New multi-country survey from Finalcad finds typical profit margin is only two percent with failure to digitalise causing inefficiencies and cost overruns.
Finalcad, a leading software provider to the construction sector, released the results of a survey of 400 construction leaders in France, Spain, Singapore and Japan, exploring digital transformation in the industry. The research finds the typical profit margin on a construction project averages only 2 percent across the four regions. It also reveals that a lack of digital transformation has left many companies reliant on manual and paper-based workflows; this comes at a time when the slowdown from the impact of the Covid-19 global pandemic is showing how important it is to digitalise operations and support remote working. Further, not digitalising is significantly damaging companies’ ability to collaborate and having a direct impact on the bottom line, with 62 percent of respondents saying that a lack of collaboration is the single biggest cause of construction project delays.