Digitalization is a business imperative for construction firms that aspire to drive business growth in 2023. Three key factors underpin this urgency: labor shortages, material costs and project data.
The scarcity of skilled labor is a widespread challenge for c-suite decision-makers in construction. A critical skills shortage leads to higher outsourcing costs, project delays and even project overruns. The shortage has been exasperated by the construction downturn during the covid-19 pandemic and retirements within the construction industry. According to McKinsey, 41% per cent of the current US construction workforce is expected to retire by 2031.
Construction material costs have increased over the past two years driven by covid-19, supply chain issues, transport bottlenecks, and geopolitical uncertainties. According to Deloitte, prices of construction inputs increased 40% between February 2020 and August 2022.
A recent Forrester survey exploring data literacy found that organizations that invest in data benefits from improved decision-making, productivity, and customer and employee experience. Data is key to the success of every construction firm in this digital age.
This roundtable will explore the impact of construction labor shortages, material costs and data in construction. And discuss how an accelerated digitalization strategy can be deployed to drive business growth with improved operational resilience, efficiency and performance while also fast-tracking a solution to these challenges.
Theme: Construction Digitalization: A Critical Strategy To Drive Growth In 2023 | Feb 21, 2023
When: February 21, 2023, @ 11:00am - 12:30pm EST
Suitable for: CEOs, CIOs, COOs, CTOs, CFOs
Key Discussion Points
- The impact of the skills labor shortage, material costs and data in the construction industry
- Deploying digitalization as a strategy to accelerate business growth in 2023
- How digitalization can empower a workforce to operate smarter, faster and more effectively to reduce the reliance on new hire investment and reduce business costs
- How a shift towards data-driven decision-making improves project performance, avoid overruns and improves project outcomes