Digital Technology Can Cut Project Costs by Up to 20%, Experts Say

By Benson Daniel

Industry experts have said the adoption of digital technologies across the construction and infrastructure sectors could reduce project costs by as much as 20 per cent while improving efficiency, transparency and overall project delivery.

The experts noted that digital tools such as Building Information Modelling (BIM), artificial intelligence, cloud computing, drones, geographic information systems and data analytics are transforming the way projects are planned, executed and managed.

According to them, integrating digital solutions into project management enables real time monitoring, accurate cost estimation, improved resource allocation and early identification of potential risks, thereby reducing waste, delays and cost overruns.

They explained that digital technologies also enhance collaboration among project stakeholders by providing access to shared information, streamlining communication and improving decision making throughout a project’s lifecycle.

The experts observed that many construction projects in developing economies continue to suffer from budget overruns and delayed completion due to inefficient planning, poor coordination and inadequate project monitoring. They argued that wider adoption of digital technologies could address many of these longstanding challenges.

They further stressed that embracing digital innovation would improve productivity, strengthen accountability and increase investor confidence in infrastructure development. They urged governments, developers and private sector organisations to invest in digital infrastructure and build the technical capacity of professionals to maximise the benefits of emerging technologies.

The analysts also called for supportive government policies that encourage digital transformation within the construction industry, including incentives for technology adoption, investment in broadband infrastructure and the development of industry standards for digital project management.

They maintained that as infrastructure demands continue to rise, leveraging digital technology will be essential to delivering high quality projects on time and within budget. They added that greater digital integration could enhance the competitiveness of the construction sector, attract investment and contribute significantly to sustainable economic growth.