The Road Ahead: A Construction Outlook and Technology Trends for 2023
This year saw a return to robust construction activity across many global sectors, as logistical impacts of the COVID-19 pandemic began to ease.
It hasn’t all been clear blue skies, with supply chain, material and labour issues holding back outcomes in several regions. Despite this, one consistent theme has been increased adoption of digital solutions, with project developers striving to innovate and deliver more sustainable outcomes.
With a new year just around the corner, this blog looks into common construction industry sentiment for 2023, as well as the technologies that are tipped to play key roles for cost consultants and the industry at large.
Mixed Signals for 2023, But Digitisation Predicted to Boost Productivity
The Q3 2022 Global Construction Monitor, recently released by the Royal Institution of Chartered Surveyors, points to some reduced global momentum in the overall construction market. While the global aggregate still gives a positive reading, a scaling back of expectations in the private residential sector and ongoing material cost issues are having an impact.
One question asked of global respondents as part of the Monitor was what method they believe will be most effective in improving labour productivity. The second most popular response (behind ‘upskilling the workforce’) was ‘greater investment in data/digitisation for the management of the design and construction process’, as cited by 19 per cent of respondents.
From this, it’s clear that the industry is growing more aware of the transformative potential held by digital solutions. Below are some of the key technologies and innovations expected to factor heavily as we mark a path for a more sustainable and efficient industry in 2023 and beyond.
Digital Trends for 2023 Construction
Building Information Modelling
It’s by no means a new concept at this point, but Building Information Modelling (BIM) is continuing to gain momentum as a driver for improved collaborative outcomes.
Collaboration is at the heart of BIM, the digital and all-encompassing process for managing built asset data using intelligent models. Architects, engineers, contractors and other AEC professionals can work around a single source of truth to produce better outcomes over the asset’s lifecycle.
Governments continue to throw their support behind BIM by introducing mandates for public projects, many of which have been in place for several years. Private sector enterprises are readily adopting it too, in an effort to get ahead in a competitive market. The value of data in construction has never been higher, so it’s hard to see interest in BIM cooling in the years ahead.
Cloud software and workflows
For quantity surveyors and estimators specifically, there are many reasons why cloud workflows are increasingly being viewed as the standard for leading operators. Businesses can scale more effectively in an uncertain environment, team members can collaborate with ease from anywhere, and owners can count upon robust data security in a hosted environment.
When it comes to construction estimating software, the advantages of cloud are too significant to ignore. Cloud technology advances rapidly with every passing year, so there’s never been a better time to weigh up implementing a platform that offers this flexibility.
Sustainable Construction
Not only is there a growing awareness about the effect the construction has on overall carbon emissions and a desire to change this, but there is also an increasing shift towards carbon regulation in construction from global governments. Tools such as Building Transparency’s Embodied Carbon in Construction Calculator (EC3), a “…free database of construction EPDs (Environmental Product Declarations) and matching building impact calculator for use in design and material procurement.”, are helping to empower construction companies to understand the carbon impact of their buildings. As well as this, it is especially pertinent for Quantity Surveyors and estimators to use tools that weigh up the impact of cost vs carbon when in the pre-construction phase.
Digital transformation for businesses
In an industry looking to make massive productivity gains, decision makers are striving to improve project synergy and address weak points in their existing practices. Many industries have gone through a rapid ‘digital transformation’ of their own in recent years, but construction is historically slow to adopt new methods.
2023 will see major construction enterprises take a holistic approach to their app and software stack, in an effort to fix pain points and inefficiencies. It’s not about technology for technology’s sake, but rather about capturing new value in a way that empowers teams and influences project baselines. It’s not a minor undertaking either, but the productivity benefits can be significant according to McKinsey Global Institute research.
For those in the cost consulting space, this kind of business revolution might be based around a software platform that replaces multiple disconnected estimating tools in a fully-integrated digital solution.
Build Your Professional Potential with iTWO costX®
Many quantity surveyors are reticent to switch from tried-and-true methods to something more advanced, but the benefits outlined above are strengthening with every passing year. If you have been unsure about investing in a fully-formed, all-in-one solution for your construction estimating, now is the time to take a look at iTWO costX®.
Our platform is constantly evolving to suit the latest industry developments, with new additions for 2022 including embodied carbon accounting features and much more. As an early adopter of Building Information Modelling workflows, RIB can offer industry-leading BIM functionality. iTWO costX® users who are new to BIM can measure from 2D and 3D models concurrently, with measurements highlighted in both views. RIB also offers a wide variety of region-specific samples and templates for multiple applications, to help assist with the learning process.
iTWO costX® integrates these advanced takeoff tools with live-linked, spreadsheet-based workbooks, an Auto-Revisioning feature to reduce manual inputs, a handy subcontractor comparison tool, custom report writer and much more. With users in over 90 countries worldwide and a history of top-notch user support, you can trust RIB and iTWO costX® to support your future development in the construction space.
If you’re ready to make 2023 the year you invest in iTWO costX®, feel free to contact your local RIB team and book a software demo today.
