Downtime Story #2:
The Construction Industry is massive, and ripe for change.
Laura’s company Corrux has been collaborating with Trackunit on how potential competitors can cooperate to produce better outcomes. How can partners use IoT and process data to eliminate downtime and minimise risk on construction projects. Corrux uses data for risk assessments and underwriting with a focus on horizontal construction and heavy civil industries.
Laura commented, “We focus on positive spin on the numbers. Scrutinizing the industry in relation to percentage of GDP, and workforce share, the numbers offer the potential to highlight an opportunity.” The numbers can be used to communicate with the industry pessimists who do not want to take this journey of digitization, in order to show the opportunities for individual companies and the industry.
With the current level of digitisation companies will struggle to develop and grow. A key situation is that the people with the most industry expertise are in their 40s, 50s, and 60s. Whilst, the younger people companies need to recruit expect a higher level of digitisation in their workplace than is available today.
There are two main necessities in needing to advance:
- Customer centricity
- Focus on day-to-day operations
Construction must look at the technologies, consider the processes that the end customers are employing and what are the pain points that they are experiencing. Then use data and turn it into knowledge for new planning and implementations.
Market Challenges and Demand:
- Construction companies have limited insights on the efficiency and operational performance of their industrial equipment.
- Large fleets consisting of numerous OEMs increases difficulty in transparency.
- Low fleet utilisation and machine failure jeopardise timely project completion leading to high financial risk for construction companies.
The organisations within the industry all address the same end user, which offers a key benefit in collaboration. Corrux is a B2B2C company and offers cloud-based asset management for general contractors, which helps to improve TCO (Total Cost of Ownership), on-site safety, theft-prevention and streamlined maintenance. The company utilises predictive process analytics which requires considerable amounts of data. However, end-users have limited capability for it. They require, thoughtfully framed sets of information, so that they can then act upon the information to streamline processes.
Consumption-based, or pay-per-use, models are being discussed with clients and financial partners, but current predictions indicate industry will not see this within a year, as it’s still unknown to a lot of companies. The company believes that providing big risk assessment capabilities within the industry would take significant pressure away from our end-users and lead to more interest in technology solutions.
Summing up, Laura said, “How do we get to better operational usage of our machinery? We have to work together.”