Construction firms investing more in technology since pandemic
More companies are viewing technology as a solution to improving productivity, labour flow and worker safety, according to KPMG in Canada and CCA’s follow-up report on construction in a digital world, Cue construction 4.0: Make-or-break time.
Firms are shifting their attention to supportive technologies, with over two-thirds (67%) of respondents saying the pandemic has prompted them to evaluate or invest in tools that support project management, project execution and bid development.
Of the 275 companies surveyed across Canada, 46 per cent plan to spend more than 11 per cent of their corporate operating budget on tech and digital transformation, while 33 per cent anticipate spending between six and 10 per cent, and 20 per cent plan to spend up to five per cent.
The report details what other firms have in their technology adoption toolkit – from big data, cyber risk management, BIM and information modeling, to robotics and automation, block chain and smart contracts.
As more technology is adopted in the industry, new types of jobs will be added within the sector – attracting new talent wishing to explore innovation and use cutting-edge technologies. The industry is also advocating for changes to Canada’s current procurement models that prioritize low-cost over best value to encourage businesses to adopt new technology or apply innovative solutions.
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