Smart modern construction business : the transforming business models in industry 4.0

Research output: Chapter in Book / Conference PaperConference Paperpeer-review

Abstract

![CDATA[Mass connectivity brought about by the internet and large computational capacities are disrupting traditional jobs, businesses and industries in a manner that would have been unimaginable two decades ago. The largest accommodation provider, Airbnb, has not laid a single brick, and the most popular media owner, Facebook, creates no content. Even the construction sector is currently living in a period of unprecedented change driven by rapid advances in technology and processing power. This pace of change is accelerating businesses to identify the right strategic moves and develop new business models that anticipate future disruptions. This paper explores the concept of 'Smart' and 'Modern' construction businesses and establishes that globalisation, digitalisation and industrialisation are adversely impacting all construction businesses as Industry 4.0 invades and businesses will face a daunting challenge of embracing these emerging trends that might lead to vulnerable cracks in their business models. As these trends externally impact the business, there is a need to explore the internal attributes of the business that will aid in its survival and growth. The research then develops a 'Construction Business Model Transformation Canvas' that aids in mapping the transformation of construction businesses in terms of their value propositions, key partners, activities, client relationships, potential competitors, cost structures and revenue streams. The outputs of this study provide the foundation for developing a maturity model for Smart Modern Construction Businesses for further detailed empirical research.]]
Original languageEnglish
Title of host publicationProceedings of the 2019 International Conference on Innovation, Technology, Enterprise and Entrepreneurship (ICITEE 2019), 24-25 November 2019, Kingdom of Bahrain
PublisherApplied Science University
Pages365-374
Number of pages10
ISBN (Print)9789995878191
Publication statusPublished - 2019
EventInternational Conference on Innovation_Technology_Enterprise and Entrepreneurship -
Duration: 24 Nov 2019 → …

Conference

ConferenceInternational Conference on Innovation_Technology_Enterprise and Entrepreneurship
Period24/11/19 → …

Keywords

  • construction industry
  • technological innovations

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