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There is an old joke in the data science community that goes like this.
There are 2 types of people in this world:
1: People who can extrapolate information based off of incomplete data
Construction, the cornerstone of many of the world economies, has been notoriously opaque for a number of reasons. What this means is that often Sponsors, GCs, PMs or DMs have had to acquire and run projects on experience or incomplete data sets - hampering project or capital efficiency.
The world is changing and we at the PTC, are seeing a number of options in the space that will tackle everything from Health + Safety (horrifically there is still 1,000 deaths per year on Construction sites in the USA - an increase of 33% from 2011) to solving the high waste levels of projects (in Australia alone there is the equivalent weight of 400 Sydney harbour bridges in waste produced each year, with a 1/3rd going into landfill).
Trends + construction: driven by data
Above is some of the broad trends we are seeing in market. Listen to the podcast below with Hugh Seaton to find out more on our thoughts in this space.