What EY can do for you
The construction industry — one of the world’s top 10 employers — faces growing demand as urbanization accelerates, especially in developing countries. The UN predicts that 68% of people will live in cities by 2050. And, across the globe there’s a growing need for new infrastructure. But labor shortages threaten the industry, especially in Europe, and productivity has not increased for decades. The industry has also been slow to adopt the technologies that are needed for higher productivity and to meet the demands of an increasingly digital world. It’s a critical time — firms must tackle legacy issues, as well as plan for a digital future.
Forward-looking firms, including new competitors, are using construction technology (ConTech) to bridge the productivity gap. Technologies, such as 3-D printing, drones and business information management, are transforming the industry. They are cutting costs and time, helping construction to be more efficient, and become more sustainable.
ConTech also brings opportunities to streamline your organization — e.g., by improving the efficiency of your supply chain and invoice payments. Also, blockchain has the potential to handle all contractual relationships using concepts such as smart contracts, electronic verification and certification. This not only improves efficiency, but also brings greater transparency of processes, cost savings and accountability.
As the industry becomes more tech-enabled, the need for digital skills is also growing. Organizations need to have the right talent in place to compete.