Gartner: How to navigate the blockchain revolution
Blockchain technology will support the global movement of $2 trillion of goods and services by 2023, predicts Gartner in their new report.
“You can’t afford to ignore this powerful technology,” warn Gartner who provide an insight into how digital businesses can apply this technology in the paper: Blockchain Technology: What’s Ahead?
Years after bitcoin introduced the world to blockchain, the technology continues to change all sectors of industry from financial services to government and healthcare in ways quite distinct from its original crypto-driven applications.
Following an initial hype surrounding blockchain applications, and the prolonged blockchain “winter” Gartner sends a warning shot to companies that “this is no time to rest on our laurels”.
“IT leaders must prepare for the inevitable blockchain tech “spring” on the horizon, bringing with it core-enabling technologies and significant opportunities for digital business, commented Gartner who has helped the Australian Stock Exchange and City of Austin on how blockchain adoption can transform the way they create value.
“Whether streamlining multiparty processes, creating and trading new assets, or leveraging artificial intelligence and the Internet of Things, blockchain enables entirely new business opportunities,”
Gartner reports that although blockchain can be confusing it is going to impact the business of most IT leaders in the next five years.
Gartner has prepared a free three-step guide to help IT leaders understand blockchain technology:
- What Is your blockchain strategy?
Gartner explains the disruptive potential of blockchain and how companies can remain competitive by creating a strategy that tests and deploys blockchain for business.
- Understand the Blockchain Technology Spectrum
Blockchain technologies offer capabilities from improvements to radical alterations to business models. Gartner advises IT leaders on this along with research into technologies to help them make the right investments at the right time.
- Four types of blockchain initiatives
A focus on how to extract business value from blockchain. Gartner helps CIOs to evaluate four types of blockchain business initiatives and identify those that align most closely with their objectives in a free download.
Also, on offer to IT leaders is a podcast; How Organisations Are Utilising Blockchain Today, from Avivah Litan, Gartner Distinguished VP Analyst, who provides insights and examples of how clients are utilising the technology.
A series of webinars, virtual conferences, articles and research papers offer further help and advice to business leaders seeking to embrace blockchain technology.
Intelliwave SiteSense boosts APTIM material tracking
“We’ve been engaged with the APTIM team since early 2019 providing SiteSense, our mobile construction SaaS solution, for their maintenance and construction projects, allowing them to track materials and equipment, and manage inventory.
We have been working with the APTIM team to standardize material tracking processes and procedures, ultimately with the goal of reducing the amount of time spent looking for materials. Industry studies show that better management of materials can lead to a 16% increase in craft labour productivity.
Everyone knows construction is one of the oldest industries but it’s one of the least tech driven comparatively. About 95% of Engineering and Construction data captured goes unused, 13% of working hours are spent looking for data and around 30% of companies have applications that don’t integrate.
With APTIM, we’re looking at early risk detection, through predictive analysis and forecasting of material constraints, integrating with the ecosystem of software platforms and reporting on real-time data with a ‘field-first’ focus – through initiatives like the Digital Foreman. The APTIM team has seen great wins in the field, utilising bar-code technology, to check in thousands of material items quickly compared to manual methods.
There are three key areas when it comes to successful Materials Management in the software sector – culture, technology, and vendor engagement.
Given the state of world affairs, access to data needs to be off site via the cloud to support remote working conditions, providing a ‘single source of truth’ accessed by many parties; the tech sector is always growing, so companies need faster and more reliable access to this cloud data; digital supply chain initiatives engage vendors a lot earlier in the process to drive collaboration and to engage with their clients, which gives more assurance as there is more emphasis on automating data capture.
It’s been a challenging period with the pandemic, particularly for the supply chain. Look what happened in the Suez Canal – things can suddenly impact material costs and availability, and you really have to be more efficient to survive and succeed. Virtual system access can solve some issues and you need to look at data access in a wider net.
Solving problems comes down to better visibility, and proactively solving issues with vendors and enabling construction teams to execute their work. The biggest cause of delays is not being able to provide teams with what they need.
On average 2% of materials are lost or re-ordered, which only factors in the material cost, what is not captured is the duplicated effort of procurement, vendor and shipping costs, all of which have an environmental impact.
As things start to stabilise, APTIM continues to utilize SiteSense to boost efficiencies and solve productivity issues proactively. Integrating with 3D/4D modelling is just the precipice of what we can do. Access to data can help you firm up bids to win work, to make better cost estimates, and AI and ML are the next phase, providing an eco-system of tools.
A key focus for Intelliwave and APTIM is to increase the availability of data, whether it’s creating a data warehouse for visualisations or increasing integrations to provide additional value. We want to move to a more of an enterprise usage phase – up to now it’s been project based – so more people can access data in real time.