With the fourth industrial revolution in full swing, the construction industry must evolve to stay relevant and profitable in an increasingly digital business environment. Fortunately, it seems construction businesses have responded to this call for transformation, with recent research revealing that R&D spending among American construction businesses rose by approximately 77% since 2013.
The onset of the COVID-19 pandemic accelerated the move to digitalization. McKinsey & Company’s latest survey shows that two-thirds of C-suite executives believe the pandemic would accelerate transformation in the construction industry.
In this article, Tom Stemm – Founder/CEO of Ryvit – explores:
- Why digitalization hasn’t changed the way construction businesses operate
- How integration unlocks the true potential of digital tools