Enhancing Innovation in Construction

Innovation is an extremely important and essential ingredient for growth and sustainability in the global EPC industry. Currently, there is a deep concern and problem that innovation is lacking in the industry. Through years of research, interviews, and actual case studies RT-243 identifies the problems causing lack of innovation and provide solutions to these problems. The study goes further in giving actual computer based tools to assess the current innovation in a company including an economic model showing the long term value and benefits to begin innovation. Finally, case studies are shown on how the implementation of the given tools and proposed solutions have successfully worked in real life. The call of action is that far too often companies look at the short-term and forget the bigger long-term picture on the importance of continuing to develop innovation which is essential for their survival.

Today‘s volatile and global markets, today‘s ever increasingly complex capital projects, and tomorrow‘s workforce will no longer allow EPC organizations to ignore opportunities for innovation. CII members who continue to focus solely on achieving short-term project goals at the expense of developing long-term capabilities to manage innovation and change will find themselves following the same path of the U.S. shipbuilding industry: decreasing productivity, decreasing profit margins, and decreasing market share.