As Britain emerges from lockdown and starts building again, there will be a temptation to return to outdated practices rooted in cost minimisation and risk transfer.
Construction must instead grasp this unique opportunity to lay the foundations for a better future, built on new ways of doing things which are delivering better long-term outcomes. Recovery must be about delivering better, not just more of the same.
Critical to this is how the industry understands, measures and embeds value. For far too long, value has been seen as little more than doing things cheaply and ‘getting bang for your buck’.
To support the industry on this journey, the Construction Innovation Hub is collaborating with key players across government and industry to develop a new Value Toolkit which comprises a suite of four new tools to embed a transparent, consistent and customisable approach to improving performance and benefits by supporting value-based decision-making throughout the investment lifecycle.
A panel of senior industry figures discussed the new toolkit will help construction firms to:
- Develop their value proposition and market offering with a clear understanding of how value will be measured and decisions made
- Use the new clear and transparent understanding of clients’ value priorities and evaluation criteria to guide development of new capabilities and value propositions for future markets
- Adopt new and better business models and capabilities to support value-based delivery.
The panel is made up of:
- Keith Waller, Hub programme director
- Ann Bentley, Construction Leadership Council
- Hannah Vickers, chief executive of ACE
- Neil Robertson, chief executive of NSAR