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Deloitte Report Showcases the Rise of Data Analytics and Cloud Software

By May 10, 2024No Comments
Deloitte Report Showcases the Rise of Data Analytics and Cloud Software

Asia-Pacific’s construction and engineering sector is undergoing a transformative shift, catalysed by digital technologies. According to a comprehensive study by Deloitte Access Economics, nearly a thousand businesses surveyed are embracing a digital future, with significant growth in the adoption of Artificial Intelligence (AI), data analytics, and cloud management software.

The 2024 report reveals a surge in digital technology uptake, showing that 68% of businesses are either utilising AI or planning to do so, a noteworthy leap from the previous year. This transition is part of the sector’s response to overcome disruptions such as cost inflation, talent shortages, and the urgency for sustainable practices.

Despite the enthusiasm for digital tools, the industry faces hurdles. A considerable 42% of businesses identify the lack of digital skills as a barrier, and 34% cite insufficient budgets for new technologies as a concern. These challenges are critical, as the same report correlates the adoption of additional technologies with a 1.4% increase in revenue growth, a 1% rise in profit growth, and a boost in projects delivered on time and within budget.

The findings underscore a pivotal moment for the construction sector: invest in digital capabilities or risk being left behind. Companies that leverage digital tools are future-proofing their operations and reaping immediate financial benefits. This momentum also marks an opportunity for governments and educational institutions to bridge the skills gap, ensuring a ready workforce to meet the digital demands.

The report advocates for a strategic approach to digital investments as the sector evolves. It is about integrating new technologies and reshaping the business culture to be more agile, data-driven, and efficient. The construction industry, known for its resilience, is poised to solidify its place in a digital era and can overcome the twin challenges of skill development and financial investment in technology.

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