See the transformative power of building information modeling.
Unlike other industries, the engineering and construction (E&C) industry has been slow to adopt new technologies and has never undergone a major transformation. Substantial change is on the way, however, driven by digitization: the development and deployment of digital technologies and processes. Construction will soon be characterized by connected systems of sensors, intelligent machines, mobile devices, and new software applications—all integrated on a central platform of building information modeling (BIM).
As their adoption increases, digital technologies are enabling companies to boost productivity, manage complexity, reduce project delays and cost overruns, and enhance safety and quality. Digitization will fundamentally change the game in the E&C industry; it will not only enable efficiency and quality gains along the value chain but it will also reshuffle the competitive league table of companies and countries.
Many of the digital technologies pervasive in today’s industrial landscape are readily applicable to all three phases of the E&C value chain: design and engineering, construction, and operations.
The E&C sector has finally set out on the digital pathway, and a profound—and long overdue—transformation now seems inevitable. The sector as a whole is bound to benefit. So, too, will society at large and the international economy.
Individual companies that continue to ignore the digital wave will struggle to survive. For the adopters, speed matters. There is a narrow window during which being digitally savvy provides a significant competitive advantage over the average industry participant. If companies want to contribute to redefining the competitive landscape, they need to seize the opportunity soon.