Optimism for construction industry growth remains high but its digital transformation success hinges on human-centric implementation, Outlook says
PR97064
SCOTTSDALE, Ariz., July 20, 2022 /PRNewswire=KYODO JBN/ --
Ninety-six percent of capital project and construction professionals are
optimistic about their organization's future. Digital technology is the top
driver of growth but change management must improve for successful
transformation
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InEight Inc., a global leader in construction project management software,
today launches its second annual Global Capital Projects Outlook. (
)The Outlook draws insights from research conducted with 300 of the world's
largest capital project owners and contractor construction professionals across
the Americas, Europe and APAC.
The research reveals that 96% of respondents are either very or fairly
optimistic about their organization's growth prospects for the next year, up
from 92% in 2021. Digital technologies (57%) and data collection, analytics and
insights (53%) offer top opportunities for growth, however almost all (93%)
respondents said that their experience of change management left room for
improvement, signaling a need for a more sophisticated, human-centric approach
to technology implementation.
Of particular concern, respondents identified uneven or sporadic implementation
(58%), process and data integration issues (54%), poor communication (51%) and
technical and system limitations (51%) as the top frustrations caused by
technology implementation.
Similar trends were also identified when asked about barriers to greater
technology investment, with respondents identifying the challenge of
integrating with existing systems, and a lack of technically skilled talent to
smooth the process, as key issues.
Commenting on the Outlook, Jake Macholtz, CEO, InEight, says: "Everyone we
speak to is talking about growth opportunities for both owners and contractors.
The optimism, resilience and confidence of the industry is almost tangible it's
so strong. This is especially encouraging given the economic backdrop
organizations are operating within and the implementation challenges associated
with digital transformation. It seems to be that the prospect of leveraging
digital technologies to build a better world is keeping spirits high."
Human-centric transformation
The Outlook found that respondents see digital technology as broadly helpful in
their day-to-day roles. Of most benefit: gaining detailed and holistic
information on projects and events (51%), prioritizing tasks/managing project
workflow (50%) and giving reassurance that environment, health & safety (EHS)
policies are being followed (54%).
However, highlighting the need for a human-centric approach, 94% of respondents
said they have specific concerns about the future of digital transformation.
Reduced in-person communication (45%), professional experience and human
intuition being replaced by technology (43%), damage to work-life balance (41%)
or the replacement of jobs by automation (39%) were all front of mind for
respondents.
When asked what benefits they hoped digital transformation could deliver in
future, respondents said more automation (49%), more control (48%), greater
strategic insights (47%) and better communication (49%).
"Respondents are clear on the benefits of digital technologies and eager to
realize this new vision of the future but right now the industry is falling
short when it comes to managing organizational change, making digital
transformation unnecessarily arduous," Macholtz says.
A tenuous operating environment
Against a backdrop of supply chain shortages, inflationary pressure, energy
challenges, and war in Ukraine, capital project owners and contractors are
unshakably positive about the direction of the industry. Notably, respondents
reported a significant increase in construction and capital projects spending
(up from 68% last year to 76% in 2022) while resilience also remains high, with
91% of respondents considering their organization to be very or fairly
resilient.
However, in a departure from last year's Outlook, the completion of projects on
time and on budget has fallen dramatically. On schedule completion, as reported
by contractors, has fallen 16% year-on-year from 51% to 35%, while completion
on or under approved budget has also fallen from 51% to 38%. Owners are yet to
see quite the same impact, reporting 43% of projects completed on time, and 45%
on budget.
Underlining the tenuous global operating environment, respondents highlighted
unmanaged or unexpected risk as the most influential factor on whether a
project will be completed on time and to budget.
To access the full report, visit
ineight.com/annual-global-capital-projects-report (
)
About Global Capital Projects Outlook from InEight
This report is based on a survey of 300 large enterprise capital project and
construction professionals, conducted in March 2022, via an online survey.
The survey included 26 questions designed to gauge general confidence and
optimism levels across the industry, and assess track record, plans and
attitudes towards digital transformation.
Of the 300 respondents, with 100 participants drawn from each of our focus
regions of the Americas, Europe and APAC, giving each equal weighting in the
report. Globally, 67% of respondents are project owners, and 33% are
contractors.
All respondents work in construction, however in order to get a true reading of
the global construction sector worldwide, we included those working in
construction roles within broader industries, including:
Manufacturing
IT/Computer services
Construction
Mining
Transport
Telecommunications
Oil, Gas and Utilities
Health Services
Local Government
Central Government or Non-Departmental Public Body (NDPB)
Chemicals and Pharmaceuticals
Healthcare Products and Technologies
The survey has been designed and conducted in conjunction with a specialized
global enterprise technology market research partner, with results then
analyzed and submitted to InEight experts for commentary based on their
experiences and vantage points in the industry.
Where possible, results have been compared to our previous survey in 2021.
However, this is not possible in all cases due to new questions and wording
alterations in this year's edition.
About InEight
InEight (
)provides field-tested project management software for the owners, contractors,
engineers and designers who are building the world around us. Over 575,000
users and more than 850 customers worldwide rely on InEight for real-time
insights that help manage risk and keep projects on schedule and under budget
across the entire life cycle.
From pre-planning to design, from estimating to scheduling, and from field
execution to turnover, InEight has powered more than $1 trillion in projects
globally across infrastructure, public sector, energy and power, oil, gas and
chemical, mining, and commercial. For more information, follow InEight on
LinkedIn (
) or visit InEight.com (
) .
CONTACT: press@ineight.com
SOURCE InEight
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