Welcome to the Eliminate Downtime newsletter

Welcome to the Inside Eliminate Downtime newsletter - we, at Trackunit, are always searching for great reads about technology, data, IoT, software and business in the construction industry. My thirst for knowledge, and passion for the development in the construction industry has led to the birth of this newsletter. In this first issue, we will discuss; data strategy, ecosystem management, and the construction industry’s transition into digitalization. I am excited to share some great tech reads and explore the future of construction technology. Let’s get an open discussion about the future of construction and the journey of eliminating downtime. Thereby, this month's key questions to consider are:

How can your company utilize a defensive vs. offensive data strategy to achieve their strategic goals?
How can the adoption of ecosystems change the way in which companies do business?
What will the future of construction technology look like, how far can technology take the industry?

HOW DO YOU CHOOSE WHICH DATA STRATEGY IS SUITABLE FOR YOUR BUSINESS GOALS?

Harvard Business Review: "What's Your Data Strategy?"

Collecting data is only the beginning of how data is used. In order to create valuable data, we should share it and create partnerships that lead to new valuable information. The laws regarding data collection and sharing should, however, not be forgotten. The data strategy that a company chooses has a great impact on their business practices. A company pursuing a defensive data strategy may be wanting to minimize risk, as well as use analytics to detect fraud. They also ensure the integrity of data that is flowing through a company. On the other hand, offensive companies may be seeking a competitive market position and profitability. Many companies, however, are not merely defensive or offensive rather they use a balance of the two that fits the company’s goals. Internal communication will decide how well a data strategy is able to perform, also ensuring that data is being used effectively and efficiently, preventing valueless data silos.

ECOSYSTEM MANAGEMENT IS NOT A SOLO MISSION

BCG: "The Emerging Art of Ecosystem Management"

As we work together to eliminate downtime, there is an increasing importance in the adoption of ecosystems, and thereby the partnerships between companies. Other industries have already created valuable cross-industry partnerships that have led to advancements in their respective industries. To create effective partnerships, companies must be open minded, connected and willing to work with several different partners. The problem with the development of ecosystem management is that many companies take on the challenge alone. They either develop the ecosystem in-house, or accidentally stumble upon an ecosystem created by another company through merger or acquisition. The creation of partnerships is key in the progression of the industry and creating mutual value.