It’s an exciting (and sometimes frightening) time to be alive. With the rise of Artificial Intelligence, machine learning, and the Internet of Things (IoT), many industries are on the verge of revolutionary changes. One industry that is perhaps facing the most drastic shift is the AEC industry.
In their last annual report, Building a Technology Advantage - Global Construction Survey 2016, KPMG reported that two-thirds of 200 or more AEC executives and owners surveyed claimed to not use advanced data analytics to monitor estimation and performance. In addition, even though project-related risk is increasing, no more than 20% of respondents said they planned on reevaluating their business models in response to rapidly changing technology.
So why aren’t more industry professionals adopting new technology to position themselves above the competition? Some say it’s cost, scale, and lack of existing use-cases. Others suggest that a major shift in mindset has to happen before the industry can join everyone else in the future. Regardless of where you stand on the subject, take a look at the graphic below, and see if any of the innovations could impact your firm-- for better or for worse.