Chief Objectives and Specific Outcomes to Be Achieved in the Pursuit of Addressing this Lack of Efficiency
1. Speed in terms of how we execute
2. Cost, through more efficiency realized by technology
Optimizing speed and cost throughout the entire supply chain and process helps derive more predictable outcomes on a more reliable schedule and also reduces risk during construction.
When we pursue a project, we start thinking about constructability and cost from day one, and we leverage our software and hardware technology platform to immediately, in a matter of days, assess whether a project is viable from a cost and design perspective. The speed and efficiency with which we can achieve that first step is, in many ways, revolutionizing the industry, resulting in answers that most other players in the industry take up to a year to conclude.
We are also working toward eliminating waste. All the inefficiencies around the construction site with material that is not being used leads to more resources being wasted in execution.
On How Prescient Figures out its Strategy
Our software platform allows users to build a digital model of what is going to be built.
Prescient’s disruptive digital and hardware platform is dramatically impacting time, cost and risk in construction
We are the first OEM vendor for the building industry. Analogous to the auto industry, we provide the physical chassis, enabled by the software platform to be able to—in a very accurate way—model and attach everything that goes into a building to drive schedule compression and overall reduce costs.
We have done several student housing projects successfully, and one of them was at the University of Southern Florida in Tampa. The project duration from when we put a shovel in the ground to when students moved in was only ten and a half months vs a typical 18-24 months duration. We have customers who come to us, even before they hire an architect or contractor, where they ask us to optimize the design using our technology platform, and once done, request that we pick the architect and GC as well the other trades that are needed to execute that project. This is a completely different approach to how the current industry operates, so we are changing the way people are designing, planning and ultimately, building projects.
Track to the Future
In terms of technology, there is yet another transition that we are witnessing right now: a lot of the construction that happens in the U.S., especially for up to five-story buildings, is with wood. This increases the chances of fire-related accidents that may occur during construction, and insurance premiums for wood-based construction are generally four to five times higher than metal systems such as Prescient’s. This shift in building materials to drive non-combustibility together with higher quality and digitization is changing how stakeholders collaborate and achieve faster and better outcomes and it is the revolution that Prescient is driving in our industry.