The global construction industry generates revenues of almost $10 trillion globally and accounts for 6% of world GDP. It is also the largest consumer of raw materials and represents 25-40% of the world's total carbon emissions. Construction is a crucial sector, yet it has undergone no major digital changes and productivity has actually declined over the last 40 years. In its new report, Shaping the Future of Construction, delivered in conjunction with the World Economic Forum, consultants Boston Consulting Group (BCG) highlight 10 innovators within the sector who are leading the way with digital innovation.
Take, for example, the Edge, Deloitte Netherlands' new Amsterdam office. It is setting new standards in sustainability, technology, and user experience. The office complex is highly interconnected, heavily leveraging the Internet of Things. The building contains 34,000 sensors linked to a data analytics platform which enables smarter facilities management. This sensor network allows predictive maintenance of LED lights by monitoring usage, smarter energy management (crucial in an office where over 50% of the desks remain unoccupied during any given day), and even the ability to locate one's colleagues within the building using a smartphone app. (We'd disable this feature on our CEO's phone, but we digress).
Then there's Uptake, a predictive analytics firm founded in 2014 by Groupon co-founders Brad Keywell and Eric Lefkofsky. It uses data from heavy equipment, as well as contextual information about factors such as weather and grade, to reduce emergency maintenance, improve dispatching and site planning, and extend the life of equipment. Uptake partnered with larger industrial firms like Caterpillar to gain access to enough equipment data to create a robust platform. Then Uptake's data cleansing and machine-learning algorithms processed that data and applied it in a trial at Caterpillar, proving the potential savings to its larger partner. For Uptake and its customers, the value is in the OEM-agnostic data platform it is continually developing, with savings on an average fleet of 3,000 engines yielding more than $22 million annually.
Investors have taken notice and valued Uptake at more than $2 billion. A $2 billion valuation in less than 3 years??? We might be in the wrong business. Or maybe not. Blutip's customer portal leverages a database with over ten years of OEM-agnostic data about fuel usage in high-horsepower diesel engines in the mining, construction, and power generation industries. Our SmartRFuel platform collects unique fuel-related data such as fuel burn vs. grade, distance over ground, and fuel burn since last service. These metrics, coupled with our precise measurement systems, allow customers to make better operational decisions about factors such as maintenance scheduling, truck routing, and driver training. We continue to work together with our customers and partners to create a future that is not only smart, it's smarter.
Blutip uses the intelligence inherent in the Industrial Internet of Things to produce smarter diesel fuel management platforms. Blutip SmartRFuel reduces fuel costs, lowers carbon footprint by 4-5%, and provides 10X more accurate data on fuel consumption. And our no risk, all reward approach to pricing means you pay nothing until you save money on fuel. If you’d like to discuss how Blutip can help you unlock productivity, lower costs, and reduce your carbon footprint, please contact us.