by Matt Collins – Content Specialist at Geo Week News

“The industry needs to change; here’s how to manage it.” That was the tagline for a 2016 report from McKinsey & Company entitled Imagining construction’s digital future, a write up which served to rock the industry to its core. Chances are you’ll still hear about the findings to this day, as it was a much-needed wake-up call for one of the world’s most robust, but also most locked-in-its-ways, sectors. Right at the top of the report, McKinsey notes that “large projects across asset classes typically take 20 percent longer to finish than scheduled and are up to 80 percent over budget.” Those numbers are untenable in any context, but especially in a time when most industries are getting more efficient with time, largely due to the advent of wider technological adoption. 

That idea of adopting technological solutions was the focal point of this report, with the authors hypothesizing that many of the industry’s shortcomings could at least be alleviated with more widespread adoption. When this report was written six years ago, the industry was one of the most resistant to these solutions, but it’s been more than half a decade since then. It’s worth taking stock of where the industry is now in the five major areas highlighted in McKinsey’s original report, and where there is still work to be done.

Keep reading this article on Geo Week News

• 
•