A recent McKinsey report found that if construction productivity were to catch up with that of the total economy, the sector’s added value could rise by an estimated $1.6 trillion,boosting global GDP by 2%.
This makes the construction industry one of the largest sectors of the world economy. Even more impressive, it employs about 7% of the world’s working-age population.Despite this, the industry’s global labour-productivity growth has been slow for decades.
So what is causing this lag in construction labour productivity, and what is preventing it from catching up to other industries? Experts suggest that a large part is due to sub optimal sharing of information between the construction site and the office. Project information that is delayed or not updated in real time—coupled with constantly evolving compliance regulations pertaining to accountability, health, and safety—easily create a productivity nightmare. As the industry moves away from manual paper processes, it is becoming more important than ever for companies to implement leading technology solutions to help improve this—ultimately saving both time and money.
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