Building australia’s competitive advantage in construction through innovation
The last couple of years have been challenging for the construction industry in Australia. Slow growth rates in China have made investors hesitate to commission new projects and expand those that already exist.
This is an industry that accounts for 8-12% of Australia’s total economic activity and employs hundreds of thousands of Australians. It’s also hugely dependent on the mining industry and economic cycles, making it crucial that the industry embraces innovation and uses changes in technology to its advantage.
So what does construction innovation actually mean? Simply put, it’s the successful introduction of new processes and technology, which will allow the industry to respond to challenges and opportunities in the future, so that companies in the industry are correctly positioned to grow their businesses.
Unprecedented demographic, economic and technological pressures are currently affecting the construction sector both in Australia and around the world.
As we realise that water, energy, land and raw materials are finite resources, it’s likely that in twenty years from now the industry will be expected to deliver projects that are high performing (e.g being carbon neutral), while using substantially fewer materials and labour.
Construction companies must keep up with technology and ensure that their systems allow them to grow and scale effectively. We will witness a widening gap between companies that embrace technology and those that don’t. We can expect to see the construction industry focus on using software and technology to increase productivity and safety, while streamlining processes, improving decision making and encouraging collaboration.
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