What's Happening?
A recent survey by RS highlights that 40% of construction firms are adopting an 'opportunistic and ad hoc' approach to innovation, while 52% have a 'proactive and continuous' attitude. Legacy systems and processes are identified as major barriers, affecting 85% of firms. The survey, which included responses from 567 decision-makers across construction, energy, utilities, and manufacturing sectors, emphasizes the need for modernizing technology to address issues like building safety and labor shortages. Despite challenges, firms are increasingly prioritizing AI and digitalization to enhance productivity and competitiveness.
Why It's Important?
The survey underscores the critical need for construction firms to embrace innovation strategically to overcome legacy system challenges and improve operational efficiency. As the industry faces pressures from safety regulations and labor shortages, adopting modern technologies like AI can drive significant improvements in productivity and decision-making. Firms that proactively innovate are better positioned to reduce costs, attract new customers, and achieve sustainability goals. The findings highlight the importance of collaboration between industry stakeholders to address technological and cultural barriers, ensuring long-term competitiveness and growth.
What's Next?
Construction firms are likely to continue investing in technology to modernize operations and address industry challenges. The focus on AI and digitalization will drive further innovation, with firms seeking to enhance their capabilities and competitiveness. Collaboration between employers, training providers, and regulators will be crucial in overcoming legacy system barriers and fostering a culture of continuous innovation. As firms prioritize strategic innovation, they may experience improved operational performance, increased revenue, and enhanced sustainability outcomes.
