In today’s rapidly evolving business landscape, the construction industry stands at a crossroads of technological transformation. Despite the undeniable advantages that digital solutions offer, a staggering 45% of respondents to a 2022 GlobalData survey identified limited short-term financial gain as a significant barrier to investment in new technology. 

The construction sector, often characterized by traditional practices, has been slower in embracing technological innovations. The GlobalData report highlights several other challenges that builders and contractors face in their journey toward technological modernization, including:

• Lack of financial resources allocated for innovation (36%)
• Shortage of skilled labor (34%)
• Inadequate awareness of new technologies (28%)

Despite these challenges, construction technology is advancing to provide more efficient and sustainable solutions for builders and contractors.

KPMG’s 2020 CIO Survey addressed a remarkable disparity between digital leaders and their counterparts across various industries. Digital leaders consistently outperform their competitors in crucial areas:

• Operational efficiency (+12%)
• Customer experience (+14%)
• Customer trust (+12%)
• Employee experience (+11%)

Keep reading this blog on TrueLook.com