As part of their Global Industry Council initiative, Oracle’s Aconex spoke with several industry experts about how organizations can move towards digital success and save $1 trillion by embracing digital transformation.
GIC members AECOM, Bechtel, Chiyoda Corporation, Fluor, Lendlease, and TAV Construction worked together to identify key challenges, outline solutions, and share examples of success.
In a recent webinar series, engineering and construction (E&C) leaders revealed how digital transformation can positively transform construction professionals’ day-to-day work.
Rise above the 66% failure rate.
We hear about megaprojects every day—whether they’re airports, power plants, or highways.
According to the Oxford Handbook of Megaproject Management, “[M]egaprojects are large-scale, complex ventures that typically cost $1 billion or more, take several years to develop and build, involve multiple public and private stakeholders, are transformational, and impact millions of people.”
These mighty projects are the essential backbone to our infrastructure, but unfortunately, have very high failure rates.
Don’t get hit by a bus!
The construction industry is rapidly transitioning from old-school legacy and ad-hoc tools to modern, forward-looking solutions. With this industry shift in mind, which would you prefer: getting the license plate of the bus that just hit you or being warned that a bus is coming toward you?
In other words, would you prefer to stick with the status quo, spending valuable team resources searching and tracking, or would you prefer using modern technology to provide timely reporting and forward looking insights so your team can plan, analyze and execute effectively?
Some people might ask. “Why shouldn’t we just keep working as we always have?”
We may be able to answer that question very simply by looking at growth and opportunity.
PwC projects that by the year 2030 construction output will grow to $15.5 trillion worldwide. That means that just a 1% reduction in costs would provide savings of over $150 billion.
The reality is that the size, volume and complexity of today’s and tomorrow’s projects cannot be supported using yesterday’s methods.
Aconex is privileged to work with some of the most innovative owners, developers, contractors and EPCs in the world.
We launched the Aconex Connect Awards program in 2016 to recognize these forward-looking organizations for their industry best practices and accomplishments.
The 2017 Aconex Connect Awards honor 30 customers worldwide for innovation in delivering significant construction and infrastructure projects efficiently and successfully. Customers were nominated for the Aconex Connect Awards in three categories: Hero Award, Project Award, and Enterprise Award.
Selected global honorees include: Balfour Beatty, China State Construction, John Holland, Louis Berger/Egis Rail JV, NGE, Parsons, Rio Tinto, Riyadh Metro, and VINCI Construction Grands Projets.