KUALA LUMPUR: Adopting new technology is crucial for the construction industry players to help them increase productivity and profitability, according to the global provider of construction management platform Procore Technologies Inc.
Procore regional manager, Asia, Tan Kin Weng, said that as the industry players in Southeast Asia expected strong growth in 2023, there is an increased appetite for construction companies to invest and build more projects within the region.
“Something that was seen as an upcoming and rising trend is how construction companies use data and information to form better business.
“The industry is increasingly turning to technology that can be used to optimise costs and processes for future projects,” he said during a virtual media briefing today.
Tan noted that construction companies have the potential to collect various types of data, and companies that can leverage the data will gain a strong competitive advantage over their competitors.
“This is why the demand for construction management platforms, such as Procore, continues to be the top priority needed to drive impactful change over the next few years,” he added.
According to Procore’s recent ‘How We Build Now 2023 – Technology and Industry Trends Connecting Southeast Asia Construction in 2023’ report, construction professionals unanimously agreed that better data management could benefit their businesses.
The report estimated on average, 22 per cent of total project spend could be saved through more efficient data management.
“However, despite a high awareness of how data can be used to their advantage, only six per cent of companies surveyed in Southeast Asia have laid the foundation for a data strategy,” said the report.
The report also highlighted that construction management platforms continue to be the most important technology for the industry, and they will be the biggest drivers of change in the next three years. – BERNAMA
