Construction In The Post Pandemic World
As far as industry impediments are concerned, COVID-19 has become a somewhat common denominator to all nations. With nearly 150 million cases reported world-wide, it’s hard to predict the future of these industries. Over the course of a year, nations of all levels have experience insufferable economic downturn. Construction as a backbone of every leading nation has overseen disruptions and setbacks in nearly every aspect.
The construction sector in particular was reported to be a prominent factor among ten leading nations: Australia, China, France, India, Italy, Japan, Saudi Arabia, Spain and the United States. As reported in The White Paper by Jones majority of the stakeholders are from these countries. The complexity of differing legal issues and obligations pertaining to COVID-19 have further stretched out the possibilities of consistency within on-going projects.
COVID 19: A Global Approach
In order to overcome, leading firm Jones outlined the importance of taking a global and proactive strategy when it comes to dealing with the post-pandemic world. With many nations still considering extending the state of emergency, the possibility of physical interaction is further diminishing.
However, with time some nations still seem to be in the lead. Australia’s ability to contain the virus has enabled the country to bounce back and lax the restrictions to enable progress. Mega projects worth more than $100 billion are being fast tracked with the help of local ministries and government bodies. On the other hand, France’s contractors and professional are facing trouble in terms of contractual relations.
However, it is in times like that It is necessary to stay positive. Government bodies have recognized the need to contingency during the pandemic and have set aside precautionary rules and obligations to protect firms in trouble due to setback. For instance, India’s issue of Press Note 3, which was issued last year have prevent takeovers/acquisitions of Indian companies unless done through government funded schemes. Similarly, Italy’s has resorted to preserving imminent sectors of the construction industry by introducing work-from-home regimes, despite requiring many to shutdown, leading companies are slowly opening back up again. This promotes a promising future.
What does this mean?
With raw material prices rapidly declining, McKinsey has reported that many companies are making “bold moves” to reallocate their resources and act efficiently now so they can come out stronger. It is important to consider the time limit on projects, resources and readjust organization objectives accordingly. The choice made today could either put your firm right back on top, or ten steps behind. Therefore it’s important to have a pro-active approach along with a global perspective.
Utilizing digital transformations and remote working as much as possible could significantly reduce losses. With smart technology such as humanoids and remote monitoring systems slowly taking over, the time is now for many. Furthermore, one of the most important approaches through it all must be to contain the virus and follow nations’ rules and obligations. By efficiently managing situations of outbreaks by appropriate health screening processes could help contain the virus within the workforce. Investing in the right resources is a necessity for growth and COVID-19 has definitely evidenced this.