{"id":77260,"date":"2020-06-05T14:37:36","date_gmt":"2020-06-05T13:37:36","guid":{"rendered":"https:\/\/www.pbctoday.co.uk\/news\/?p=77260"},"modified":"2020-06-05T14:37:36","modified_gmt":"2020-06-05T13:37:36","slug":"transformation-construction-ecosystem","status":"publish","type":"post","link":"https:\/\/www.pbctoday.co.uk\/news\/planning-construction-news\/transformation-construction-ecosystem\/77260\/","title":{"rendered":"Accelerating transformation in the construction ecosystem"},"content":{"rendered":"

Research shows how pre-crisis trends will fundamentally overhaul the construction ecosystem, as two-thirds of surveyed executives believe the Covid-19 pandemic will accelerate industry transformation<\/h2>\n

A new report by McKinsey & Company<\/a> finds that up to 45% of value will be at stake for incumbents in the most affected sectors<\/p>\n

Covid-19 has forced companies across the construction ecosystem to review their financial position while keeping employees and business partners safe and moving ahead with their ongoing construction projects wherever possible.<\/p>\n

As decision-makers shift their attention to reimagining the future and reforming their businesses, McKinsey & Company research offers a blueprint for the next ‘new normal’<\/a> of the world\u2019s largest eco-system.<\/p>\n

The findings in the report, ‘The next normal in construction: how disruption is reshaping the world\u2019s largest ecosystem<\/a>‘, highlight that up to 45% of value will be at stake for incumbents in the most affected sectors.<\/p>\n

In the executive survey, over 75% of respondents agreed that the shifts the research outlines are likely to occur, and over 60% believe that they are likely to happen at scale in the coming five years.<\/p>\n

Two-thirds believe that the Covid-19 crisis will accelerate the transformation.<\/p>\n

Time of reflection and reimagination<\/h3>\n

Jan Mischke, partner at the McKinsey Global Institute, said: \u201cWhile fast movers can tap into $265bn per year in new profit pools as they take advantage of nine transformational shifts that will change the way the industry operates, others will be left behind.<\/p>\n

\u201cPolicymakers could support the transformation to help the industry produce better outcomes for their citizens \u2014 such as affordable housing<\/a> and infrastructure; owners can benefit from improved quality at lower costs, and investors could use the foresight in the report to plan their short and long-term investment strategies.”<\/p>\n

Gernot Strube, senior partner at McKinsey, said: \u201cWe expect to see a transformation away from a complex and fragmented construction landscape building new prototypes in every project, to a more productised, consolidated and vertically integrated construction set-up.<\/p>\n

\u201cThe industry will move from a project to a production-based approach, and toward increased investments in R&D, plants, talent, branding, sustainability, and digitisation.<\/p>\n

“In this time of reflection and reimagination, businesses have the opportunity to transform their business models, redefine the role they play in the construction eco-system and capture new value.\u201d<\/p>\n

\n<\/div>","protected":false},"excerpt":{"rendered":"

Research shows how pre-crisis trends will fundamentally overhaul the construction ecosystem, as two-thirds of surveyed executives believe the Covid-19 pandemic will accelerate industry 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