth opportunities , and address skills shortages .
Better asset management practices will be key to seizing growth opportunities In the coming years , the construction industry ' s growth trajectory will be closely tied to infrastructure . The infrastructure pipeline is estimated to represent £ 399 billion over the next five years - and , should a recession occur , mega-projects such as the High Speed 2 rail network or the Heathrow expansion could play a key role in stimulating the country ’ s economy .
For construction firms , competing to secure a stake in these large , multidisciplinary projects will require strong asset management capabilities and full visibility over the availability of their resources , machinery , and equipment - an outcome best achieved through an Enterprise Asset Management platform .
By consolidating asset data into the technology , companies can unlock several benefits , such as optimising maintenance or streamlining compliance and sustainability reporting . For large construction companies , these platforms can play a dual role : they gather all the lifecycle and maintenance information of their fleet and equipment into one ergonomic , mobile-friendly place , and they connect disjointed systems and data
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