It is the most wonderful time of the year. In addition to the splendor of the holiday season, we also get a glimpse into what the future has in store, as many of the analyst firms divvy up predictions for the year ahead and beyond.
A recent example comes from IDC, which has provided predictions for the future of digital innovation. While many of the predictions apply to all verticals markets, some will be big markers for construction. Let’s take a closer look at some of the top predictions from the analyst firm—and our thoughts on how this extends to construction.
By 2024, the top five companies in each sector will be those that used technology to innovate their way out of a global crisis such as recession or supply chain disruption. For construction, this means those that innovate will lead.
By 2024, 35% of businesses that build innovative algorithms to collect intelligence from unique data sets will deliver successful new product offerings and pricing models and tap new customer segments. For construction this could mean successful project delivery and an opportunity to appeal to a new set of owners and operators.
By 2025, 85% of CEOs of the G2000 will demand senior leaders deliver data-driven insight into innovation activity including developer efficiency and business outcomes. Simply, this level of intelligence will soon be expected by many. It is no longer a nice-to-have; it is a requirement of doing business.
By 2026, 75% of market leaders will have systemic, structured digital innovation programs and investments that support ongoing iterative innovation, enabling growth, scale, agility, and resilience. It’s all about people, process, and technology in construction. This underscores the need for good processes.
By 2026, companies that share data with business partners to leverage their collective data sets for new revenue potential will grow revenue 10% faster than those that don’t. This is a tricky one for construction. Many big firms recognize the value in sharing data throughout the project lifecycle, but handing over proprietary data isn’t an easy task.
In 2027, the share of non-technology-focused people in companies who will spend 10 hours or more a week contributing to digital innovation will grow from 5% today to 45%. In construction, this means many workers need to become tech-savvy to drive a project to the finish line.
Unfortunately, this could lead to a digital divide between the organizations that are able to scale development and delivery of digital innovation and those that cannot. For construction, this might mean helping your partners to develop and deliver that same level of innovation. After all, we are all in this together.
The bottomline is the enterprises that deliver digital innovation will emerge as the leaders in their market sectors. Data and analytics will be key to driving decisions, profits, and construction project completions. All in all, the companies that acquire the right data sets and apply the right analytics to derive key insights will achieve good business outcomes. What are your plans for 2023 and beyond?
Want to tweet about this article? Use hashtags #construction #IoT #sustainability #AI #5G #cloud #edge #futureofwork #infrastructure