This week I had long discussion with TUSHAR NATH who has joined a construction company in Singapore recently and given the responsibility of Digital Transformation. The subject was how the multi-trillion dollar construction industry is being reshaped by technology.
And today I had access to the report from CB Insights on the same. Starting point of discussion with Tushar was the digitization in the industry was the least preferred area and McKinsey index confirms this.
Technology is reshaping the industry. Be it design tools, project management software or equipment marketplace or something from emerging technologies like Drone, Robotics, AR/VR, 3D Printing, Automation, this sector is slowly adapting the technology and opting for the digital transformation.
Some of the major trends in this industry are:
-Democratization
-Aggregation
-Standardization and Scalability
-Mobility
-Smart Homes
-Automated Construction
-3D Printing Material
-Use of Robotics
-On-site Template Construction
And one of the major challenge in the technology adaption and digital transformation is the mindset of the people like in any other industry. People resist the CHANGE. I have given some suggestions to Tushar and I’m quite hopeful on his success.