The survey presents an optimistic outlook, with two-thirds of project owners predicting an expansion of their investment plans and half of those surveyed being "very" or "somewhat" optimistic about the future direction of the construction market.
The past 18 months have seen some welcome changes in approach to major projects. There’s been an imperative step change in the use of remote and collaborative technology, in order to keep projects running despite fewer people on site.
Risk management is at the core of the effort to improve organizational resilience. At 60%, respondents say they want to get a more complete picture of risk, increasing integration and visibility between business risk management, portfolio risk and project risk. Two-thirds plan a moderate or high level of investment in risk management.
Having made leaps and bounds in remote work and digital collaboration, 43% of respondents plan to take advantage of this event through significant investments in technology to enhance the performance of their investment programs. "Technology adoption" was also ranked as the second most important factor in the ability of engineering and construction companies to manage subversive events.
However, faced with a range of geographies, fragmented supply chains, and a steady stream of new software, companies may find it difficult to integrate risk management and project management effectively. Only 16% of executives surveyed said companies have fully integrated systems and tools.
