A recent report by McKinsey states that global investment in energy, infrastructure, mining and housing projects will more than double by 2030 and that megaprojects will account for a greater share of these developments.
Yet in the same report we see that the construction industry performs poorly on completing large projects on time, on budget and to specification. In other words despite growth, productivity remains stubbornly flat.
The report offers numerous recommendations for improving productivity and working more efficiently. One of the main areas highlighted was life cycle perspective. The findings run particularly true for our work, where we find companies do a good job of managing front end costs but may not consider, or find it difficult, to model full life cycle costs of protecting their assets.
This is of particular interest to us, in conjunction with the work we do as an advisory body that helps inform specifiers and procurement specialists on issues such as design specification and performance.
If we can all work together and make a step change within the procurement chain and start to plan for the longer term the benefits will trickle through for us all.
We also concur with other key recommendations especially those that emphasize pre-fabrication and modular design where possible. Large structures for example can be galvanized if they are modularised so that the process becomes a very efficient way of protecting steel.