surveying , consulting and management ). This explains the broad representation of key players in the industry in the process of transforming materials , knowledge , and processes into construction products — buildings and infrastructures .
The structure of the construction industry can be further understood by examining the process of producing the construction output and the entities involved in the processes . Their involvements are distributed across the project phases which are made up of many components and technologies . The involvement of multiple parties and stakeholders is a crucial requirement to meet their respective needs and requirements when it comes to adopting any new technology or innovation , which poses one of the primary challenges .
The construction industry has often been criticised for resisting change and for failing to adopt innovative approaches to improve performance . According to the National Endowment for Science , Technology and the Arts ( NESTA ), the construction industry is among the six “ low innovation ” sectors , along with oil production , retail banking , legal aid services , education and the rehabilitation of offenders . A survey conducted by the Australian Bureau of Statistics on innovation in Australian industries indicates that the construction industry has one of the lowest proportions of innovating businesses , comparable to mining businesses , and had fallen behind other industries such as manufacturing , electricity , gas and water supply and communications . As such , extra efforts are required from all relevant stakeholders to promote the use of new technologies in the industry .
CONCLUSION
Since the use of technology is a means for achieving efficiency and sustainability , it is crucial that the construction industry continuously explore the utilisation of advanced technologies in every part of the project cycle : planning , design , execution , control and monitoring . Consequently , the use of advanced technology in managing and maintaining assets is inevitable . STAM envisions a proactive and interconnected ecosystem that can anticipate business needs , provide insightful analytics , prevent machine failures and avoid unscheduled interruptions . It is not just limited to detecting but predicting as well and being able to make the right decision at the right time resulting in improved profitability and business performance . Such smart decisions will lead to further optimisation of STAM through monitoring , controlling and protecting the business , including maximising asset Return on Investment ( ROI ), extending asset life , reducing life-cycle costs , and lowering maintenance costs .
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Tajuddin , M . Z . M . ( 2016 ) External Networking for Innovation in Malaysian Construction Industry . Proceeding . World Research and Innovation Convention on Engineering and Technology , Langkawi , Malaysia .
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