Ollie Phillips, Director, Real Estate & Construction, PwCAn increasing number of construction operations are withdrawing from the UK due to business uncertainty and are moving their assets to other European counterparts as a result of Brexit contingency plans. Fiscally complicated situations are becoming more prevalent around the housing market. With a labor shortage, following the eventual withdrawal from the European Union (EU), migrant workers will be stripped of their right to work in the UK, further complicating the residential set up of the region. It is evident that technology should be playing a crucial role in the daily operations of construction firms, but the reason it does not is mostly due to reluctance in benefitting from investment opportunities within UK.
With the supply of labor likely to be unable to meet the demand, there will be repercussions, resulting in builders unable to meet government housing targets. Consequently, this would see a rise in prices and project costs. Along these lines, Ollie Phillips, Director of PwC, briefly discusses the current crisis in Britain, with challenges, goals, and how automation will salvage the construction space, in an interview with Construction Tech Review.
In light of your experience, tell us about some recent trends and challenges that you have noticed in the construction space?
The majority of the UK population is facing difficulties in purchasing houses and becoming more acquainted with living in rental accommodations, often relocating abruptly. There's a specific reason for house prices to be fluctuating, and it isn't going to change any time soon. The UK's population is rising faster than homes are being built.
It will be intriguing to see what robotics has to offer, to help these companies in project management and deliveries, such that clients can benefit from it
And an increasing number of houses are being bought by people who already have invested in real estate, to rent out while enjoying a ride on capital appreciation.
Another contributory factor to low productivity is the overly cautious construction firms being more reluctant to invest in value-adding equipment and technologies since the economic downturn. Governance, people, and technology are the three fundamental influencers where project performance improvements are concerned, and integrating the latest technology seems to be the most logical way to tackle performance concerns, ensuring that projects meet deadlines and budget allocations.
An increasing number of construction operations are withdrawing from the UK due to business uncertainty and are moving their assets to other European counterparts as a result of Brexit contingency plans. Fiscally complicated situations are becoming more prevalent around the housing market. With a labor shortage, following the eventual withdrawal from the European Union (EU), migrant workers will be stripped of their right to work in the UK, further complicating the residential set up of the region. It is evident that technology should be playing a crucial role in the daily operations of construction firms, but the reason it does not is mostly due to reluctance in benefitting from investment opportunities within UK.
With the supply of labor likely to be unable to meet the demand, there will be repercussions, resulting in builders unable to meet government housing targets. Consequently, this would see a rise in prices and project costs. Along these lines, Ollie Phillips, Director of PwC, briefly discusses the current crisis in Britain, with challenges, goals, and how automation will salvage the construction space, in an interview with Construction Tech Review.
In light of your experience, tell us about some recent trends and challenges that you have noticed in the construction space?
The majority of the UK population is facing difficulties in purchasing houses and becoming more acquainted with living in rental accommodations, often relocating abruptly. There's a specific reason for house prices to be fluctuating, and it isn't going to change any time soon. The UK's population is rising faster than homes are being built. And an increasing number of houses are being bought by people who already have invested in real estate, to rent out while enjoying a ride on capital appreciation.
Another contributory factor to low productivity is the overly cautious construction firms being more reluctant to invest in value-adding equipment and technologies since the economic downturn. Governance, people, and technology are the three fundamental influencers where project performance improvements are concerned, and integrating the latest technology seems to be the most logical way to tackle performance concerns, ensuring that projects meet deadlines and budget allocations.
What would be the best advice that you could impart to an aspiring professional in the field?
Technology is a fantastic enabler of change, a driver of profitability and excellence. But we cannot be overly reliant on it, because it operates on your business and profitability. What ultimately drives your brand and your products are the consumers. Always make sure to inform and educate the clients that interact with this technology, such that they can make informed decisions. I think a lot of companies make mistakes by investing a large sum of money in deploying the latest and greatest innovations across their business but contrastingly would not notify the clients. So I'll advise everyone to make sure that they do not neglect this core part of business that determines the revenue. Clientele satisfaction is of utmost importance because that is who you are selling to, and that is how you profit.
