New research has unveiled that almost half (44.3%) of businesses in the construction industry have limited or no insight into company or project performance.
The impact of this is significant, as analysis from Mace, a global construction consultancy, found almost 80% of large construction projects experience cost or program overruns and that if project delivery does not improve, the UK taxpayer could left to pick up a tab of around £19 billion in 10 years’ time.
The research conducted by Bentley Systems, the design, construction, and infrastructure software provider, of more than 720 construction professionals across the world also found less than half (43.5%) of workers said they have no digital capabilities for collaboration or that their information is either paper-based or siloed.
With Interserve, one of the largest government contractors in the UK, entering administration recently and the collapse of Carillion in 2018 triggering the largest ever trading liquidation in the UK, the construction industry cannot afford to ignore new technology any longer.
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