Why Make Time to Identify Your Driver?
As a PRG Advisor in the Asia-Pacific Region for the Premier Resources Group (PRG), I recently stepped out of the region to gain insights into the building and construction industry by attending two key events in North America: (1) the Construction Users Roundtable (CURT) National Conference in Phoenix, Arizona; and (2) the World of Concrete conference in Las Vegas, Nevada.
These two events provided deep insight into the transformational developments that are driving the building and construction industry forward, both regionally and globally.
Historically, our industry has been identified as one of the most inefficient and slowest to adopt new technologies and processes to deliver industry productivity improvements compared to other industries.
May I suggest, from the learning/observations at both events mentioned above, that our industry does encompass thinking and development which could be considered “forward-thinking” while taking into consideration that our industry is both complex and risk-averse by its nature.
Hence, as an Advisor who operates directly in Asia-Pacific markets with the Premier Resources Group (PRG), here are three key takeaways/drivers I believe are worth consideration for your company to capture key business opportunities.
Three Key Takeaways / Drivers for Consideration:
- Before Reinventing the Wheel – Adopt and Adapt
Both events reinforced the idea that if you take the time to ask the right questions, and have an open mind, it is highly likely someone, somewhere has already undertaken significant R&D with a solution that is “fit-for-purpose” to allow your business to capture its market opportunity. I must thank Ross Schafer for his CURT-Conference speech entitled, “Construction Companies: How to Stay Relevant,” for reminding me there is a solution to make your company relevant. Invariably, that solution has already been developed and it may be within, or outside, your industry. Companies only need to take the time and look.
- Technology and Data – Right Here, Right Now
Technology and data are driving change and delivering productivity and efficiency improvements across many industries. The same can be said for the construction industry with owners requiring time and cost savings captured in solutions. Technology, big data, and plug & play concepts are currently delivering tangible benefits for owners. For example, Roger Grant, the Program Director for the National Institute of Building Sciences, and Kimon Onuma, founder of Onuma Inc., clearly demonstrated how shared information, via plug & play data platforms, has data becoming an asset for the building facility lifecycle. In an environment where skilled resources are in demand and in short supply, data provides an avenue to reduce duplication and drive towards standardization with tangible productivity and efficiency gains.
- Modularization – Accelerating Demand
Modularization in the building and construction industry has been progressively growing at differing rates at the expense of conventional construction, both regionally and globally. It is apparent this trend is accelerating across all geographic regions. Owners’ expectations are driving suppliers to their industry to provide modularized solutions that deliver productivity and efficiency improvements ultimately saving time and cost. Therefore, it may be suggested to any supplier competing in the building and construction industry in your region that they should take the time to independently review their value proposition to see if it is aligned to the most significant growth segment within the region.
On a final note, as an industry, we should always tell our stories more broadly for a) our own purpose to showcase our advancements; b) the benefit of all our industry stakeholders to assist in their search for their drivers of success; and c) the owners and their industries that are sourcing our products and services as we strive to provide solutions that are at the forefront compared to other industries.
The Premier Resources Group (PRG) can help your organization identify and implement the above-mentioned improvements in North America and abroad. With PRG Advisors who have global experience, and with some, including myself, who live internationally, PRG is uniquely positioned to support your organization globally.
The author is Stewart Dellar, B. Com, MBA (Adv), GAICD, PRG Advisor (Asia-Pacific).