Every day construction companies produce a treasure trove of information: Bidding benchmarks, production metrics, accounting data. There is a vast amount of value to that data if it is managed and utilized effectively.
This requires the efficient implementation of technology and an understanding of the strengths and limitations of various technology solutions.
Unfortunately, this is where many companies fall short and as EOS Group CEO, Nick Papadopoulos says “Contractors produce gold and throw it away.”
In today’s episode Nick and I discuss:
- The challenges of historical data management
- A 4 step strategic process for flawless technology implementation
- 5 benefits of effective technology implementation and usage
If you want to learn how to implement and leverage technology in your business, this episode is for you.
What’s Discussed in This Episode:
- Historical Data Management: Contractors produce gold and throw it away [00:06]
- Data is stored in tools but where do you go with that? [02:58]
- “Socialize” data for other people’s decision-making [03:26]
- Lack of facts and relying on memory invites errors [07:14]
- Contractors struggle with data because they don’t apply a holistic approach [07:47]
- Solving an isolated problem [08:25]
- The effort of preparing information is valuable [08:31]
- Good data management makes you credible [11:30]
- Opinion is good, but business needs data [11:58]
- Your response rate is crucial [14:18]
- Resistance comes with the presumption that estimating is about secrets [15:00]
- Managing differences of expectations towards technology [15:45]
- The younger generation want employers that allow them to use technology to their advantage [16:05]
- Your value is tied to the amount of information you can remember [18:27]
- Companies that use technology to support decision-making processes have higher workforce retention [22:16]
- The transient nature of work makes technology necessary [23:50]
- Overcoming struggle with data management [24:20]
- Where should contractors focus? [26:11]
- Manage your financials, then manage your projects [26:43]
- Let your data dictate your patterns [27:48]
- Lack of planning sidetracks contractors [29:01]
- Standardize data [30:14]
- Prioritize [31:08]
- Go slow to go fast [32:17]
- Construction is complex; deal with the reality [34:27]
- Rock climbing; you can’t move too much [36:47]
- Balance change [37:15]
- Don’t buy every license available [38:29]
- Technology is efficient but not fail-safe [39:58]
- Technology requires discipline and standards [41:21]
- The misconception of technology in terms of value [42:47]
- Data helps make an organization transparent [44:27]
- Knowledge made accessible produces tangible value [44:58]
- Solving problems with an agile approach [47:05]
- How EOS Group help companies become operationally efficient with technology [48:43]
- If you don’t get the facts right, your execution wouldn’t matter [48:50]
- The one restaurant you shouldn’t miss in Santa Barbara [50:06]
About the Guest:
For the past 25 + years, Nick’s drive and passion stems from being able to help companies in the AEC/O industry implement cost estimating technologies so they can work more efficiently. Nick strives to continue to create better solutions for process optimization along with developing software for benchmarking and predictive analytics.
As technology has changed, so has Nick. The lens that he views upstream and downstream solutions for the AEC/O industry taking into account data architecture, metrics, analysis, and process design. Even with the digital disruption of the AEC/O industry, Nick has stayed true to his focus, which has resulted in over 2,000 successful integrations by developing award-winning and industry-leading commercial software applications and knowledge bases.
Nick has become a trusted advisor to many of the largest AEC/O firms in the world and he has worked with many of ENR’s top 400 firms, Fortune 1000 companies, and US Federal Agencies. He is very proud of the long-term and multi-year, multi-platform relationships he built. Nick is also actively involved in AACEI, ASPE, and ASTM.
- Check out the Eos Group website (https://eosgroup.com/)
- Follow Nick on LinkedIn (https://www.linkedin.com/in/nickjpapadopoulos/)
- If you are interested in a partnership, after listening to this podcast and would like to work with Nick or just learn more, please reach out to him through [email protected]
- Nick’s restaurant recommendation – Olio e Limone
- Location – https://www.olioelimone.com/the-restaurant/location/
- Website – https://www.olioelimone.com/
Connect with me on LinkedIn. For more podcast episodes, you may also visit my website. Tune in and subscribe to the Construction Genius: A Leadership Master-Class Podcast on Apple Podcasts, Spotify, and Stitcher.
Thank you for tuning in!