Building Information Modeling

  The   benefits of Building Information Modelling   (BIM) are well-known. From encouraging collaboration among different stakeholders through common understanding on an interoperable software to helping construction companies with cost estimation, construction sequencing, and identifying conflicts between the building and utility elements; BIM has been transformative when applied to construction projects. Studies have found that BIM has reduced cost estimation time by  80% , and has reduced the need for changes by 40% through early detection of a problem. Yet, despite knowing the benefits, the adoption of BIM has been slow among construction companies. According to a  survey  by AutoDesk and IDC, only one in three construction companies in India have planned a digital transformation roadmap for the next 12 years. So, what’s  stopping  companies from adopting BIM? One clear challenge is the sense that adopting BIM will drive tremendous changes to ...

  Worldwide, the construction sector employs the largest workforce and is often considered to be one of the biggest drivers of the economy. In 2018 alone, the annual spending on construction worldwide was estimated to be around  USD 11.4 Trillion . While most disruptions in the actual construction operations have been through the inventions or progress made in mechanical equipment and raw materials, there is a growing role being played by technology and digital transformation in propelling the sector to newer heights. From modelling projects through interactive visualization to enabling workforce safety, technology is slowly (but surely) becoming an integral part of the construction sector.  Now comes the question of what can the industry explore next with technology? We have handpicked two great options to explore further – Digital Twins and the Internet of Things (IoT).  A digital twin involves the concept of having a digital representation of a physical object cre...

The construction industry was witnessing only slow growth for more than a decadeeven before the outbreak of the pandemic. With the COVID-19 situation, the industry is probably seeing something close to the worst of its days. According to a report by the  Global Construction Review , the GVA (Gross Value Added) for the Indian market is set to fall by 34%. Another report by  The Economic Times  in June revealed that the industry may suffer losses of nearly INR 7.3 lakh crore in construction investment. However, if  McKinsey’s view of disruptions  being the catalyst for change is to be believed, the situation could turn in favor of the key players in construction, as well as the new entrants.  So, what’s McKinsey’s view, and how does it impact transformation in the industry in the coming year? Let’s shed some light on that.  Key moves to shape the future of the construction industry The experts at McKinsey, one of the global leaders in consulting and rese...