Advances in Information Technology have been increasing at a pace which IT pundits claim heralds the start of a second industrial revolution. Major trends with a bearing on the construction and real estate industries are :
- the convergence of communications and computing, which is removing distance barriers and leading to innovative new solutions and increased participation of remote experts;
- increasingly affordable digital technology available to gather, store and share data which can be used to inform and enhance projects and project delivery
- new technologies exploiting sight, sound and touch, making computerised information increasingly easy to use and easier to accommodate multiple languages and methods of work.
The rapid development of IT is generating new opportunities within the construction and real estate industries. Major areas of research are visualisation, integration, communication and intelligence. Developments include virtual reality, 3D modelling, intelligent Computing Assisted Design (CAD), robotics, case-based reasoning and intelligent networks. To exploit these trends, teamwork within and between companies and institutions is required, enhanced management techniques need to be developed and better training is demanded.
Both the construction and real estate industries are now in excellent positions to take advantage of lessons learned by other industries, spurred on by the reducing cost of IT.
The construction and real estate industries employ IT to solve complex design problems. Despite this, investment in more advanced applications has been hampered by a fear of backing the wrong technology. Management approaches and work methods have not changed to take full advantage of IT investments and capabilities.
Exploitation of IT has been inhibited by fragmentation, both among clients and within the mainstream construction and real estate industries. Lack of appropriate IT standards, the high risks involved, the perceived uniqueness of building and development projects and inherent conservative nature of the industry are further constraints.
Analysis of both industry sectors identifies four important opportunities to improve both the delivery of individual building projects and redefining spatial environments:
- better definition of client needs;
- improved communications and teamwork;
- greater access to and better understanding of new technologies;
- better solutions to land conversion process problems.