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Why Construction Industry Leadership urgently need to digitise their business processes

The data age is here, and whilst other sectors are fast tracking the adoption of digitisation across their business processes, construction industry awareness of the immense potential is only just emerging. In many other sectors across the globe the leadership teams number one initiative is to develop digital strategies to adopt new technology into their core business processes. Management Consultants like PwC and McKinsey are helping organisations understand this new world order and are now turning their attention to the construction industry.

Why? The potential for cost savings, productivity gains and greater revenues through the implementation of a digital strategy are quite simply enormous. This is why the technology giants are focusing on the construction sector.

The digital story so far

The construction industry is stuck in a cycle of low margins leading to low capital investment. With margins averaging at just 1-3% across the sector it is difficult to raise funds to invest in new technology. A McKinsey survey in June 2016 ranked construction at the bottom of the digitisation table, just above agriculture. If the construction industry accelerated their understanding of the potential benefits the new era of digitisation will bring margins that will increase exponentially. In a recent PwC survey, construction businesses could gain 3.4% p.a in cost reductions and annual revenues could increase by 2.9% on average over the next three years by implementing a digital strategy.

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