Within recent times there has been a wide range of technological advances such as Augmented Reality, drones and BIM, however the Construction industry has been slow to take up and embrace innovation and technology.
As of 2022, millennials range in age from 24 to 40 and make up a majority of the current workforce, Millennials have adapted to a tech- driven lifestyle. The newest members of the workforce, Generation Z are between the ages of 23 and infancy and are the first true tech natives, having never known a world without the internet as it exists today.
It is well known that Companies that are embracing and implementing construction technology are at an advantage, with increased productivity, better collaboration, and the ability to deliver projects on time and or under budget. Benchmarking is important on construction jobs and more so on public projects where public money is being spent.
Within the private sector, comparable cost information is not so easily available, although some large companies may have access to in-house cost information.
Having looked to see if we are missing a tool that can collect cost information digitally, report seamlessly and have a structured cost data base based on real data on construction jobs both past and present from pre- construction to the full life cycle of a building, I came across a company delivering productivity and innovation within the industry. The Fifth Dimension offers a cloud- based solution to manage, track, report and analyse the commercials of a construction project. The platform in its simplest terms is to support the delivery of the commercial side of a construction project for the full life expectancy of a building and to track, control and report. This will cover areas such as: specific project information, project budgets, project estimates at the different design stages, project risk management, value engineering & earned value management, contracts management and invoicing & reporting, high level time schedule tracking, consultancy information, carbon counting, whole life costing tracking and operating expenses (OPEX) tracking. The data base allows analysis of a specific project and projects against other similar projects within the knowledgebase.
Another advantage of the system and upshot will result in an international and national data base of construction costs filtered by building scenarios (e.g., location, ground conditions, quality, materials, sector etc.) without sensitive information being seen, the database will have project anonymity meaning only non-confidential information is visible.
The product is available worldwide, as the platform will be used across all languages. The product and business are made up over teams based out of Ireland, Denmark, Netherlands & Finland. Founded by Ross Griffin, Elia González & Cong Vu. Limerick native Ross Griffin is the founder & Chief Executive Officer (CEO), Elia González, Co-Founder & Chief Product Officer (CPO) is based in Denmark for the last 8 years, currently within her role she is a Specialist Commercial Manager providing support and leadership during the design phase, feasibility phase and aiding in the execution of the project and Cong Vu, Co-Founder & Chief Financial Officer (CFO).
Karen Muldowney is Managing Director of Dynamic Consulting, Dynamic Consulting is a professional organisation providing Bid Management, Tender Management, Sales and Marketing Plans, Talent Management and Business Plans to Start-Ups, SME’s and Large Organisations.
Tel No: +353 (0)1 563 8718 Mobile No: +353 (83)486 8878
Website: dynamicconsultinggroup.ie Email: k.muldowney@ dynamicconsultinggroup.ie
