Covid-19 has affected millions of human lives worldwide. And in turn, it has also affected all industry and business verticals. One of the hardest-hit industries is the construction business.
The Construction industry accounts for 13% of the world GDP (per McKinsey survey). It is one of the first industries, along with Aviation and Hospitality, to get affected adversely. Primary reasons include a halt to the building business and loss of manpower who migrated to their native places.
Owing to a slowdown in the construction industry, many construction project management companies also suffered huge losses in their revenues. Now that businesses are slowly reopened across the world, it is time to ponder on how to make the spring-back a successful one.
Life after Covid-19
Just like the post-2008 recession times, businesses all over the world need to rethink their business strategies. They need to make wise decisions, not just to combat these times, but to ensure long-run success.
Let’s look at a few steps that the construction project management in India can follow:
Identify signs of turbulence
Construction project management has been battling prevailing signs of turbulence. Some of the major ones are plateau-level productivity, lack of digitization, and low diversification across verticals.
Construction project management companies need to analyze their biggest roadblocks and prepare a detailed plan for short-term as well as long-term goals.
Move to digitization
With more stringent working rules that are here to stay for a long time to come, digitizing business is the key. Collaboration tools like construction project management with BIM (building-information modeling) needs to be encouraged. Designers need to utilize 4-D as well as 5-D simulation techniques and deploy construction project management software for all processes – from project commissioning to completion.
They also need to opt for automated construction project management tools to get rid of roadblocks arising from skilled manpower shortage.
Looking for alternatives
If there is one thing that Covid-19 has taught the world, it is “sustainability”. Construction project management companies need to look for alternatives for inventory and sourcing of raw materials. They need to consider what is urgent and what can be done without.
New business models
In the long-run, construction project management needs to consider new and more intuitive business models. The most relevant of these is vertical integration for enhanced efficiency. Vertical integration looks at the broader picture and tells you how to get optimum output from a diversified portfolio.
Another one is using remote construction project management techniques.Towards that goal, contractors could also push for off-site practices like off-site fabrication, etc.
With one pandemic threatening our lifestyle, construction businesses need to deploy better techniques. Main ones including a reduction in carbon footprint and boosting the efficiency of construction models. It is fast becoming an industry standard with serious penalties attached to it if violated.
Time to rethink
Covid-19 is going to bring huge reforms to construction project management. And we, at Capsicum Global, are all geared to make your dream of a healthy and safe housing requirement come true. Call us now!