What You Risk When Technology Is Not Part Of Your Strategy
The construction sector contributes significantly to the well-being of the national economy, accounting for 14 per cent of Australia’s GDP. Still, the sector has endured its 32nd consecutive month in decline. With a neutral stance when it comes to the adoption of technology as a strategic enabler, the question is being asked, is there a simple answer to what has become a national challenge?
The 2012 Construction Technology Integration Report revealed the construction industry is lagging behind when it comes to IT adoption. As a result, the chorus of voices calling for construction managers to pay closer attention to the positive influence of the adoption of technology is growing louder.
According to the chairman of The Cooperative Research Centre (CRC) for Construction Innovation, John McCarthy, the Australian construction industry has a limited uptake of innovation and is costing Australia millions of dollars annually. Seven per cent of total construction costs stem from poor quality design and documentation, and the resulting rework is estimated to take up as much as 10 per cent of total project costs. The aversion to adopt information and communications technologies in the construction sector has caused a budgetary gap that is sucking dollars out of the business where they should be flowing in. So why are businesses remaining silent on the issue?
According to the CRC Construction Innovation report, a one-off construction productivity improvement of just 0.3 per cent annually will result in a GDP improvement of $6.5 billion. Moreover, integrating information and communications technology solutions is a small investment that will make a significant contribution toward boosting productivity and efficiency.
It is obvious there is a significant amount of money just waiting to be generated, and if increasing productivity is key and construction firms recognise that technology is the ignition, it’s time they take the next step to embrace and implement the right technologies.
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