Last month, Tridant sponsored and attended the Oracle Construction Technology Summit in Melbourne. The two-day event focused on the digital transformation occurring in the construction and engineering industry and highlighted some of the emerging trends. The event’s theme “Our Tomorrow, Today”, was captured by the showcase of platform solutions and technologies being used to overcome industry challenges such as productivity, innovation and quality.
Darren Bechtel, Founder and Managing Direct of Brick & Mortar Ventures, delivered the keynote address on challenging and disrupting the way we design, construct, and maintain the built world. Other topics explored during the day included: the successful adoption of technology, implementing and sustaining technology and implementing a culture of innovation and driving it at a corporate level.
The Innovation Zone
Tridant’s booth was located in the Innovation Zone where we spoke with attendees on how Tridant is helping clients to derive greater value from data. Sharing our booth was our technology partner Anaplan. Working together we provide a leading planning and performance management platform that connects data, people and planning across the business. Anaplan’s connected planning offers solutions across the entire Construction and Engineering ecosystem, including workforce resource management, risk management, integrated demand and supply management.
Stefano Massiello (Anaplan), Joji John (Tridant), James Wakefield (Tridant), Alec Jeffery (Tridant)
Margin Protection Using Modern Methods
Tridant had the opportunity to showcase our expertise as technology consultants and highlight our experience working with major construction companies including Lendlease and Richard Crookes. Alec Jeffery, Director at Tridant, spoke to a full room of attendees on margin protection using modern methods for the construction and engineering industry.
The digital transformation in Engineering and Construction could reduce annual costs by more than $1 Trillion by 2025. Digital technologies are changing how information is created, transmitted and processed.
The Challenge: the uncertainties that come with working in the construction industry
- Thin margins, and the “lowest priced bid wins” mentality
- Technology investments being focused on the front-end i.e. the project ends but the same old systems being used at the back-end or corporate level
- Market uncertainty
- Poor visibility across value chain
The Opportunity: Data collected and managed in the right way can help organisations understand and react to these uncertainties. To achieve this, it’s critical to have a consolidated view of all your projects to understand the full impact and make adjustments in near real-time or even in real-time in some cases.
What is the system that is required to achieve this consolidated view and overall Corporate Performance Management?
- A Digital Strategy – have a roadmap of technology investments alignment to overall business goals.
- Data sources – all types, all locations and no limit to the size.
- Information hub – a trusted hub to collect and transform the data from multiple sources to use for planning, reporting and analytics, and advanced digital methods like artificial intelligence and machine learning.
- Great user experience – the right data, in the right format to the right users allowing informed decisions driving better business outcomes.
For some organisations, “modern methods” means transitioning from spreadsheets into the cloud, and for others it could be moving to a fully automated and integrated real time management system. It’s less about where you are starting from in the context of maturity and more about developing a plan and getting started.
In the future, we will see:
- Artificial Intelligence being used to build future years’ budgets, providing insights you didn’t even think about.
- Machine learning to assist in more confident modelling and pricing of work.
- Increased use of big data to develop insights that allow organisations to compete more effectively.
- Data - Let data lead the way
It is such a valuable tool and can be found throughout your business. There are also plenty of external data sources to help you populate models and develop deeper insights.
- Technology – Leverage digital tools
There are many tools to choose from and it is important to remember to invest in those backend solutions that will impact margins and the health of your business.
- People – Culture is core to full value realisation
Do not underestimate the impact of people on the power of your solutions – acceptance and adoption is what delivers value.
If you would like to receive the full presentation or would like to discuss the next steps for your organisation, please contact Tridant today.