FMI Corporation, the leading provider of management consulting and investment banking services to engineering and construction, infrastructure and the built environment, recently released its 2017 Talent Development report. The publication reveals emerging trends around talent development in the construction industry and paints a mixed picture of how firms are retaining and developing their people.
Key statistics from the study include:
Article written by Astrid Young and Randi Sherman, and appeared on the Dexter + Chaney blog
When construction companies experience growth, there is a need to streamline business processes, boost efficiency, and make the most of their administrative time. Though the construction industry has significantly ramped up its adoption of new technologies in recent years, there are still some growing pains and learning curves when it comes to pulling the trigger on software.
With many companies today, the need for a solution becomes apparent at a certain level, such as when there is an increase in the volume of work, during times of expansion, or when new hires need to be trained. Alternately, it could be that a costly mistake was made somewhere down the line, or a dispute or lawsuit occurs, highlighting the need to take a more disciplined approach to business and project management.
Smaller construction companies still tend to lag behind in terms of software integration. According to a recent study published by Software Advice, the majority still use a manual system or a spreadsheet as their current method.
JBKnowledge conducted the fifth annual Construction Technology Survey in partnership with the Mechanical Contractors Association of America (MCAA), the Construction Financial Management Association (CFMA), and Texas A&M University’s Department of Construction Science. Over 2,600 industry professionals responded to the survey between June 20, 2016 and August 1, 2016. The final report reveals the comprehensive results from the 2016 survey with commentary and analysis from the perspective of a construction technology consulting and solutions provider.
Some of the key findings include
Article written by Rob Preston and appears on Forbes.com
More so than in any other year in recent history, events in 2017 promise to put business executives under intense pressure, as new political forces, restructured trading coalitions, and more aggressive central bankers and regulators exert their influence on companies and markets worldwide.
Advances in digital technology and business models will also continue to shift the balance of global economic power, putting more pressure on CIOs to stay ahead of existing and emerging competitors. The many tools at the disposal of CIOs include cloud computing, predictive analytics, mobile applications, machine learning, and robotics, feeding broader movements such as the Internet of Things and Industry 4.0. The business opportunities are considerable: lower costs; more precise supply chains; more dynamic, reliable, and personalized products and marketing campaigns; more attentive customer service; and ultimately more abundant, loyal customers.
Original Article on Forbes.com. Article written by Bob Evans, senior vice president, communications for Oracle.
The toughest job in corporate America, says Oracle CEO Mark Hurd, is the CIO’s. While I agree with Hurd’s assessment, I also believe that business-minded, forward-looking CIOs have an incredible opportunity to play leading roles in the digital/physical revolution that is transforming every facet of our lives.
CIOs of the world, it’s time to jump into this revolution fearlessly and joyfully because your backgrounds, your perspectives, your expertise, and your imaginations are needed desperately by your companies as they attempt to engage deeply in this richly blended digital/physical mix—or risk slipping into a nonstop decline marked by unfixable difficulties, growing irrelevance, and, ultimately, oblivion.
Article written by Garrett Harley (Director, Engineering & Construction Strategy, Oracle Primavera) and appeared on the Oracle EPPM Blog.
Don’t be late, be better informed
If nothing else, construction and engineering projects present ample opportunity to fail. Complexity in assets, supply chains, finance, workforce skills and client requirements all present risk that could jeopardise success. A small slippage or error in any of these areas can easily cascade through the project to contribute to catastrophic failure. It’s little wonder construction and engineering project management is such a tough job.
In a survey of 304 senior executives from a variety of asset-intensive industries, more than a third said they miss their budget (39%) and schedule (34%) targets on major projects at least a quarter of the time[1]. The study by the Economist Intelligence Unit also found more than 60 percent blamed unexpected change for at least half of all project overruns.
All industries need to keep pace with changing economies, disruptive technologies and public policy. But for companies building and operating large capital assets – whether in engineering and construction, infrastructure, energy or transportation – the challenge is different. While there is pressure for continuous improvement, projects take time.
In the UK, Crossrail, an east-west London tunnel, was first proposed in 1974. After several different plans and proposals, work finally began in 2009. Passengers will not use the service until 2018. Building extensions and related projects could take until 2026.
In such a world, talk of transformational change and market disruption doesn’t fit the reality on the ground, or in this case, in it. Still, there is a constant pressure on companies in these markets to evolve. And pressure to build capital projects with fewer resources has just notched up a gear or three.
Article written by Mike Sicilia (senior vice president and general manager, Oracle Primavera Global Business Unit) and appeared on the Oracle EPPM Blog.
Take any company on the S&P 500 list from 1960, and you could expect that company to exist for about 60 years. Fast forward—do the same test for a company today, and the average lifespan is less than a third of what it was—just 18 years.
This is more than a stat. It’s a sign of the transformative times that we’ve entered—a Renaissance-age driven by the connective power of the Internet and the exponential increase of all the possible nodes that can connect to it, from a smartphone to an oil rig. So the message to business leaders is clear—transform or die.
Original Article on www.softwareadvice.com.
The construction industry has seen its share of ups and downs in the past decade, leading many firms to re-evaluate their competitive strategies in order to stay ahead in this volatile market. One increasingly critical aspect of a construction firm’s operations is its information technology (IT) ecosystem. This ecosystem includes the software used to conduct basic processes: bidding, estimating, takeoffs, accounting and overall project management.
With that in mind, Software Advice sought to better understand the challenges prospective construction software buyers face, and what they look for in a new system. This report highlights our findings.
Original Article on Forbes.com. Article written by Bob Evans, senior vice president and chief communications officer for Oracle.
Throughout 2014, the CIO profession was subjected to a baffling series of apocalyptic forecasts and dire predictions that have proven to be laughably wrong.
Where did all these distortions and misperceptions about the stewards of IT strategy and execution come from?
Well, times of extreme change and disruption in the business world—and 2014 surely qualified in spades for that designation—always breed lots of theories about what caused all that upheaval and where it will lead.
And since the CIO profession and its attendant IT organization have always been among the most misunderstood siblings in the corporate family, it’s not surprising that their decline, downfall, decimation, and demise were so grandly forecast and greatly exaggerated. Here are a few of my favorite crackpot theories:
