1 August 2019
By Dato’ Faris Yahaya, Group Chief Executive Officer
CELEMI Round Table Forum 2019 | 12 June 2019 | Majestic Hotel
Today’s Construction Landscape and Challenges
Despite the challenges local construction players are facing; tighter government budgets, increasingly competitive bidding and rising costs of building materials, the recent move to revive ECRL and soon-to-be Bandar Malaysia projects are positive indications that the sector will bounce back in due time. Amidst today’s volatile market landscape, it’s high time for players to gear up and disrupt the industry by tackling necessary existing challenges that are long-due: meeting construction timelines, cost overruns, ensuring the safety and wellbeing of site workers and also reducing the environmental impact of materials used in construction.
This is of course backed by the Government’s efforts to drive forth the growth of the construction industry, supported by the fact that the brick and mortar industry is still one of the key contributors to the nation’s GDP with 2018’s share at 4.5%.
Since coming into power, the Malaysian Government has been actively driving the rapid adoption of technology within the brick and mortar industry to enable greater growth, improve efficiencies and stay in the line with current demands and global construction trends while also executing institutional reforms and advocating for better practices in the industry such as open tenders, safe and equitable work practices and the implementation of advanced design software and systems.
Intentional Disruption for Value Creation
To further encourage industry players to be highly productive, environmentally sustainable, while not losing focus on safety and quality standards, the Government introduced the Malaysia’s Construction Industry Transformation Programme 2016 – 2020 (CITP), designed to transform the local construction industry to stand on par with globally competitive players. The rapid speed of technology has made it necessary for us as leaders in the construction sector to rethink and reconsider the necessity to disrupt.
As the Group CEO of ORANGEBEAM, a pioneering home-grown construction and development company with over 30 years of experience in the industry, I have identified three (3) key factors in forming and driving my business direction at ORANGEBEAM together with the team to create intentional disruption:
Collaboration Across the Value Chain
Many wonder, how do we change our mindsets to think like innovators and encourage everyone in the organisation to do the same?
Disruption goes beyond the transformation of a single business – it must be realised across the value chain so we may work together in making a difference in our industry.
At ORANGEBEAM, we put our “transformation” hats on, roll our sleeves and start working on our new “blueprints” to meet the changes today, to challenge the status quo and jump on the “disruption” bandwagon to stay relevant and competitive in the industry. Change is happening quickly and it’s forcing businesses to evolve. In order to survive in this new environment, we are training ourselves to be agile and focus on responding to the increasingly high expectations of its customers.
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