Are our buildings and projects future ready?

Each year we forecast how the labyrinth of technology advancements and consumer behaviour changes will redefine the real estate contracting, manufacturing and trading industries over the coming years.

Consequently, we are always considering innovative ways to adapt and develop our offerings amid changing expectations of a demanding consumer.

At Teraciel Group, we consider our work to be smart and future-proof when investments in human and social capital, traditional infrastructure and disruptive technologies fuel sustainable economic growth and a high quality of life, with wise management of natural resources, through participatory governance.

With the heightened need and focus on ‘cities of the future’ – such as Dubai – the question we continually ask ourselves as contractors and owners of the built environment is: are our buildings and projects future ready? Are we deploying technology innovatively and effectively to prepare and respond to the rapidly changing ecosystem, while honouring the history and craftsmanship of the past?

The industry may believe that smart cities or cities of the future are unlikely to impact the existing built environment, or that the timing is too far out to consider seriously. However, some evolving trends are likely to impact the industry faster than expected. Growing government focus, rapid advances in technology and innovative solutions to improve and define the landscape we live in should compel the industry to prepare and respond to the changes in the ecosystem.

As we take a closer look at the contracting industry, we see it has largely grown throughout the years, but tends to follow primitive construction methods and techniques. In addressing these shortcomings and carving out a competitive positioning, we have sought to ensure our divisions have an innovation-led approach to all of its processes. We are also aware that the contracting industry in the future will have to become less reliant on human manpower and more on machines. As ‘early adopters’, we equip the team with technologies that are not prevalent in the industry and are still at the research and development stage. This, therefore, allows for greater efficiency per person and also enables us to accelerate work schedules.

With these thoughts in mind, we identify the drive of construction innovation and client personalisation as a key theme. This is an outlook that we believe industry owners should consider integral to their business strategy. As a company, our mission is always to provide integrated service solutions aimed at ‘empowering prosperity’ by redefining the modus operandi of the industries it works in. We believe that for companies to future-proof their growth, a 360 offering of bespoke end-to-end suite of services will be imperative.

Switching our attention to the competition, we can see that for clients it has never been tighter. Clients today have a growing desire for personalisation, with consumption patterns tilting towards more customised goods and services. The 2017 State of Personalization Report explores how personalisation impacts consumer choices, where consumers demand tailored experiences, what happens when retailers live up to expectations and the effects of falling behind. Consumers expect highly personalised experiences from companies and are willing to spend more money when entities deliver targeted recommendations. Despite those expectations, however, a majority of consumers are disappointed with the ongoing lack of personalisation in their consumer experiences. As documented in the report, on average 71% express some level of frustration when their experience is impersonal. The proliferation of new devices and the rapidly evolving technology landscape has led to a ‘personalisation gap’ in the customer experience and as consumers’ expectations rise, many companies struggle to meet them.

One size does not fit all. Knowing what your customers want and need can often be the one thing that solidifies their decision to do business with you. On the other hand, if you don’t know your customer, that could be the one thing that drives them into the arms of your competitor.

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