Prescient: Digitally Transforming the Construction Industry

“An infrastructure developed with innovation, will seldom crumble. But will unquestionably sustain life.”
The above quote elucidates the prominence of innovation or the inclusion of technology in construction. Although, it is at an emerging state in the construction business, technology has evidently increased the agility and quality of conventional building methods. One eminent organization that has been ceaselessly implementing and innovating technologies in the construction industry is Prescient.
Prescient, founded in 2012, is a technology company that has a unique patented platform that offers a faster, greener and more cost-effective alternative to conventional building construction. The company has developed an End-to-End Software & Hardware Technology Platform that is revolutionizing construction with the purpose of providing Attainable housing for all.
The foundation for this revolution is Prescient’s Unified Truss Construction System (UTCS™), a standardized light gauge framing system that utilizes proprietary software applications which create a design and construction platform. This seamless method enables higher productivity, higher quality, fewer last-minute conflicts on site, less waste, shorter schedules, and a better ROI.
Prescient uses precision manufacturing technology including robotics, laser cutting systems, and state-of-the-art numerically controlled flexible manufacturing systems to deliver buildings with very tight tolerances, comparable to the automotive industry. Prescient’s approach is enabling it to create the first multifamily OEM in the construction industry.
A Proficient Leader
Magued Eldaief is the CEO of Prescient since 2017. He holds a Bachelor of Science degree in mechanical engineering from the American University in Cairo and an MBA from Rensselaer Polytechnic Institute in Troy, New York.
Prior to Prescient, Magued spent 27 years at GE in various leadership roles around the globe with GE’s energy division. Most recently, he led the global commercial operations of the $4B Industrial Solutions business of GE which was recently sold to ABB.
Upon being asked about his views on Prescient’s mission, Magued states, “The founders of the company were frustrated with the way construction was being carried out and all the inefficiencies they have personally experienced in developing and building multifamily projects across the US. They wanted to find a better more efficient way to do construction and streamline the whole construction value chain leveraging Industrial manufacturing practices and digitization. Thus, with this aim, Prescient was incepted”
Disrupting the Industry
Prescient provides a comprehensive turnkey structural solution made out of light gauge steel for buildings up to 17 stories. This solution is enabled by the company’s software that uses 3D BIM modeling to ensure speed of design and constructability at an early stage of project development. It is coupled with accurate & predictable project costing to ensure attractive project economics.
This same software enabled by the digital thread takes these designs and drives the company’s automated and lean manufacturing to generate all the structural elements of a project for precision manufacturing. The same thread continues to ensure computer aided logistics and assembly and building of all those manufactured components.
With this solution, Prescient can save up to 6 months off of a design schedule as well as 8-12 months off of a construction schedule leveraging its technology. In addition, the organization provides BIM integration services that enable owners/General Contractors to model all their Mechanical, Electrical and Plumbing in its structures to ensure fast and predictable execution at installation with no clashes. Prescient’s goal is simple, to reduce overall project cost by 30% and shave 12-18 months off of a project schedule.
Surpassing Challenges
The key attribute that helped Prescient to overcome entrenched mindsets is belief. It truly believes in its technology and its platform. “The hard part is convincing customers of our technology and its merits. What really helped us is simply focusing on key pain points that customers face during construction and looking at how we can drastically improve schedule, safety and more importantly drive down risk and cost,” states Magued.
Demonstrating that value is what helped Prescient overcome the challenge. This belief coupled with a total focus on customers is what is driving its innovation engine and acceptance in the marketplace.
Commenting over the opportunities and challenges involved with the advancements in the construction industry, Magued says, “There is plenty of opportunity to do better. The fact that productivity has not moved in the last 20 years and that our sector has the lowest level of digitization in itself is telling of the massive opportunity.”
Sharing his opinion over the solution to tackle the challenges, Magued asserts, “In my view we have to start by eliminating the two-party contract that we see in every project where interests are not aligned between owner, general contractor and all the trades and sub suppliers. We need a different approach where there is collaboration, transparency and efficiency in decision making around projects.”
Pertaining to this, Prescient is focused on, building a platform around which all stakeholders can drive efficient decision making to reduce cost, eliminate waste, improve schedule while eliminating risk.
Catapulting a Revolution
Prescient has aided the advent of software technology, advanced manufacturing and precision engineering quality to the construction sector. With over 75 patents and 60+ pending, the company is driving innovation to streamline the total value chain and bring stakeholders to think differently about developing and building projects.
Developers approach Prescient for consultation before committing to purchase land to validate their project economics since it can provide specific designs and accurate costs in a matter of days leveraging the company’s platform. Once those are validated, the subsequent approach is to optimize building designs to shave 6 months off of the design schedule and 12 months off of the project construction.
“As mentioned earlier, our purpose is ‘Attainable housing for all’ and with housing costs rising around the globe and affordability becoming a major crisis for countries to deal with, we believe that technology and an open mindset will continue to propel innovation and growth for Prescient,” states Magued.
Source :-The 10 Best Construction Tech Solution Providers 2018