A recent survey found nearly 67 percent of contractors surveyed said the industry was going to change more during the next five years than it did during the past 50 years, according to www.constructiondive.com.
The survey, "Managing Risk in the Digital Age," was conducted by the Associated General Contractors of America Management and consulting and banking firm FMI Corp. and focused on contractor perceptions of risk and how they believe the engineering and construction industries will change in the future.
Nearly 90 percent of respondents have faced risks related to shortages of skilled workers, and 67 percent have handled risks related to a shortage of qualified supervisory staff.
More than 90 percent of contractors reported the design documents they received were less complete than in the past. Forty percent said they planned to move design services in-house, and 80 percent of those respondents already had completed the shift or planned to do so during the next three years. Most construction companies said technology had not forced fundamental changes in their businesses, and less than 20 percent said it was "aggressively disrupting their business models." However, the survey found that companies that believe great change is on the construction industry horizon are six times more likely to innovate in their businesses.
Contractors also responded that many of the risks they currently face are not as traditional or insurable, so they are looking to the risk management industry to evolve to meet their needs, which could include professional liability insurance for design services and coverage for drones.
The construction industry has made significant technological advances; in 2011, the market offered only one or two apps compared with more than 2,100 currently being offered. Technological advances, such as building information modeling, have become more widespread and attainable for large and small companies.
