EFCG Reports Latest Findings on Technology and Innovation Leadership in the AEC Industry
The Environmental Financial Consulting Group (EFCG), the leading advisor to Architecture, Engineering, and Consulting (AEC) firms, today released the results of its technology and innovation leadership benchmarking study in the AEC industry at their Rising Leaders Conference. The results show that several firms stand out as actively shaping the industry conversations and investing significant funding towards client solutions.
With the dramatic changes to the technology landscape, accelerated by digital technologies and most recently the arrival of enterprise generative AI over the past year, technology strategy has become an increasing priority for AEC firms looking for a competitive edge.
EFCG's Technology and Innovation practice conducted the benchmarking analysis in December 2023 which included 50 of the firms in the AEC industry.
Our research found that a small set of firms are actively messaging to the market that they are leading in ?New Ways of Working' and ?Working Smarter'. GHD Digital, the digital transformation business of GHD, is leading the conversation in AI, Automation, and is one of the top commentators/thought leaders on ?cyber'. Jacobs, Parsons, Leidos, TRC, Worley, and Tetra Tech were also among the leading set of firms assessed.
Marcus Quigley, Partner, Technology & Innovation at EFCG stated, "Our Q4 2023 assessment indicates that there is significant differentiation in how firms are communicating with the market. We are particularly interested in seeing how these communications change as many firms continue to shift from a traditional professional services model to technology enabled services." The results from the Q4 2023 analysis are provided in the graphic below.
The independent study also looked at revenues generated from technical services, as well as investments made in digital capabilities across the industry. Mr. Quigley explained, "In looking at how firms are communicating with the market about technology enablement, we also looked behind the numbers at how firms are delivering and how they are investing." From EFCG's further analysis, GHD Digital positions GHD in the top quartile in the industry for revenues generated from technology as a percent of net revenue. Furthermore, GHD dedicates 70% of their innovation budget toward client facing software compared to the industry average of 27%. We recognize GHD Digital for leading the way in the industry's use of technology for innovation and transformation.
Kumar Parakala, President, GHD Digital, said: "Five years ago, GHD Digital embarked on a mission to empower our clients in transforming their businesses through digital technologies and innovation. Since then, we have blossomed from a humble start-up into a thriving global team in 9 countries and 86 offices, working closely with more than 11,000 GHD professionals. Amidst the rapid whirlwind of digital acceleration and digitalization, our clients find themselves engulfed in a sea of change impacting their business. It is our duty to guide them, unravel the complexities of these novel technologies, and support their major initiatives. I find immense pride in the fact that we are at the forefront of these crucial conversations, leading the way towards a brighter future."
Note to editors:
EFCG will be continuing the conversation on Technology strategy in AEC at its annual Technology Leadership Conference June 10-12th in Chicago, IL which will be hosted at the Microsoft Technology Center.
About EFCG
The Environmental Financial Consulting Group (EFCG) was founded in 1990 and is the leading advisor to Architecture, Engineering and Consulting (AEC) firms. Our mission is to provide a data-driven and strategic edge to Architecture, Engineering, and Construction (A/E/C) firms to advance the innovation, sustainability, and success of the industry.
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