The construction industry globally is slow in adopting technology innovations despite a rise in project complexity and associated risks, according to a KPMG report quoted in the Financial Express. According to the report, just 8 per cent of the total 218 project owners and engineering & construction companies surveyed rank as ´cutting edge technology visionaries´, while 64 per cent of contractors and 73 per cent of project owners rank as ´industry followers´ or ´behind the curve´ when it comes to technology, shows the report named Building a technology advantage - Global Construction Survey 2016.
¨The survey responses reflect the industry´s innate conservatism towards technologies, with most firms content to follow rather than lead,¨ says Geno Armstrong, International Sector Leader, Engineering & Construction, KPMG. ¨Many lack a clear technology strategy, and either adopt it in a piecemeal fashion, or not at all.¨ A higher proportion of Western companies are tech leaders, with Africa lagging behind. ¨For some, the cost and risk of adopting new technologies outweighs the perceived benefits, while others may be reluctant to move out of their comfort zone,¨ the report said.
The delegation apprehended that this move might lead to closure of several units and also lay off thousands of workers.