The Australian construction industry is undergoing a technical transformation, creating a new and dynamic space with many construction companies emerging as fast movers – pioneering the use of technology as they drive efficiencies, motivate growth and improve safety.
To better understand how technology is being utilised in Australian construction companies, construction project management software company, Procore Technologies, and market research specialists, ACA Research, conducted industry-wide research to track the adoption and use of technology in the sector.
The new findings from an annual ‘benchmark series’, How We Build Now – Tracking Technology in Construction 2019, provides insight into how new technologies are influencing modern construction company processes.
It seeks to provide industry, government and the education sector with information about how technology is being adopted, the skills required now and in the future, as well as the role that technology plays in helping the construction industry meet its commitments across a wide range of regulations.
Some of the key findings in the report are highlighted below:
- Out of the 170 companies surveyed, 86 per cent of respondents felt that increasing technology usage was an important means of improving business productivity.
- 62 per cent felt that new technologies would increase business revenue.
- 59 per cent expect an increase in profitability alongside increasing technology usage in their business.
- BIM/CAD is the most popular technology currently used in the industry (33 per cent), followed by pre-fabricated parts (29 per cent) and digital project management tools (25 per cent).
- Respondents also see these technologies being the top three drivers of change over the next three years, with pre-fabricated parts (32 per cent) leading the charge.
These statistics, as well as others highlighted in the report, set a baseline for how construction businesses are utilising technology tackle ongoing challenges – namely employee productivity, employee skills, staff retention, rework, diversity and managing health and safety.
The industry is expected to face several challenges in the next 12 months (such as the rising cost of raw materials and equipment), but by focusing on the adoption of new technology and the proper management of staff, the report maintains that construction businesses will be well placed to thrive.
Further, businesses which are ‘better at adopting technology and improving the quality of their staff’ can expect to experience fewer productivity issues and increased revenue over the period.
More information on the report, including a copy for download, can be found here.