How information and technological innovation are transforming construction industry?: analysis of current practices and transformation trends

Abstract

Technology is transforming the way business is conducted in the present day. It is an important factor in the growing dominance of big companies. Use of the latest technology allows companies to become more efficient and productive. A research conducted by the OECD asserts that markups, which are a measure of the profits and market power of a company, have risen more in industries which are digitally-intensive. For instance, Walmart went from a 3% share of the retail market in 1982, to more than 50% today by using information technology to become more productive.1 As per a research by the McKinsey Global Institute (MGI), the most digitalized companies see great growth in productivity and profit margins. However technology still hasn’t penetrated the day-to-day activities performed in companies. Businesses are missing the chance for higher efficiency and improved customer experience.