The current proliferation of new technologies in the construction industry is happening at an unprecedented rate. In an industry that has traditionally been slow to embrace change, it is becoming apparent that companies that continue to drag their feet will be left behind.
EPC contractors are starting to implement technologies designed to make projects easier, and more efficient to manage. In doing so, they are increasing their ability to keep projects on time, on budget, while improving quality and accountability. The impacts to productivity will be profound.
According to MGI’s digitization index (December 2015), construction ranked among the least digitized industries in the world. In the United States, it placed second from the bottom. In Europe, it was dead last.
While the industry as a whole has been relatively cautious in implementing new technologies (perhaps due to its risk averse nature), it is poised to play catch-up in a big way.