Mr. Kamran Basit, CEO of Indus Technology Solutions, at Proptech & SmarTech Conevntion ’23 opened his speech by acknowledging the rapid technological advancements and the accompanying challenges facing humanity. He emphasized the crucial role of the construction industry in shaping the future. Pointing out that the industry stands on the brink of a new era, he underlined the importance of how today’s decisions will define tomorrow’s construction landscape.
Moreover, Mr. Kamran provided a comprehensive overview of the global construction industry, valued at over 10 trillion USD. He noted that this industry, accounting for 13% of the global GDP, is one of the largest yet least digitized sectors. Interestingly, despite its size and impact, the industry faces significant issues like poor productivity, data silos, workforce challenges, and slow technology adoption. This insight draws attention to the necessity for a digital transformation in construction.
Transitioning further, Mr. Kamran delved into the operational dynamics of the construction industry. He described how different phases like design, build, and management operate in data silos, leading to inefficiencies. Pointing out the disconnection between these phases, he stressed the need for an integrated approach to project management. Consequently, this integration is vital for enhancing the lifecycle cost efficiency of projects.
Lastly, Mr. Kamran advocated for embracing technological solutions to revitalize the construction industry. He proposed the adoption of a unified operating system to streamline data flow and project management. Highlighting the role of digital tools like Oracle and Emerson, he emphasized that technological advancements are not just a necessity but a critical solution for future challenges in construction.
In conclusion, Mr. Kamran Basit emphasizes the urgent need for embracing digital transformation within the construction sector. By highlighting the necessity of integrating advanced technologies and advocating for a more unified operational approach, Mr. Kamran sets a clear path for the industry’s future. His vision not only addresses current challenges but also charts a course for sustainable growth and efficiency, making it evident that the construction industry’s evolution is not just a possibility, but an imperative in the face of rapid global changes.
For an in-depth understanding of Mr. Kamran’s vision for the future of the construction industry, watch his full speech here.