Digital processes are taking over the procurement, production, order fulfillment, and delivery of heavy building materials to the jobsite. In Latin American economies, the construction industry will see renewed growth after a three-year decline. To stay competitive and sustain growth, businesses need to be on board with these new technologies.
Victor Garza, Sales Manager for Command Alkon’s Latin America region, shares his insight on how construction firms in this region can keep pace with the growth of the industry.
"The Latin American construction industry will see renewed growth after three years of decline, according to Business Monitor International. Last year, BMI expected a real growth of 1.9 percent in the construction industry, which would lead to the first steps in recovering the 5.2 percent loss the industry suffered since 2014. Between 2018 and 2022, this real growth is expected to accelerate to an annual average of 2.6 percent. This sustained growth will be supported by an increase in commodity prices, private capital infrastructure developments through Public Private Partnerships (PPPs), a model that is gaining popularity in the United States, and the overall economic uptick described above.
There are numerous projects in the Latin American pipeline — roughly 3,000 projects, which equate to about $1.2tr. However, Latin American construction firms will need to ramp up their technology in order to keep up with the pipeline. Improving efficiencies, productivity and profitability can be had by automating business processes."