MANILA - Digitalization has paved the way for people to have faster and more efficient processes but smaller companies are facing some challenges in keeping up with technology, according to a report.
A construction industry benchmark report released Thursday by Procore Technologies Inc., a global provider of construction management software, showed that 98 percent of the 259 Philippine-based firms that joined the survey across several countries in the Asia Pacific last February expressed optimism on the outlook for the construction industry conditions in the next 12 months.
It said digital transformation is a "big catalyst" to the growth of the industry but smaller firms are finding it hard to easily adapt to these changes.
Results of the survey showed that 26 percent of the respondents have also said that their businesses are already being digital-first and 56 percent said they are "well on the way" to their digital transformation journey.
It also indicated that around 65 percent of the respondents from the Philippines have increased their digital investments in the last 24 months.
However, the challenges to the digitalization bid include changing established behaviors, 44 percent; overcoming concerns around data security, 43 percent; and costs involving how to transfer processes digitally, inadequate software solutions, and lack of support from technology providers and vendors.
In a press briefing, Procore Vice President of Asia Bruce Wells attributed the challenges in the shift to digitalization in the construction industry to technologies being built by tech people and not those who are really involved in the construction company.
He said the digital transformation is not simply investment in technology but "being committed to doing this properly."
"It's an opportunity to change the way you're doing things," he added.
Wells said that while smaller construction firms are finding it hard to keep up with larger companies in terms of their digital transformation journey, there are lots of opportunities around.
"In general, I think, there is a great opportunity for agencies, governments to do more in educating the industries that they're serving in terms of what best practices look like and help the folks along the way," he said.
Wells said small companies should not be alone in figuring out the ins and outs of digital transformation.
"Certainly there's opportunity for further education, which I don't see any hindrances to that and I think that's happening. This is certainly not unique to construction but applies to multiple industries," he added. (PNA)