Innovation Of The Global Construction Market

Many firms are learning that being environmentally friendly and sustainable has numerous benefits. (O.C Ferrell, Fraedrich, Ferrell, 2015). This could enable them to increase goodwill from various stakeholders and also save money in the long term. This will mean that they are being more efficient and less wasteful of resources, which will enable them to be more competitive by satisfying stakeholders. The CEO of

As we have seen an increase in awareness around sustainability and climate change, with the help of Al Gore’s Inconvenient Truth documentary in 2006, we see organizations moving towards mitigating the effects of climate change in various ways (Al Gore, n.d). As this corporate social responsibility has become more prevalent, organizations are now pushing their green agenda by publishing sustainability reports, doing mass marketing and implementing sustainable business practices to portray the image that they too are working towards protecting the earth’s natural environment all the while focusing on their underlying goal of selling their products and

As we can see , environmental challenges in recent years have increased the trend of “going green” in businesses like never before. There are two main factors that are currently pushing toward environmental-friendly business practices, harsher international and local regulations, and the high fluctuations of fossil-fuel prices.

In today’s business world, sustainability can make all the difference in the world. According to Tomson (2015), “sustainability has become an economic and strategic imperative with the potential to create opportunities and risks for businesses by creating new customer relationships, and inspiring new products and business models that drive growth. Consequently, companies that are, or aspire to be, leaders in sustainability are often challenged by rising public expectations, increasing technological innovation, continuous quality improvement, effective governance measures, high standards of ethics and integrity, and heightened social and environmental challenges” (p.1).

The conduct or the operation of any business anywhere in the world brings with it a number of environmental concerns. These range from the emission of harmful gases, such as carbon (VI) oxide, into the environment and contributions to the depletion of the ozone layer, thus furthering global warming. It is however impossible to exist in this modern world without industries and business, as many would be unemployed and further lack various necessities due to a lack of industries and businesses (Forbes, 2011). Therefore, sustainability should be considered with regard for the environment in that actions should not adversely affect the environment to the extent that future generations will find it unlivable . Many of the leading organizations

Beginning a new year of the construction industry with a report of 6% growth (achieved approximately $712 billion) in the financial profit of construction from Dodge Data & Analytics ' 2016 Construction Outlook, many analysts and experts predict that potential values for the construction business will be progressively increased with extensions of modern technologies and state-of-the-art concepts for improving construction performance, especially in project cost and schedule achievements (Peiffer, 2016). Although it is noticeable that diverse tendencies, including prefabrication or offsite constructions, green buildings, remodeling, etc., are taking higher place in the next decades, true collaborations, sophisticated building modeling tools, and practical value-boosted procedures are always bottom lines for a blossoming construction project. It is unquestionable that construction project costs and schedule are spectacularly difficult to predict by reason of complexity of building procedures and presence of thousands of dependent variables throughout a project. As a result, duties and responsibilities of forecasting and envisioning project cost and schedule performance are considered as momentous challenges and complicated issues for all construction experts and professionals (Ai et al., 2015). Growing from these concerns, a suggestion of synergizing components that particular affect the cost and schedule efficiency is becoming an

A working definition is “Innovation is the entire process by which an organization generates creative new ideas and converts them into novel, useful and viable commercial products, services, and business practices.” (Garud et al., 2011).

Increased pressure has been placed on companies to address environmental issues and conduct their business in such a way that it would benefit society.

Let’s discuss the second phase first. Upon approval of architecture and engineering plans by respective authorities, actual construction works begin. Construction firm would then need to decide whether to carry out the work on its own or engage market construction players. In view of the uniqueness and the need of wide range of technologies characteristic of construction industry, Costantino (1996) assert that economies of scale (i.e. faster construction time, reduce construction cost, reduce liability exposure and greater flexibility) can only be met by using a variety of resources that are generally not entirely available within a firm.

More innovative ways could be investigated by Government to help the industry survive, such as providing credit insurance; relaxing bonding requirements on public projects; setting up project bank accounts; and providing tax breaks/concessions for sustainable construction R&D. At present, the latter has effectively ground to a halt largely as a result of the deeply entrenched uncertainty that abound.

Competition: The competition of a company’s speed of innovation is what shapes the market today and in the future. A company must retain the ability to innovate as fast if not faster and as good as the competitor, new and old. New competitors can

According to Rogers (1995), an innovation is "an idea, practice, or object that isperceived as new by an individual or other unit of adoption" (p. 11). Five characteristics of innovations are identified and they help explain the differences in adoption rates (Rogers, 1995).

Goggin and Mitchell (2010) states that “Comparing the various definitions of innovation, it can be seen that there are several common elements what is changed (such as product or process changes); how much is changed (whether it is completely new or only perceived as such); the source of the change (sometimes technology); the influence of the change (for example, its social or commercial value)”

Innovation is the practical application of cutting edge ideas and/or research to bring creativity in an organisation. Different people perceive innovation differently. Introduction of something ‘new’ in any domain such as business, science or society which is better than existing process or object. Innovation is used in various contexts and sometimes can be misleading. It is a highly unpredictable process and depends on internal as well as external focus (Hayashi, 2013).

In order for innovation to take place, there is a need to examine how traditional approaches can be synthesized with new technologies, in order to attain the most efficient way possible of performing tasks. The overlapping can be minimal, in that only a small percentage of the new technologies are taken on board, to aid or make employing the traditional process more efficient; or it can be total, in that the whole approach to the process or system is overhauled to make way for the new technologies. The Merriam-Webster Online dictionary (2007) defined innovation as the introduction of something new or a new idea, method or device. [45]