Technology and innovation to play key roles in PMC services for 2018
Technology-driven innovation in construction will ensure effective project construction management in future
The real estate space in India is estimated to reach US$ 180 billion by 2020. The sector is attracting FDI that’s unseen and unheard of before. With the potential and expectations from this sector being massive, the coming year will see a growing demand for independent project management and engineering consultancy services who can guarantee transparency, international benchmarking and unbiased technical advice towards quality and cost management on such investments.
Increased awareness leading to growing demand of PMC: The advantage a competent project management practice brings in at this demanding market situation is multi-fold. Specialised solutions for risk management forms a key ingredient of project management today. PMC also helps to identify new technologies, construction types, and resource requirement for a Client to adopt, even at an additional investment. This is because there is an increased awareness and focus towards timely delivery; end users, developers, investors, all are increasingly keen to adopt new technologies and systems that leads to timely delivery of quality projects. Also, many established developers are keen to outsource to specialized agencies and not carry the burden of huge manpower.
Focus on technology driven approach in PMC: Of late, several private equity and financial institutions have invested in large residential and commercial projects, and the focus has shifted towards cost and time efficiency. The trend today has moved from conventional labor oriented approach to technology-driven approach. In other words, the industry now yearns for mechanised and modular-based construction techniques, rather than age old conventional practices. The need of the hour is constant innovation through collaboration. With the advent of RERA, the country has moved one more step forward towards professionalism in delivery and expectation here also is to deliver as per standards and within committed time. 2018 will see a huge need for timely and professional approach to delivery, where skill based project management approach gathers huge significance.
Focus on BIM technology in construction: The most significant trend that is going to take PMC to new heights in the coming year is technology-driven innovation in construction. Embracing continuous innovation and technology will ensure effective project construction management. This will be followed by Building Information Modelling (BIM) implementation. Globally, first world countries have largely migrated to BIM successfully. We are confident that India too will embrace BIM slowly but surely in projects, leading to accuracy and bringing value-addition. The industry requires process-oriented approach considering developments are becoming large and complex, and such shift in trend towards technology will be an imperative to manage all stages of development.
Need for 'Cloud-based' solutions in PMC: The Indian PMC and engineering services companies are slowly getting equipped to adapt to these emerging trends. Companies like ours' have managed innovative structures and cutting-edge technologies, best international construction practices and sustainability initiatives to stay ahead of the curve. We have been the early agencies to realize the importance and need for cloud based software solutions for project management and are now successfully implementing them across all projects. PMCs need to keep adopting such initiatives and bring in integration of management systems to ensure excellence at work.
About the Author:
Sankey Prasad is Chairman and Managing Director at Synergy Property Development Services.