According to a research report by Mckinsey, the construction industry is ripe for disruption. Large projects on average take 20% longer to complete and are 80% over budget. Research and Development spending is also far behind other industries.
With the industry being highly capital and labor intensive, it has been slightly behind in adopting new technology compared to flexible and nimble industries such as e-commerce, SAAS, Finance, Education etc. Experience within this sector is key for work to be done properly, however, this is also playing against the use of technology, ultimately posing as a barrier to change.
In 2011 the government made it compulsory for construction companies to be level 2 BIM compliant. This was made mandatory in 2016, which is expected to be the key reason why there was a spike in digital uptake.
Cemex Ventures has now launched a 2019 construction startup competition, they have done this to identify startups who are looking to position their solutions within the industry.
Construction Startup Competition 2019 form
The construction industry is adapting due to startups introducing new ways of working and creating solutions which make the industry more productive. Hybridization of the industry is leading to the creation of a new eco-system, where startups who are not actually involved in the construction process are creating solutions to make the processes better, faster more productive, companies such as Apis Cor, Daqri, Holo Builder etc. are changing the way things are done in the industry.
Companies who have access to specialist advisers can increase their chances of success. With the correct guidance, advice and solutions, disruptive businesses can achieve growth efficiency, tax savings and precise solutions to complicated problems. Clear House Accountants are Business specialist Accountants in London who work with a large number of construction and construction-related companies, providing them with smart and effective solutions. We are experts in CIS and all compliance matters for workers in the construction industry.
