India is riddled with projects that have been delayed or gone over budget. Also, many infrastructure and building projects have faced backlash from the environmentalists for their negative impact on the surrounding biosphere.
The biggest worry for the industry has been the procurement and supply chain issues. Supply chain disruption leads to delay in material deliveries, and is the main cause of project schedule and costs overruns. Price fluctuations due to global demand & supply dynamics has led to many a construction companies grappling with escalating expenses, project budgets and reduced profit margins.
Labour shortages from manual to skilled technicians has been a continuous matter of concern, affecting project execution and implementation and integration of new technologies. This also influences the quality of work and overall productivity on construction sites. Making the entire process more complicated is the complex web of regulations and compliance requirements, from safety standards and environmental regulations to labour laws.
NEW STRATEGIES
The construction companies are increasingly diversifying supply chains by identifying alternative sources and/or multiple suppliers, reducing risk of procurement disruptions. Long term contracts is another way of ensuring stable as well as favourable prices and flexibility in planning productions.
Furthermore, all the stakeholders from project owners, occupiers to end-users and homeowners are now conscious of the sustainability factor. The advanced high performing materials not only have minimum negative ecological impact, but they are also more durable with longer lifecycle. The cradle to cradle concept is now being imbibed in the building construction sector.
Additionally, the new construction systems and equipment have made it possible to make construction faster, more efficient and less polluting. The machine learning solutions today help monitor quality, time, and cost risk and prioritize safety on the job site. What’s more, cloud-based collaboration platforms for real-time information sharing among project stakeholders, including designers, contractors, manufacturers, suppliers, and subcontractors have helped optimize the construction processes.
INDIAN CONSTRUCTION SECTOR FACES MANY CHALLENGES. NOW, COMPANIES ARE IMPLEMENTING NEW STRATEGIES TO DEAL WITH UNCERTAINTIES AND MARKET VOLATILITY.
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