With the number of construction projects dwindling as a result of the pandemic, many companies are reimagining their business models to secure their future. While how to increase productivity remains one of the major hurdles that the industry needs to overcome, construction and engineering companies must also look to servitization — the idea that construction organizations compete on full lifecycle support offerings rather than simply the tasks associated with initial build — to attract new business.
In this article, Kenny Ingram, Vice President of Engineering, Construction & Infrastructure at IFS summarizes some key trends that he believes will color 2021 and beyond, including lifecycle management, offsite construction, and 5D BIM.