University of Salford Global Supply Chain Management: Construction Industry
Impact of the Transition to Industry 5.0 on Construction Industry and needed Strategies
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4.0 Impact of the Transition to Industry 5.0 on Construction Industry and needed Strategies4.1 Influence of the Transition to Industry 5.0 on Construction IndustryThe transition to Industry 5.0 brings significant impact and opportunities to the construction industry through advancements in AI, blockchain, and IoT technologies. AI technology has the potential to transform the construction industry by improving decision-making, optimizing processes, and enhancing project outcomes (Regona et al., 2022). For example, Kwant.ai, an AI-driven platform, uses computer vision and machine learning to monitor construction sites and analyse worker productivity, safety compliance, and equipment usage. This data-driven approach allows for real-time insights, enabling project managers to make informed decisions, improve resource allocation, and optimize productivity. Additionally, AI-powered algorithms can enhance design and planning processes by generating optimized layouts, evaluating structural integrity, and simulating construction scenarios (Regona et al., 2022. The adoption of AI in the construction industry helps minimize errors, reduce rework, and improve overall project efficiency. Blockchain technology provides increased transparency, trust, and security in the construction industry. It enables secure and decentralized storage of project data, contracts, and transactions, fostering collaboration among stakeholders (Shojaei, 2019). For instance, the Construction Blockchain Consortium (CBC) is an industry-led initiative that leverages blockchain to streamline processes such as payment management, project documentation, and supply chain visibility (Liu et al., 2021). By utilizing blockchain, construction firms can improve efficiency, reduce disputes, and enhance accountability throughout the project lifecycle. Moreover, blockchain-based smart contracts automate contract execution, ensuring that terms and conditions are met and facilitating prompt and accurate payments. This technology can revolutionize contract management, minimize delays, and enhance trust between project participants. IoT technology in Industry 5.0 empowers the construction industry with real-time data collection, monitoring, and optimization capabilities. IoT sensors and devices can be deployed on construction sites to track equipment utilization, worker safety, and environmental conditions (Alam, 2021). For instance, Triax Technologies offers an IoT-enabled platform that monitors worker safety, tracks equipment usage, and detects potential hazards in real-time (McDole and Ezell, 2021). By collecting and analysing this data, construction firms can identify patterns, proactively address safety risks, optimize resource allocation, and improve operational efficiency. IoT also enhances supply chain management by enabling real-time tracking of construction materials and equipment, reducing theft, loss, and ensuring timely delivery (Alam, 2021). Companies like Buildots utilise IoT technology to track and manage construction materials, providing stakeholders with up-to-date information on material availability and reducing project delays (Hasan and Sacks, 2023). Download 215.55 Kb. Share with your friends:
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