be mainstreamed within the industry with the onus on every individual as well as the Board .
Harnessing Fourth Industrial Revolution Technologies in a COVID-19 World ( Source : World Economic Forum )
Efforts to recover from COVID-19 have triggered a tsunami of innovations in work , collaboration , distribution and service delivery and shifted many customer behaviours , habits and expectations .
Several of the emerging technologies of the Fourth Industrial Revolution — for instance , artificial intelligence ( AI ), mobility ( including autonomous vehicles ), blockchain , drones and the internet of things ( IoT ) — have been at the centre of these innovations and are likely to play a dominant role in what emerges post-pandemic . These technologies power applications that are themselves revolutionary , creating a selfreinforcing cycle that spins like a flywheel , surging on its own momentum .
AI and data analytics have helped Taiwan predict the risk of infection . China has used drones and robots to minimise human contact . The United Arab Emirates ( UAE ) is using blockchain to provide seamless digital services to its citizens , and the United States is using autonomous vehicles to deliver test samples to processing labs . Many countries are employing mobile apps as sensors for contact tracing .
While these emerging technologies have the potential to drive enormous social breakthroughs and economic value , they also have the potential to lead to adverse and unintended consequences . An essential consideration for Governments , businesses and civil society is how these technologies can be harnessed appropriately to maximise the benefits and mitigate potential risks or misuse .
Good technology governance , policies and norms are foundational to realising the benefits of technology while minimising the risks . The challenges to getting this right are clear : new technologies and business models of the Fourth Industrial Revolution do not fit easily into the frameworks regulators have traditionally used to supervise markets . They evolve rapidly , cross traditional industry boundaries , devour data , defy political borders and benefit from network effects when they share information . In the Fourth Industrial Revolution , old conceptions of regulatory silos no longer apply .
AI does not quite fit into existing regulatory frameworks . International blockchain ledgers may violate current national financial laws . Drones and IoT have the potential to cause privacy concerns . Autonomous vehicles may transform traditional assessments of safety risks . All of these disruptions translate into a suite of technologies and capabilities poised to slip through gaps in governance .
Governing these new technologies will require new principles , rules and protocols that promote innovation while mitigating social costs . Public-private collaboration will be crucial to making the right choices for future generations . A faster , more agile approach to governance is needed to effectively respond and adapt to the ways these technologies are changing business models and social interaction structures — both seen and unforeseen . Such governance is not only a matter of supervision and regulation from Government but also encompasses a wide range of frameworks such as multi-stakeholder approaches , self-regulation , non-binding guidance standards , certifications and non-profit guidance .
The Digital Future of Construction ( Source : McKinsey )
In general , R & D spending in construction runs well behind that of other industries : it accounts for less than 1.0 % of revenues , versus 3.5 % to 4.5 % for the automotive and aerospace sectors . Ditto for spending on information technology .
Traditionally , the sector has tended to focus on making incremental improvements . But this will no longer do . Projects are ever larger and more complex . The growing demand for environmentally sensitive construction means traditional practices must change . And the shortage of skilled labour and supervisory staff will only get worse . These are deep issues that require new ways of thinking and working .
Here are five ways the industry could transform itself over the next few years :
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