Constructing the Future: Key Insights from Groundbreak 2023

I spent a good chunk of this week immersing myself in the ConTech scene at this year's Groundbreak 2023 conference in?the wonderful city of Chicago.?This being my first year attending, I set out to learn, get a pulse check on where the energy is, and build new connections.?I wasn't disappointed.?Following is a selection of some of my key takeaways.?

AI Everywhere

Not surprising… EVERYONE was talking about Artificial Intelligence.?I did see some specific use-cases demonstrated that show the potential to bring real value (shoutout to the Document Crunch team), BUT I would encourage everyone to strive to see through the noise.?The hype machine is strong.?Effective technologists and leaders identify problems that need solving and work to figure out how to find the right combination of technology, people and process to solve those problems.?Be careful for technology looking for a problem to solve.?

Anyone who knows me well knows also that I take a deep personal interest in AI.?It's going to transform the world as we know it.?The questions of how and when loom strongly.

?The Power and Potential of Effective Integrations

The challenges that accompany technical debt, legacy systems, and disparate technologies are a significant inhibitor to rapid experimentation and modernization in the construction industry.?The challenges can make even small issues seem overwhelming.?Fear not, my friends!?These challenges are not entirely unique to the Construction Industry.?They do, in fact, remind me very much of the same challenges we've successfully overcome in many of the other core American industries I've worked with in the past (namely Utilities and Legal).?

I was encouraged to see a solid handful of fellow ConTech companies out there eager to take these challenges head-on.?It was also encouraging to hear directly from some of the companies (shoutout to Ryan Companies US, Inc. ) who've recognized the value of investing in deliberate and scalable integrations.?I'm very much looking forward to continuing the conversations I started with the integration platform providers at the conference.?Platforms such as these have the potential to become a critical component of what we are doing at Verfico Technology .

?Investment and Excitement in the Startup Scene

The presentation by Suffolk Technologies struck home.?These guys proved they are the real deal, giving blossoming companies like us access to the resources and environments needed to build the products that solve the problems worth solving.?My eyes are on this year's Boost program participants, and I'm super excited about engaging in conversations with the program's leaders in the not-so-distant future.?

Building a Tech-Forward Partnership with your Insurance Carrier

Another shoutout to the DocumentCrunch team here…?They hosted a session with Cheri Hanes, CRIS from AXA XL where, among other things, they discussed how appropriately leveraging technology can be a significant contributor to mitigating risk.?This aligns well with something we at Verfico Technology have been messaging for awhile now.?Tech-Forward companies should be actively engaging with their insurance carriers to discuss how their investments in tech can potentially translate into evolving insurance products and mechanisms for discounts.??

I was particularly impressed by AXA XL metrics surrounding trends in technology adoption and how they have factored into specific areas of improvement in the construction industry.?I really hope we get an opportunity to connect with the AXA XL team to dive into these topics together.

?Some Crowded Corners

There were some common themes that developed across the keynotes, breakout sessions and vendor booths that got my attention this week.?The three that stand out most to me:?Site Access Control and Compliance Solutions ( Odin Labs rocks!), Time Tracking Solutions, and Payment Processing Solutions. The payments thing is what really got me.?Procore announced during the opening keynote that they have already begun to roll out their new payment capabilities to select GC's.?Walking around the expo floor I saw several other companies in the space, and it seems Textura almost always comes up in our customer conversations.?Here's to a rising tide raising many ships!?

I would be remiss to not comment on the abundance of access control and time tracking solutions.?Those of you familiar?with our platform know that we also play in those spaces.?Let me try to clarify this:?Yes, we do have time tracking and access control elements built into our system, and yes, we're excited to offer these capabilities to our customers looking to improve their operational capabilities, BUT… these components are enablers of our primary mission to protect companies and workers from the negatives outcomes of Wage Theft on their jobsites.?We welcome the opportunity to integrate with existing time tracking and access control solutions that companies already have in place.?

There's a bigger conversation to be had regarding the commonalities and (more importantly) differences between access control and worker tracking.?Perhaps we'll take that up in a future post, but I'd be interested in hearing what other people are thinking about this in the meanwhile.

?Be Vulnerable

Last, but not least, I have to mention the closing keynote delivered by everyone's favorite swimmer (and fellow Marylander) Michael Phelps and Fred Mills from the The B1M .?It was a great conversation about the importance of addressing the mental health crisis across the nation.?The stats they presented about suicide and depression in the construction industry were staggering, to say the least.?Michael talked about his own mental health journey and how learning to allow himself to be vulnerable played a big part in the success of that journey.?

It's hard, people.?We all have a role in offering help to the people around us that might be struggling.?That can't happen without each of us recognizing the role that "I" play in making "we".?Michael encouraged each of us to accept the part vulnerability plays in that.?There are more words I should be typing here about my own experiences, but… it's hard people.?Put a hand out.?Offer a shoulder.?Ask your buddy if he's doing OK.?

Definitely owe a big thank you to the Procore Technologies team for putting together and delivering an awesome event.?Looking forward to next year!