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Simplifying your business operations with integrated construction accounting and project management capabilitiesINFLUENCER INSIGHTS
In the current economic situation, the construction industry plays a crucial role in driving growth and development.
Governments at all levels have recognized this and are investing unprecedented amounts of money in infrastructure projects. With a forecasted growth of 2.7%, the sector is expected to generate $243 billion in construction work by 2023.
In light of the challenges presented by the pandemic, technological adaptability has become even more crucial for the survival and revival of the construction industry.
To explore how contractors can navigate these challenges and capitalize on the opportunities presented, we recently interviewed Alastair Blenkin.
Let us discuss Alastair's insights on how to leverage technology in the construction industry.
Who Did We Interview?
Alastair Blenkin is a Founder & CEO at one of the renowned Australian construction companies. A visionary personality who is passionate about revolutionizing industries through the power of technology.
As a former top-tier lawyer, he witnessed firsthand the staggering inefficiencies of high-volume enterprise contracting that relied on outdated legacy systems.
Driven by a desire to change the game, Alastair's experiences catalyzed his passion for building technology that could transform industries.
His journey led him to explore innovative ways of leveraging technology to streamline processes and boost productivity.
Today, Alastair is committed to using his expertise to transform the way industries operate, and he continues to push the boundaries of what is possible.
Alastair's journey is a powerful reminder that real change often requires significant personal sacrifices and a willingness to challenge the status quo.
The industry believes that his technological efforts will continue to positively impact the legal sector and beyond.
The last three years have thrown up a perfect storm of challenges (disrupted supply chains, cost escalation, labor shortages, increased projects from government, interest rate hikes & inflation, and companies going into liquidation).
In 2023, the Covid induced technological acceleration is only going to ramp up, as companies acutely understand that theyâre not able to keep doing the same old things and expect to come out the other side.
At the forefront of many construction executivesâ minds is financial health and staying afloat - these will always present challenges.
Though in the area we play, often the biggest challenges for mid to large-sized construction companies are around making positive changes and making it stick in their business (whether process changes or technology initiatives). As mentioned above, moving away from just doing the same old things.
We understand that most companies have been burnt by âtech implementations gone wrongâ all too frequently, so now the challenge is about overcoming the resistance to implementing new (and better) ways of doing things.
At ProcurePro, weâre working hard to change the narrative by making a significant positive change, enterprise-wide, in just a few months, where project teams love the new way of working, producing exceptional business outcomes.
On the one hand, weâve got ChatGPT taking the world by storm, though on the other hand, we still have construction professionals using the Swiss Army Knife (Excel) to manage many aspects of multi-million dollar construction projects. They use it because it works, but itâs by far the best tool for every job.
Procurement software for Head Contractors is one such area that has lagged behind. This is quickly changing as specialist construction procurement software such as ProcurePro digitizes legacy assets such as procurement schedules, the scope of works, tenders, comparisons, recommendations, contracts, and signing.
In terms of productivity - weâve seen Head Contractors procure 50-70% faster within just months of making the change. It's a low-hanging fruit which is proving to have a massive impact on efficiency and productivity.
With increasing global populations, burgeoning middle class, and global demand for construction drastically outpacing the worldâs ability to supply, thereâs an urgent social need for the industry to keep pace.
Weâre already seeing the best companies move quickly to embrace change (in technology, ESG, social issues, and more) and older incumbents being left behind.
Thereâs a generational changing of the guard thatâs transpiring as we speak that will have well & truly taken hold within 5 years.
A key example - is the millennial and younger generations which will occupy a significantly higher percentage of the workforce, simply will not accept legacy ways of working, and will vote with their feet to employers of choice.
Innovators reap the rewards.
I have a few personal mantras (e.g.: the harder you work, the luckier you get) though one of 3 core values at ProcurePro is:
âWhole arse it, with ruthless pragmatism.â,
To us, this means a few things:
1. If we do it, we nail it
2. Embrace velocity as our greatest advantage
3. Find ways to simplify & cut the fluff
4. Be a good ancestor & think long term
More Details
Alastair recognized the need for a significant mindset shift to tackle the challenges he witnessed in the legal sector. He came to the realization that technology could be the key to driving real change.
This inspired him to boldly leave his legal career behind and pursue his passion for building technology that could transform industries.
Through his work, Alastair has made significant contributions to the world of construction technology. He has developed innovative solutions, such as the Con-Tech "Happy Meal," which have transformed subcontractor procurement.
He has also questioned outdated practices in the industry, such as why builders are still procuring like it's 1985.
Alastair believes the construction industry has a treasure trove of data that can be harnessed to drive efficiencies and improve outcomes.
He sees procurement as the key to unlocking this data and has been a vocal advocate for leveraging it to its full potential.
Shawn Sauve
VP - Sales Dynamics Practice Lead
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