By By Tim Sandle Mar 11, 2018 in Business Construction companies can unlock billions in value throughout the next ten years by turning more readily to digital technologies, according to a new report from Accenture. There are various steps that construction firms can take towards digital transformation. These include the use of big data; implementing automation; and seeking standardization. Big data Big data refers to the management of bulk data. This enables information sharing to take place on transparent and accountable platforms and processes. In turn this encourages a collaborative and inclusive decision-making process. Advantages for the construction firm include as well as improved analysis and prediction. Automation The main advantages from automation are that it facilitates competitiveness and reduces unpredictability. These are factors that, when uncontrolled, contribute to time and cost overruns. By seeking improvements, automation helps a construction company to improve its resiliency to threats and interruptions. Standardization Standardization is about seeking leads to efficient resource management. Other advantages are a simplification of operations and supply chains. Seeking standard methods for the industry also serves to minimize waste and helps to facilitate innovation and sustainability. More specifics from the report are outlined in the Digital Journal article " Slow progress needs addressing While embracing digital technologies remains the number one recommendation by analysts for firms to remain competitive, in construction progress continues to be slow. The report highlights that only 13 percent of respondents, from a poll of 931 executives, believe that they are witnessing greater efficiency and growth as a result of technological investments. However, aspirationally, 80 percent are examining ways to work towards greater efficiency from digital technology, coupled with growth and new markets. Challenges include rolling out digital technology across multiple sites; and ensuring that subsectors, and stakeholders are also using equivalent digital systems. The optimal way to achieve digital transformation across construction is through the use of platforms that promotes interoperability. Industry X.0 The For construction, the approach is In terms of buildings and construction firms, he adds: “More than just transforming into digital businesses, construction companies must look at how to reinvent operating models, production and value chains.” Focusing on U.K.-based construction companies, but with a message applicable to global construction, firms, the Accenture report looks at the potential of digital technologies in terms of new revenue opportunities and cost reductions. The report is titled " Building Construction: Growth with bricks and mortar ." The report is from Accenture’s Digital Capital Projects services and solutions.There are various steps that construction firms can take towards digital transformation. These include the use of big data; implementing automation; and seeking standardization.Big data refers to the management of bulk data. This enables information sharing to take place on transparent and accountable platforms and processes. In turn this encourages a collaborative and inclusive decision-making process. Advantages for the construction firm include as well as improved analysis and prediction.The main advantages from automation are that it facilitates competitiveness and reduces unpredictability. These are factors that, when uncontrolled, contribute to time and cost overruns. By seeking improvements, automation helps a construction company to improve its resiliency to threats and interruptions.Standardization is about seeking leads to efficient resource management. Other advantages are a simplification of operations and supply chains. Seeking standard methods for the industry also serves to minimize waste and helps to facilitate innovation and sustainability.More specifics from the report are outlined in the Digital Journal article " Why many construction companies have not transitioned to digital ."While embracing digital technologies remains the number one recommendation by analysts for firms to remain competitive, in construction progress continues to be slow. The report highlights that only 13 percent of respondents, from a poll of 931 executives, believe that they are witnessing greater efficiency and growth as a result of technological investments. However, aspirationally, 80 percent are examining ways to work towards greater efficiency from digital technology, coupled with growth and new markets.Challenges include rolling out digital technology across multiple sites; and ensuring that subsectors, and stakeholders are also using equivalent digital systems. The optimal way to achieve digital transformation across construction is through the use of platforms that promotes interoperability.The report recommends , in terms of a conclusion, that construction companies adopt a model called Industry X.0, which is a process of continuous improvement going beyond simply achieving Industry 4.0. What this model means pan-industry is discussed in the Digital Journal article " Accenture models Industry X.0 for businesses ."For construction, the approach is summarized by Ben Salama , who is the Managing Director at Accenture Digital. Salam says: "The solution is what we call Industry X.0, an action plan for embracing profiting and profiting from technological change."In terms of buildings and construction firms, he adds: “More than just transforming into digital businesses, construction companies must look at how to reinvent operating models, production and value chains.” More about Construction, digital transformation, industry 40 Construction digital transformati... industry 40