Construction and engineering firms are building the world of tomorrow yet only a small number of firms have the ability to lead the industry, according to a KPMG Future-Ready Index survey. Only 20 percent of the surveyed said industry is prepared to meet the needs of a changing industry. The significant difference between leaders and followers is in project performance. While two-thirds of the market leaders are saying their projects come within 90 percent of planned schedule among the followers it is only in 14% of cases.
Leaders make significant investment in BIM, drones, VR/AR and smart sensors. They recognize the importance of a continued talent pipeline, so they are utilizing the latest recruitment methods and channels, supported by innovative performance management and flexible career options tailored to millennials and Generation Z.
„One of the current main trends is the deployment of data analytics-based technologies (PropTech). Using technologies efficiently to collect and analyze data about buildings and their users is the key to improve the communication between company and its customers, " says Zuzana Blažejová, real estate sector leader, KPMG in Slovakia.
Since 2017 survey there is a significant progress e.g. ‘old-school’ static project manuals or ‘binders’ being replaced by digitized, automated controls monitored via dashboards on a real-time (or almost real-time) basis. Many leading organizations are digitizing their existing environment to reflect current project needs.
Why the top 20 percent stand apart from their peers? 69 percent have integrated project management reporting systems, 90 percent have a technology vision and road map, 76 percent focus on technology and innovation as a way to attract and retain new recruits.
Key findings from the Future-Ready Index include:
Invest time and effort to strengthen governance and controls: 66 percent of leader organizations who have done so finish projects on time while 0 percent of those behind the curve do the same.
Future-ready organizations rate attracting talent as the second most important challenge for the entire industry – all other respondents rank talent in fifth place.
For those in the bottom 20 percent, the majority of effort is spent on short-term revenue growth and there is little to no investment in technology
The survey interviewed 223 global construction and engineering executives, scoring responses under three pillars to determine a benchmark of the industry. The benchmark index is comprised of Innovative Leaders (20 percent), Followers (60 percent) and those organizations considered to be Behind the Curve (20 percent). For the complete results of the study, details about the methodology and to use the benchmarking tool, please visit link.
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