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As costs are rising in construction at a high pace, construction companies are looking for new ways to boost profitability and profit. And so, embracing technologies became a trend in the industry. Be it AI, IoT, 3D design illustration tools, or AR and VR, contractors are overwhelmed with so many options.
Hence, to understand the right use of digital technologies in the construction industry, we interviewed Mike Mortlock, the managing director of a renowned company in Australia.
Who Did We Interview?
Mike Mortlock is the Managing Director of Australia's fastest-growing QS firm. He has helped thousands of property investors maximize their tax depreciation deductions and the cash flow of their investments. From residential investors to a commercial site, over 100 million in construction value.
Construction in the year 2023 is a real mixed bag from a technology perspective. Will it be a digital year? I think most firms in the construction consulting industry they’ve been digital for a long time. However, the industry is extensive, and many segments have been reluctant or slow to adopt technology for various reasons.
There’s evidence that proto-humans have been building for 1.8 million years. Still, eventually, the push for efficiency and cost pressures will demand that everyone adopts the technology that allows that to be achieved.
I believe the biggest challenge right now is interest rates coupled with materials and labor shortages. Taking a more long-term view, it’s the balance between build quality and cost.
The construction industry plays a key part in planning housing affordability. The industry will need to find ways to construct dwellings in a more environmentally sustainable and affordable manner without sacrificing the quality of the product.
There’s a myriad of tools out there that have certainly demonstrated their ability to boost productivity. However, it demands that professionals take a long-term view and understand potential cost benefits over time can outweigh the initial costs of acquisition and training.
Hopefully, we will see further implementation of building information modeling. It’s one thing for an Architect to adopt it, but another for it to be made available in such detail that would allow other stakeholders to utilize it.
Hopefully, we’ll also see more consumer protection and further adoption of quantity surveyors in the feasibility, cost engineering, tendering, and construction phases.
Automation & AI.
Under promise and over-deliver.
Mike has also been a host of the Geared for Growth Property Investing Podcast to help Australia's leading property investment experts find how they and their clients are achieving exceptional results. The podcast is open to anybody interested in learning how to invest and the strategies you can apply to achieve exceptional results.
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