According to new research from Accenture, UK-based construction companies could unlock approximately £89bn in value throughout the next ten years by turning more readily to digital technologies.
This equates to a further 7% in value throughout the industry, with technologies providing £6.1bn worth of new revenue opportunities and a reduction in costs by as much as £82.8bn.
“Most construction companies we work with recognise that digital technologies can drive transformation and growth, but many aren’t yet realising this potential,” said Ben Salama, Managing Director at Accenture Digital. “This research quantifies the potential prize for industry, individuals and society if they get this right.”
In calculating this hidden potential, Accenture worked with the World Economic Forum to develop a methodology that looks to understand the value of digital transformation, both societally and industrially.
From this, Accenture created the concept of Industry X.0 – the digital reinvention of industry where businesses incorporate advanced technologies across their operations.
“The solution is what we call Industry X.0, an action plan for embracing profiting and profiting from technological change,” Salama continued. “More than just transforming into digital businesses, construction companies must look at how to reinvent operating models, production and value chains.”
Currently, only 13% of respondents in Accenture’s survey of 931 executives feel that they are seeing greater efficiency and growth as a result of technological investments, whilst 80% are looking to work towards greater efficiency, growth and new experiences.
In this sense, technology holds the potential for a significant number of UK construction firms.