The global construction sector and GCC market, in particular, are latecomers to digital transformation – frequently referred to as the fourth industrial revolution.
Despite the benefits of implementing construction technology in unlocking savings in cost, time and materials, and improving the quality and performance of the built environment, the sector has traditionally been reluctant to invest in technology. However, this is changing.
Global technology investments in construction have doubled over the past decade to $25bn, according to a 2021 report by US consultant McKinsey.
In the Middle East, government leaders have recognised and acted on the potential for technology and integrated platforms to streamline processes and advance profitability.
The UAE’s Digital Economy Strategy is a case in point. Launched in April 2022, it aims to double the digital economy’s contribution to GDP to 19.4 per cent within the next decade.
This is a clear incentive for the construction industry to accelerate technology adoption and improve the efficiency and sustainability of construction management and site operations.
However, implementing digital technology solutions on a project will not be sufficient in itself to derive actionable insights, especially if the data spills across numerous siloed solutions that fail to speak to one another.
Instead, companies must look beyond just capturing large volumes of information and double down on pulling their insight into one place. A single source of truth will allow them to judge performance more accurately at each stage of the project life cycle.
Download this report to learn how to do more with your data.
You might also like...
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.