The state of the AEC industry: An optimistic outlook
Unanet released its 2024 AEC Inspire Report. In this blog series, explore topics it covers and how to use this information for a competitive advantage.
What do the most successful AEC firms have in common when it comes to looking toward the future? The answer is simple: they embrace data and technology.
3 minute read
In any industry, the most successful are typically the ones who are best able to adapt with the times. This is true for the architecture, engineering, and construction (AEC) industry, where the firms that embrace a tech-forward approach are the ones more likely to succeed in the future.
The findings from the 2024 AEC Inspire Report prove that, as a whole, our industry is indeed evolving in its approach to tech and data. This promising conclusion, however, comes with a caveat: for many of us, the pace of evolution needs to pick up.
Growth-minded AEC firms are more tech-forward
When it comes to evolving technologically, the AEC Inspire Report found that a firm’s approach to that question varied depending on its willingness to pursue and embrace a growth mindset.
Fast-growing companies are particularly interesting to watch. This cohort, which comprises almost half of all respondents and is made up of midsize companies, is intriguingly forward-thinking when it comes to their tech, data and AI practices.
Among respondents tracking growth and profitability, nearly half project growth rates of 10% or more, and 36% anticipate profits greater than 20%—their slight edge over larger companies is testament to the unique combination of agility and rigor that characterizes the midsize firm.
The AEC firms that prepared for the future are now seeing success
These agile, tech-advanced firms weathered the pandemic admirably, having laid the foundation for better business with tech and innovation. And their foresight – and willingness to embrace change – has paid off.
They are now reaping the benefits of their preparation and continue to anticipate significant gains, leveraging data, tools and AI as the engines of their expansion. They’re discovering the upside of working smarter, not harder.
They are the bellwethers of our industry, and innovation-minded firms should look to these pacesetters to guide their own advancements.
The question other firms must ask themselves is: how do we put ourselves in their place? What can we do to evolve effectively?
The role of tech advancement in the future of the AEC industry
For AEC, success is now synonymous with tech advancement. It may be tempting to stay the course, to tackle change in slow increments, but this approach will not serve for much longer. Our industry stands at a crossroads: fueled by optimism, restrained by concerns about economic stability and unforeseeable disruption.
The answer—the fulcrum—is tech. Commit to enhancing your company’s tech and data capabilities, keep technology at the forefront of your business strategy, and not only will you improve operations today, you will also establish a more secure future—whatever it might hold.
In our next post, we’ll take a closer look at how you can figure out where your firm is in its tech journey. Until then, download the entire 2024 AEC Inspire Report here.
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