The 2017 Digital Foundations report estimates digitisation in the Australian construction sector could create $25 billion in savings year-on-year within the next decade, and that a huge market opportunity has led to an upswing in global digitisation in the construction industry.
Here are four technology trends that are poised to disrupt the construction industry in 2018:
1. Internet of Things (IoT): The IoT refers to any object connected to the internet. This can include machines with sensors that obtain data or use GPS tracking. The benefits of integrating IoT into construction equipment include financial return such as increased billing accuracy and saving time, as well as greater safety of workers, through enhanced tracking and monitoring. VisionLink is one example of the IoT transforming the construction sector. A joint venture between Trimble and Caterpillar, it integrates tracking and management software into Caterpillar machines, which is shared with PlantMiner customers to create access to real time equipment information wirelessly from the field.
2. Artificial Intelligence (AI): AI has been gaining traction in a wide range of industries, from chat bots handling customer service requests to virtual personal assistants such as Siri. In the construction industry, smarter machines are being developed to save costs and improve accuracy through AI. Construction tech utilising AI will help develop smarter sites, such as by harnessing data from projects to forecast budgets and resources for future projects.
3. Drones/Unmanned Aerial Vehicles: Drones are becoming commonplace on construction sites, typically for monitoring projects and surveying. However, as drones incorporate AI they are becoming more useful and can instantly share data and analytics from a remote site to other locations. Sharing site progress with relevant stakeholders in different locations helps reduce travel costs, saves time and can again improve site safety through monitoring potential hazards.
4. Digital marketplaces: Digital disruption has had a great impact on traditional labour roles, with sites such as Airtasker and Uber opening doors to employment and empowering consumers with greater choice of suppliers. Digital marketplaces designed specifically for the construction industry are helping tradespeople, suppliers and managers find the right tools and support. PlantMiner connects people looking to hire plant, equipment and qualified trades with trusted suppliers. Purpose-built platforms for the construction industry help speed up the time to find the right fit between job and supplier.
While adapting to new technology is often a steep learning curve and can require large initial investments in time and resources, the investment pays off through efficiencies and new opportunities.
The construction sector has often been slow to embrace new technology, which puts many local businesses at risk of losing business to competitors who can offer advanced solutions. The increase of technology in the construction sector doesn’t mean the end of the workforce, but creates opportunities for people to learn new skills and be more flexible in how they perform their jobs.
Australia is on the verge of an exciting new time in construction and 2018 will see the integration of technology create greater efficiencies and heightened safety.
Michael Trusler is PlantMiner’s co-CEO and co-founder.