The construction industry is one of the biggest and booming industries in the world. From attractive and modern infrastructure in the UAE to the underwater tunnel in China, the construction industry is poised for worldwide growth. According to Accenture, by 2022, the construction industries will touch $6.7 trillion USD. The heavy civil engineering projects like making a bridge, high rise towers, dams, roads, etc. play an important role in shaping the image of the company as well as the nation.
However, though a growing industry in the world, it has its own challenges. Nowadays, construction companies face many challenges, including unreliable subcontractors, document management, slow invoicing, and shortage of skilled workers. In addition, technology adoption and inadequate planning are also the biggest challenges in front of the construction industry. This is where the construct business consulting step comes handy.
Construction consultant professionals plan, design, and execute the attractive as well as solid structures like towers, highways, dams, airports, rail tracks, etc. From guidance for quality material to preparing documents, there are countless ways in which business consultants can help the construction industry.
A construction consultant performs an extensive analysis of the structure and helps save the extra cost. They also help in selecting economical materials and construction techniques. The experienced construction consultant has a vast knowledge of the latest construction materials and can use the latest design software. Moreover, they fit best in every role, including the project manager.
The pace construction industry is increasing globally. By 2016, China was leading the construction business, but after that, the U.S has replaced China. According to Global Construction, the U.S. construction industry will grow faster than China in the coming years. Also, India is a newly emerging country in the construction industry and is growing almost double to that of China and also overtake Japan in the next few years.
The following data shows that India’s construction market will overtake Japan by 2030.
It is expected that the construction market worldwide will record a CAGR of 5.7% and will reach USD 12,031.1 billion by 2024. When dividing in residential, commercial, and infrastructural buildings, the residential construction has increased at a CAGR of 6% between 2015 and 2019. The commercial building market is expected to record a CAGR of 6.8% over the next few years.
This graph shows the division as well as growth of the construction industry in residential, non-residential and non-building structures.
The global economy is supposed to grow by 2.5-3% annually between 2018 and 2022, while the construction industry will increase by 3.6% annually. The growth of any country depends upon its construction industry, and that’s why the government in most countries focuses on the construction market.
Rapid urbanization and digitalization call for new approaches in the construction market. Companies need to focus on techniques to risk management and supply chain management. With other challenges like lack of skilled workers, cost cuttings, business stability, and delay in projects, businesses need to rethink about the workflow.
In addition to a labor shortage and low productivity, the complex value chain is also a big challenge for the construction sector. However, with digital solutions like IoT, V.R., 3D Printing, ERP, and Cloud supply chain management becomes easy. Other issues, such as siloed data, insufficient cash, and unhappy customers, need companies to adopt digitalization as early as possible.
However, note that digital evolution can be a threat if not approached properly. This is where business consultants can help.
The business consultants in the construction industry are very helpful. They play an important role in transforming traditional construction work into a digital platform. Consultants have a vast knowledge of the latest designs, digital trends, tools, and software. They help bring project managers, building surveyors, architects, and many other professionals together to ensure the best building project that is economical too.
Further, the construction consultants can help the customer with new technologies, which a local construction company may not know. A company can see an overall change in its speed, quality, workflow, and cash flow with the help of digital consulting in the construction industry. Consultants help reduce manual handling of data with solutions like ERP and cloud.
BrainHunch is committed to innovation and aligns an impressive array of data-based assessment, software, and benchmarking techniques. They also use smart strategies to grow your business. The business consultancy firm combines its expertise with unique culture, timeline, and latest technology to help achieve optimal results.
To meet the demands of construction projects, a solid collaboration between the value chains is key. BrainHunch digital solutions optimize the information flow and help minimize the delays. Furthermore, their solutions build an integrated value chain, which opens new opportunities for the construction sector by improving delivery margins.
BrainHunch can help with the easy data management process that could take your business to the next level. Their way of analyzing and collecting big data can improve the construction process, management strategies, and procurement methods. The consultancy helps improve productivity and profit in the long run by analyzing the real data.
BrainHunch also conducts training to train the staff of construction firms for the latest tools and software. This ensures that the construction industry gets skilled workers who can help increase the project numbers while reducing delay time in completing the project. Along with consultancy also assist the firm with new cloud solutions and ERP for data analysis.
To sum up, the future of the construction industry depends on the digitalization of the company. Digital technologies like cloud, ERP, 3D printing, and more have become a substantial part of the construction process. The invention of new software and tools has changed the industry completely. If you want to grow the construction firm, you need to adapt to the digital changes. The consultancy in construction can help understand the latest digital trends and optimize your process to increases projects as well as revenue.
The construction industry is one of the biggest and booming industries in the world. From attractive and modern infrastructure in the UAE to theContinue Reading