Today, we wrap up our blog series on people, process, and technology. Last week, we spent a lot of time looking at the importance of technology in today’s construction market. Now, let’s look to the future and examine what is truly coming in the coming years, as it relates to technology in the construction industry.
When it comes to new, emerging technologies, there is perhaps no bigger elephant in the room than generative AI (artificial intelligence). But truth be told, there is both optimism and trepidation when it comes to generative AI in business.
AI in Small Businesses
Generally speaking, businesses are optimistic about AI’s potential to improve operations. Even small business owners see the opportunities that lie ahead. The Q2 MetLife and U.S. Chamber of Commerce Small Business Index from last quarter suggests small businesses are generally optimistic about the future of AI.
In fact, most small business owners believe hiring workers with AI skills could save them time (71%) or money (67%) in the long run and view AI as a skill that will reshape the workforce. Two-thirds of small businesses say they expect AI to change the roles they have on staff in the future (65%) or expect AI proficiency to be listed in future job postings (64%).
AI at Midsize Firms
Shifting our attention to more midsize firms, we see some are beginning to accelerate adoption. In particular, a survey from Umpqua Bank shows midsize firms are prioritizing hiring AI-proficient personnel, with 86% likely to recruit for the skillset in the next 12 months.
A strong majority believe the technology is already having, or will have in the next 12 months, a significant impact on productivity (72%), their competitive advantage (71%), profitability (70%) and acceleration of new products (69%).
All in all, more than half are making AI investments their top priority, ranking it first among 10 other investment options, and nearly eight in 10 are moving forward to implement generative AI broadly for at least a few functions.
Proceed with Caution
Peggy Smedley has spent a lot of time researching and writing on the topic of generative AI, explaining there are absolutely benefits and real opportunities to generative AI that cannot be ignored, but at the same time we must proceed with caution. We must have a strategy for how we are going to leverage all this data if we want to make the most of it.
So many reports agree with this sentiment. We see a global survey by Appcast of more than 150,000 respondents in 188 countries reveals respondents are increasingly embracing AI for both professional and personal tasks. And, yet very few U.S. survey respondents (6%) are worried about their own job being eliminated due to AI. The majority of respondents feel that either some tasks will change and they’ll learn new skills (40%), the job will be transformed and there will be significant upskilling required (16%), or that the job will not be affected at all (39%).
All this to say, the future is bright for technology in the construction industry. Opportunities abound and we must keep our eyes and ears open for how to best leverage technology today and in the days ahead. What step will you take next on your journey to digital transformation?
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