The fact is that if the UK is looking out to be serious in terms of becoming a global tech powerhouse, it has to place a construction technology strategy at the heart of innovation efforts, opines procurement director at Stanmore, argues Haman Manak.
The Prime Minister of the UK, Rishi Sunak, looking out to grow the UK into a world technology superpower, has well and truly petered out. Stakeholder businesses, and that too approximately 350,000 of them, have gone on to record dissatisfaction with how the government’s International Technology Strategy has gone on to progress.
These businesses have a dearth of facilities or do not have the infrastructure in order to realize the strategy’s goal.
Clearly, Sunak happens to be quite passionate about this strategy. With his Goldman Sachs credentials, he has a history of co-founding an investment firm that worked with the best and brightest that Silicon Valley had to offer.
However, as it nears closer and closer towards a much of a failed PR stunt, the Prime Minister as well as his government must now reassess their framework.
The point is that if one is really serious about placing the UK on the world tech podium, they must look at construction. That is where tech innovation can go on to make a real, tangible impact.
Apparently, by no fault of its own, construction has gone on to face a challenging past 12 months. In an economic environment that is not that favorable, there has been a consistent struggle with insolvencies.
Housebuilding has seen a dip, and, as evident from the much more recent S&P PMI statistics, activity has only just started to pick up.
The sector is slowly but tenderly emerging from the rubble of problems. Firms, having now experienced the actual realities when it comes to poor margins and less business, happen to be rushing to find safety nets in order to cover their backs in the future.
The industry should be collectively trying to figure out ways so as to make processes even more efficient, take on major projects, and hence go on to generate more revenue.
However, the current state of on- and off-site work does not quite tick the boxes. Processes happen to be outdated; machinery is indeed old and clunky, and the fact is that the industry has not kept up with the developments as well as the innovation taking place across the modern world.
That is where technology could really benefit. Whether by way of enhanced augmented reality within the design process, automation throughout the mundane estimation stages, or even by way of artificial intelligence- AI throughout BIM, technology could have numerous applications.
Developments can be much better informed by way of data-driven insights, and the fact is that sector-wide efficiency can be at an all-time high.
Taking into account a construction technology strategy
In the case of technology-oriented entrepreneurs, the construction industry happens to be a blank canvas where ideas can go on to drastically modernize the industry and even make groundbreaking enhancements throughout all the major processes.
Unfortunately, the industry and its dire requirements when it comes to technological advancement are not getting addressed, and this is all due to the key policymakers still looking out to gravitate towards much trendier sectors.
Looking at one side of the coin, one can also partially understand that. AI, e-commerce, fintech, SaaS, and blockchain, as well as others, are all highly lucrative and, as a matter of fact, look to form the bulk of interest from technology fans throughout the globe.
On the other hand, these kinds of sectors happen to be highly congested. The competition is so high, and the probability of standout success, on the level of OpenAI happens to be shockingly meagre.
However, construction does not have this issue. Startups happen to be ready to take on the prospect of being industry-ready for the taking, whereas, as demonstrated by NBS’ Digital Construction Report, there happens to be clearly a rising demand for high-level and intricate innovation throughout the sector.
It does look like a win-win. If construction goes on to embrace tech, firms will be able to decrease the construction cycle, take into account more projects at a time, accomplish more developments, and at the same time also make the healthy margin they have gone on to miss so dearly.
If technology entrepreneurs look forward to tackling construction, they have the opportunity to go ahead and establish their magnum opus and, at the same time, create an imprint across a sector that desperately looks forward to embracing modernization.
There happens to be an issue holding this back, and that’s awareness.
Investment when it comes to a construction technology strategy
Construction happens to be a major part of the UK’s economy and happens to contribute almost 7% to its GDP.
The sector happens to be a determining force behind the economy’s success and goes on to form a major backbone when it comes to day-to-day life.
But, while this status cannot be denied, issues like outdated operations aren’t talked about the way they should have been.
Sunak along with his cabinet should be viewing construction’s troublesome past, as well as their technology strategy, which has failed, and doing all they can to go ahead and direct entrepreneurs to the sector.
They can even roll out tax breaks or may be other incentives for start-ups that are looking to tackle the industry, and with net zero also in mind, that would indeed go on to benefit the UK’s decarbonisation efforts pretty well.
However, construction firms cannot revert to the status quo when it comes to industry processes. They have to go ahead and ditch any reluctance and, at the same time, open the sites for innovators as well as entrepreneurs throughout Britain.
Construction can be ground zero when it comes to a broad tech strategy for innovation. It can as well see quite a drastic transformation into a technologically sophisticated modern world and go ahead with a makeover from its present financial struggles.
The industry can even make the government’s International Technology Strategy a seamless success. The UK would end up being at the top of the construction game and even finally brush the shoulders of tech titans across the USA and Asia. The fact is that construction is indeed ready for innovation.
