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Towards Digitization10-21-16 | News

Towards Digitization

A recent report by Boston Consulting Group (https://www.bcg.com) estimates that within 10 years full-scale digitization–data-driven planning, surveillance and maintenance, among other innovation–will lead to 13% to 21% cost savings in the design, engineering and construction phases of nonresidential construction, or as much as $21 billion a year globally.

Large construction projects typically take 20% longer to finish than scheduled and are up to 80% over budget, according to a study by McKinsey & Co. (https://tinyurl.com/zubxj8l). Cost overruns are the norm in the construction sector. Currently, the construction industry is among the least digitized.

As seen in LASN magazine, October 2016.