World Economic Forum‪

Future Scenarios and Implications for the Industry : Shaping the Future of Construction : Mayo 2018 / Prepared in collaboration with The Boston Consulting Group .-- : World Economic Forum , April 2018 .-- 32 p.

Digital technologies have launched the Fourth Industrial Revolution, transforming entire industries. However, the Infrastructure and Urban Development industry (IU) has not kept up. Most companies in the industry’s many sectors still use primarily manual methods, offer traditional products and services and operate according to established practices and business models. Productivity has lagged as a result. In addition, while IU’s core engineering and construction section alone accounts for more than 6% of global GDP and employs more than 100 million people, a negative perception of the industry makes it difficult to attract the required talent and close a significant talent gap. The IU industry can no longer afford to stand still. Global megatrends such as climate change, resource scarcity, demographic shifts, and automatization and digitalization are affecting economies, governments and society at large. Players along the IU value chain need to prepare strategically and make the right moves to thrive amid the disruptions these trends could cause. The World Economic Forum created the Shaping the Future of Construction initiative to help IU companies understand and respond to hese trends. The initiative used scenario planning to analyse how multiple present-day megatrends could lead to different versions of a future world. The World Economic Forum and The Boston Consulting Group hosted workshops with representatives from leading IU firms, industry associations, governments and academia to develop the scenarios and the strategic implications based on them. The implications cover changing customer requirements and regulations, processes and technologies, and competition and industry structure. The scenarios depict three extreme yet plausible versions of the future. In Building in a virtual world, virtual reality touches all aspects of life, and intelligent systems and robots run the construction industry. In Factories run the world, a corporate-dominated society uses prefabrication and modularization to create cost-efficient structures. In A green reboot, a world addressing scarce natural resources and climate change rebuilds using eco-friendly construction methods and sustainable materials. It is important to keep in mind that the scenarios are not predictions of the future. Rather, they demonstrate a broad spectrum of possible futures. In the real future, the IU industry will most probably include elements of all three. The scenarios suggest six common transformation imperatives that IU companies should take to remain relevant. The top three identified by chief executive officers of leading IU companies and ministers of several countries polled at the World Economic Forum Annual Meeting 2018 are: attract new talent and build up required skills; integrate and collaborate across the IU value chain; and adopt advanced technologies at scale. The other three imperatives are: maximize the use of data and digital models throughout processes; eview existing product portfolios and embrace new business opportunities; and enable change management and adaptiveness. A further exploration of each imperative suggests IU companies take specific steps to meet the coming challenges: – To attract new talent and build up required skills, IU companies must expand where they look for talent, improve the industry’s image and establish continuous learning and development practices. – To increase integration and collaboration across the value chain, they should depend on organic growth or acquire expertise through integrated contracts, joint ventures or mergers and acquisitions. – To adopt innovative technologies at scale, IU companies must effectively implement new approaches to innovation and integrate new technologies into existing workflows. – To implement digital models and data usage throughout processes, they should develop suitable use cases, adopt complementary technologies and show that digital models are financially attractive. – To identify new products and services to sell and segments in which to compete, they should increase the study of market developments, improve flexibility and hedge risks by maintaining a balanced portfolio. – To react to changing market conditions more quickly, they must embrace comprehensive changemanagement programmes, flexible organizational structures and agile working methods. Creating scenarios helps decision-makers understand the differing ways present trends can play out in the future. Industry decisionakers should use scenarios and recommendations based on corresponding transformation imperatives as a foundation from which to create strategies to prepare for the future. As time passes and the direction of future developments becomes clearer, decision-makers can fine-tune their plans accordingly.



digitalize processes
IU industry
virtual world

The Boston Consulting Group
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