We found this interesting article by Mckinsey Engineering, Construction and Building Materials, breaking down details of how they percieve growth in the construction industry post the world wide COVID-19 crisis. This was based on historical trends, signs of disruption in the industry prior to COVID-19 and the increased digitalisation of other industries as a result of the 4th industrial revolution.
We have summarised the 7 action steps as below; and we as Thabong Group pledge to be a part of the remodelling of the construction industry going forward.
1. Acceleration of the rollout and adaptation of digitalisation of the construction Industry.
2. Prepare for a new normal by investing in the culture and skills required for growth in the 4IR such as BIM and implementing operation procedures.
3. Build a control tower across the portfolio. This will include making decisions around which assets are NECESSARY and IMPORTANT for the company to keep in the long run.
4. Bolster supply chain resilience which will definitely include, for most construction companies, building up inventory, building labour force to replace subcontracting. In the South African context, we will need to make bolder moves in implementing the 30% local SMME Sub-contracting for projects above R30 million. (Something to think and talk about)
5. Redeploy capital and resources. Again PRIORITIES, PRIORITIES, PRIORITIES. Construction companies will have to make strategic decisions and will have to start making their business strategies more LEAN to foster survival.
6. Identifying opportunities to shift work off site. This will foster a reduction in material waste, noise and air dust, thus positively contributing to the sustainability goal.
7. Get closer to customers by creating long-lasting relationships with current and future customers in order to remain relevant to their needs, to be of value to them and suit their changed(ing) preferences.
Feel free to have leave a comment below and let's engage constructively on the matter.
For full article please visit this link https://www.mckinsey.com/industries/capital-projects-and-infrastructure/our-insights/how-construction-can-emerge-stronger-after-coronavirus