The digital transformation
In recent years, many global industries are being
digitally transformed. The one hold out?
Construction.
The industry's challenges
The cost of new technology is one of several
reasons why the industry has been slow to adopt
new technology and innovative processes.
Fortunately, purchase price points continue to
decrease over time and more options such as
rentals, leasing, and rent-to-own are helping
companies dip their toe into technological
advances. Another is the typically steep learning
curve associated with IT and cybersecurity
requirements.
Finally, the global crash of the construction
industry in 2010 contributed to labor shortages,
with firms still recovering today. With baby
boomers retiring, the younger generation is not
filling in the skills gap fast enough. A lot of
companies are breaking ground on the best ways
forward with technology and are still updating the
process as they go. As with any industry,
technology can cause a fear of the unknown.
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