Like several other industries, construction too is set for the winds of change, thanks to the proliferation now of digital technologies such as blockchain. Several real- estate development projects are already underway where this technology is being used. One prominent such example is the construction at the Amsterdam harbour by HerenBouw. Another major achievement of the pilot projects so far, has been the ease and efficiency of the data warehousing functions. Previously it was observed that a staggering ninety- five percent of the construction data would get lost during the handover process. There are cultural barriers too, slowing down the mass adoption of blockchain in the construction industry. This is due to the family- run nature of several leading firms, and the subsequent close- knit environment, which is often sceptical to new technology. Blockchain can have major use in project management. For this prototypes and pilot projects have to be developed. Use cases need be identified where blockchain could have been adopted. This would help in curating smart contracts, a trackable reputation ledger and in data aggregation.

Source:https://hbr.org/2019/07/how-blockchain-will-change-construction?utm_source=twitter&utm_medium=social&utm_campaign=hbr

Uploaded Date:26 August 2019

A number of companies are now seeking to ace the competition using a data- centric business strategy. There are however, several barriers to this kind of transformation. In order to become data- driven, the company needs to align its data warehousing efforts, and subsequent analysis to the overall business agenda. For this, a data- driven culture too needs to be curated in place. Data- generated insights need to be made use of. The right technology and infrastructure need to be used, for all this to be fruitful. This includes a suite of analytical tools, for the right purposes. As data is the lifeblood of such digital- driven tasks, companies that have aced this game, will be best able to make us of its business analytics capabilities to generate the right insights.

Source:https://www.strategy-business.com/article/Winning-with-a-data-driven-strategy?gko=8f948

Uploaded Date:21 August 2019

Blockchain is set to play a massive role in how supply chain management is going to be shaped up over the next few years. Building trust will be a crucial task that the technology will need to ensure. Supply chain management too isn’t quite well- defined, as its role changes depending on the exact nature of industry. Blockchain will afford a sense of uniformity to the field. A more end- to- end process needs to be put in place. Data warehousing will become much easier, in turn leading to better analysis of the entire picture. The data would also be decentralized, allowing others to look out for crucial signs. Professionals will need to understand the concept of smart contracts when working on blockchain. A lot of people are under the impression that blockchain is the only technology that can be used in supply chain management, but this is not true, as there are alternatives available. Other industries such as pharma and healthcare also have the potential to be positively impacted using this technology.

Source:https://knowledge.wharton.upenn.edu/article/blockchain-supply-chain-management/

Uploaded Date:16 August 2019

Several key digital insights have been uncovered by the MIT Sloan Management Review in its study in digital transformation. The first of these is that organizations are not evolving fast enough to catch up with technologies, as the latter changing much quicker. Organizations need to work on their talent management practices. This is because, the biggest hurdle they may face is in people having a mindset gap. As per business research anchored by the MIT, a mere nine percent of organizations possess the requisite to battle the digital economy. Only twelve percent of company leaders have the right mindset, while just thirteen percent of organizations are confident of going in to battle. Digital savvy companies possess a substantial advantage in this. Consumers too are part of this digital innovation. There are however, both pitfalls as well as promises in this race towards digital transformation.

Source:https://mitsloan.mit.edu/ideas-made-to-matter/5-digital-insights-mit-sloan-management-review

Uploaded Date:14 August 2019