CONSTRUCTION: ARE THERE ANY 2021 TRENDS AMIDST COVID-19
The latest stats show a stable and booming industry. Yet, the rising labor challenges and construction bills, along with new regulations, are closing the error gap and reducing waste margin. For a sector yet to catch up with technology, construction trends strive to change every year but with minuscule improvements.
Technological advancements are reshaping the construction industry, increasing chances of winning projects, and multiplying profit margins. New technology is also impacting the roles of industry experts and frontline works. The construction industry in the UAE is becoming more competitive by the day, and the market is shifting. Leveraging trends, therefore, will prove valuable to any construction company. Read to see if you can make use of the following construction trends of 2020, to gain an edge in the industry and remain competitive.
Data Ecosystem and Construction Software
The building process benefits a lot from real-time collaboration software. Its impact on the industry is projected to increase immensely soon. However, data has played an instrumental role in this significant milestone in the sector.
There is also the data ecosystem where all major industry players gather and share data, project knowledge, and experience.
Today, industry professionals can integrate their existing processes and system into one fully connected platform, which is utterly empowering. A host of software solutions for various disciplines and functions throughout the construction project course can now quickly be integrated into one place.
Digital tools have increased the accumulation of essential data and, by extension, rework rates, delays, minimization, and communication barriers between the office and the site. Experts believe that real-time collaboration software will be the digital pillar for the construction process from the beginning to the end.
BIM is expected to Grow
BIM (Building Information Modelling) is another construction trend in 2020. Using an open and collaborative data environment makes this a major expectant. BIM tech will change how companies develop, design, and manage construction projects. Many programming levels characterize BIM, and two superb examples are the 4D and 5D BIM. BIM will ensure accuracy in building processes and facilitate the exchange of crucial project data among stakeholders. It is expected to make projects more constructive and cheaper by incorporating safety measures and revolutionary sustainability. It is vivid that BIM could be the game-changer in the construction industry and provide a clear description of the project development in a collaborative ecosystem.
Organize Your Financial Statements
Depending on your project, your lender will thoroughly check your financial statements and audit records. As such, make sure they are correct, complete, and thorough- including the P&L account, cash flow statements, and balance sheet.
Other factors that will be analyzed are your accounts payable, debt-equity ratio, gross margin, cash flow, EBITDA, and accounts receivable. So, be ready to answer questions regarding these. Let your accountant review your financial statements to speculate issues your lender may raise.
Increased Eco-friendliness, Modularization, and Prefabrication
There is a notable growth in multi-trade prefabrication, an area the Multi-Trade Prefabrication Conference has been emphasizing on for some time now. Today, a majority of UAE construction companies are implementing prefabrication strategies.
An exemplary example happened in Dubai, where it took only 17 days to print a 3D office building, with two days spent on assembling the property on the site. Construction analysts project that this practice is yet to boom, but it will soon, primarily because time and cost are not prohibitive anymore. This, however, does not mean problems will cease, but they will be addressed in a more efficient manner that will push the industry forward.