Every construction company has something that makes them unique. For some the differentiator is business strategy. For others it is the type of technology that is implemented. Identifying what exactly makes your business special and shouting it from the rooftops is essential to creating a dynamic and profitable business. Let me give you a few examples.

First of all, Skanska is engaged in a research project aimed specifically at curbing CO2 emissions through AI (artificial intelligence). It is doing this through its partnership with Volvo Construction Equipment, and other organizations.

It recognized a challenge: equipment can sit idle waiting on other equipment, which causes both unnecessary costs and carbon emissions. And it identified a solution: A combination of machine learning, route optimization, and AI can help improve the operation of heavy equipment, such as multi-ton excavators, loaders, and haulers.

This research project is beginning early this year and is expected to continue until the end of 2022. Although with such a focus on sustainability these days, I bet you will hear quite a bit about this announcement and perhaps other similar announcements in the days leading up to and throughout the year.

For some construction companies, innovation comes in the form of a strategy or approach to business, which is enabled with technology. Consider the example of Suffolk. It recently unveiled a diversification strategy focused on leveraging its core competency of construction and expanding into additional service lines to create a fully integrated platform to add value for clients across the entire building lifecycle.

The vertical service lines include real estate funding, design, technology investment, and research and development. There is quite a bit to dig into here, but a few examples of innovation include the company’s design-assist vertical, which will leverage technology to incorporate cost and constructability insights into conceptual designs and create efficiencies in the design process.

Further, it plans to construct the “Garage,” which is an incubation space for academic partnerships, startups, coworking spaces, and industry-related research and experimentation. The “Garage” will also provide an environment for in-house product development to contemplate and solve challenging industry problems.

Suffice it to say, each company has a unique approach to innovation. Have you considered what is distinctive about your company? Maybe it is a specific technology venture. Maybe it is an approach to how business is done, enabled by technology. Whatever it is, I encourage you to submit it for the 2020 Constructech Vision Awards. This is the one awards program that recognizes technology innovation that is happening inside construction companies. We want to hear all about your success stories. Will you submit this year?

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