2024 Construction & Engineering Industry Trends and Predictions

Construction organisations focused on projects all share a common goal: ensuring project profitability. Project margins vary across industries, with the construction sector typically ranking lower, where a 4% margin is considered favourable. Given the combination of narrow margins, high unpredictability, and intense competition, both locally and globally, it doesn’t take much for a profitable project

Risk is inherent in every construction project, especially as many companies confront tighter profit margins in the industry. Successfully managing these risks means recognising both the potential advantages and pitfalls they present and implementing effective strategies throughout the project. Additionally, factors like labour shortages and supply chain disruptions further compound the challenge of tendering profitably.

In the realm of construction and engineering, AI and Automation entail the deployment of machines and computer systems capable of executing tasks traditionally reliant on human intelligence. These tasks encompass various aspects including design, planning, monitoring, and analysis. With challenges in the industry poised to intensify, numerous companies are turning to AI and Automation solutions

Visibility is crucial for modern contractors, as it provides structure, risk mitigation, and control over project finances. However, many software packages in the market fail to address these needs adequately. IFS solutions address this gap by offering tools that ensure projects are completed on time, on budget, and at high quality, thus contributing to the overall success

Combine deep industry and function strength with intelligent and autonomous capabilities with IFS, an all-in-one platform. One of the primary challenges in the Construction & Engineering industry is managing numerous disparate systems and data sources. IFS Cloud provides an all-in-one platform, a single source of truth, that brings together your financials, project management, procurement, human