Audit giant DNV GL partners with VeChain to push blockchain technology
Audit giant DNV GL has partnered with blockchain start-up firm VeChain to use blockchain to improve the transparency of product and supplier information, significantly increasing the efficiency of supply chains.
For DNV GL this is one of the next steps in the company's Digital Assurance Concept, which uses blockchain technology as a foundational technology to ensure trust, security and accountability in global commerce.
VeChain says it controls the leading public blockchain platform for products and information, and has proved to be one of the early movers in utilising blockchain outside of the financial services and tech industries.
By combining key blockchain features with embedded sensors and other "Internet of Things" technologies, VeChain says it is possible to obtain unique insights into a product's history, status and performance.
This transparency and insight along the entire supply chain will give companies increased control and improve overall efficiency.
“Data is becoming an increasingly valuable asset and this partnership with VeChain will enable our digital solutions to address changing needs in the data-driven economy,” said Luca Crisciotti, CEO of DNV GL – Business Assurance.
“By leveraging the Internet of Things and blockchain technology, we are reinventing the assurance process.
“Our Digital Assurance Concept will provide both companies and consumers with an unprecedented degree of insight into product and supplier information, to an extent and with an accuracy which have not been possible before.”
The new solution will initially target the food and beverage, retail and fashion industries, and progressively expand to cover other industries, starting with automotive and aerospace.
Sunny Lu, CEO of VeChain, said: “Blockchain has many applications beyond the financial sector and I'm glad that DNV GL has recognised the revolutionary impact it can bring to supply chain management.
“Together, we combine assurance and blockchain to help customers improve trust in their products across multiple dimensions; from quality and safety to performance aspects.”
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.