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FMI Quarterly/December 2016/December 1, 2016

Innovation and Transformation: Paving the Way to Tomorrow

Q4CoverImage_Web-300x169Advances in technology and innovation in the engineering and construction industry have been historically slow to catch on.

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Today, that is no longer the case. From innovative construction materials to new processes and emerging technology platforms, every corner of the industry is feeling the impacts and pressures of these developments.

In addition to the rapid adoption of new technologies, our industry is also using new manufacturing and prefabrication techniques, both of which are starting to shape and impact all aspects of the construction value chain. One example is the changing business model of general contractors and construction management firms: These companies are reinventing themselves and looking for new ways to add value by offering innovative “non-fee” services.

The most innovative firms are taking a more proactive approach to the innovation and transformation that’s impacting the industry. Rather than being led by these changes, these firms are leading the charge in these areas. Over the years, FMI has seen several industry leaders thrive in their roles during times of highly innovative and disruptive shifts in their businesses. In this edition of the “Quarterly,” we present unique insights from such successful industry leaders (DPR, Thornton Tomasetti and the APi Group) on the different ways in which they have led innovations and positive disruptions.

Value has moved beyond bricks and mortar and traditional control processes to the totally integrated smart building and smart home. Our authors provide insights in these market sectors, where recent M&A activity indicates that many of the players are crossing over and entering adjacent markets via acquisition to gain an edge in this rapidly evolving landscape. For those companies that can stake their claim and find ways to own and influence building owners, the rewards will be great.

Lastly, we take a deep dive into how leaders can drive organizational success by using more effective practices in succession and leader selection. With the baby-boomer generation retiring at a rapid rate, and with skilled, experienced labor becoming more and more difficult to find and retain, E&C firms must take a more strategic approach to identifying and selecting their future leaders.

At FMI, we think that the competitive forces that are driving transformation and innovation inside our industry reflect a long-term trend that will continue to accelerate. In future editions of the “Quarterly,” we’ll continue exploring how technology, demographics, business model changes and other competitive forces are driving transformation and innovation in our industry.

Chris Daum
CEO, FMI Corporation

 

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