As we move into the last month of 2020, it’s clear that data-sharing is becoming a necessity to operate. But, without trust and transparency in data, we lose the value that it can provide. Yet, the more transparent data becomes, the more likely it is to fall into the wrong hands, and the more anxious its owners become. But how do we create an environment where sharing data is no longer a daunting activity? Instead, it becomes second nature, creating opportunities and countless possibilities across the construction ecosystem. That is our hope for the future of construction.
Together with others in the industry, we have begun crafting the blueprint for data-sharing in construction. The development of the blueprint is all about discovery, to find use-cases, explore the pain points and map common data-points. We’re excited to share this with the rest of the industry in early 2021. If you’re interested in learning more about the blueprint and receiving it when it's ready, you can check it out here.
To share data in the construction ecosystem trust needs to be built into the business model. We have to be able to understand the problems before we attempt to solve them, uncovering the needs of our industry. But we also have to understand that data needs to be shared and handled to create valuable information. The reads this month cover these topics and have inspired the key questions to consider.
This Month's Key Questions:
How can trust be built into business models to create a competitive advantage?
What can you do to focus on understanding problems rather than solving them when developing innovative solutions?
How can the construction industry adopt new technology to adapt to ongoing developments in regulations?
Without Trust We're Stuck
EY: "How to harness the power of trust and data"
As technology becomes more prevalent in every industry, we create opportunities but also risks. The concern about potential risks are a result of a lack of trust in technology and data. As a result, the adoption of new technologies and data will suffer. Marco Vernocchi, Chief Data Officer at EY Global, defines trust, delves into why your organization should consider it a crucial aspect of business, and how we can go about implementing trust. If you can ingrain trust into your business, you are likely to gain a competitive advantage over your competitors.
PwC: "How innovation can accelerate digital transformation"
COVID-19 has forced organizations to become more agile. Transformations that would have taken years to implement need to happen in a matter of months. Leaders face the difficult task of managing innovation and digital transformation. To spearhead change, Emily Chan, the author, introduces the 3 Cs: commitment, catalysts, and craft. But organizations need to focus on the problems that they are trying to solve. Rather than push for a solution without understanding the problem. Understanding will open up for customer-centric solutions that make a difference.
ENR.: "The Future of Preconstruction is a Complete Data Journey"
Estimating accuracy will have a massive impact on the industry, according to the 2019 Construction Technology Report. New contract types like the Guaranteed Maximum Price(GMP) contracts will compel the industry to adapt to change and adopt new technology. Businesses will need to be increasingly efficient throughout the construction process. Leveraging data will allow companies to be successful. But not all data is good data, and organizations will need to understand this to be successful.
If any of these articles have sparked any ideas or questions that you may have, please reach out to me. Initiating conversation and creating awareness is how we will be able to succeed in our journey of eliminating downtime.
