Value Management is a term used within the construction industry that is often confused with value engineering, which is typically just applied to cost saving measures.
“It’s is a common misconception that Value Management is about making things cheaper or selecting cheaper materials. It’s not,” explains Head of Value Management, Stephen Hatzantonis, “adding value is so much more, it’s about generating greater returns for the client, and this can be achieved in a lot of different ways. It’s an investment in analytical thinking – at the start of a project.”
It was Managing Director, Mark Taylor, who saw a gap in the procurement process, an opportunity to create a team that focuses specifically on adding value and generating a better return on investment for the client. And our unique Value Management team was born.
Value Management is a compelling point of difference for Taylor, a team of senior people within the business, led by Stephen Hatzantonis, who are ultimately responsible for making sure that we are innovating, and going beyond the brief. This model is an investment in the client, they are the focus. We have seen how this can help break down confrontational walls that can arise in contractual relationships. Working together in partnership pulls all stakeholders to the same side of the table and fosters much better outcomes for everyone involved.
At Taylor, we have a unique insight into construction risks and the pre-construction decision-making that can significantly influence cost, and revenue generation at the other end of a project. Listening and understanding our client’s problems, needs and vision allows us to tailor solutions that provide a ‘best for project’ outcome. Unlocking value is an innovation driver for our clients and it has changed the way we work as a team for the better.
Each project has its own unique set of challenges
We understand that each project has its own unique set of challenges. Our goal is to give our clients additional value far beyond what they have asked for at tender. This includes identifying opportunities or alternative solutions with regard to, for example; design, footprint, materiality, off-site construction efficiencies, emerging technologies, staged handovers, and subsequent impacts on revenue generation for the client.
This process is delivered by a holistic, multi-discipline team who are experts in their fields of cost planning, engineering, architecture, design, construction and commercial management. This team operates in parallel to our bid team, thinking outside the box and identifying risk mitigation strategies and latent opportunities, for our clients.
“I think the secret to doing Value Management really well is having diverse people in the room. You need lots of different skillsets and lots of different personalities, and you give them a common goal, and that goal is ‘what more can we do on this bid, for this client?’ When you get our people together the result is so much greater than the sum of the parts.” Stephen Hatzantonis.
One of our core principles at Taylor is Diversity of thought and this is certainly alive in our approach to Value Management. We invest in our future leaders, actively passing on knowledge to the next generation, and facilitating career pathways. “Part of my story is that I was lucky enough to be trained and mentored by great people, with experience. I see this as ‘building genetics’, knowledge getting passed down through the generations. It’s very important to me that I do the same, investing in those coming up through the ranks,” Stephen explains.
We are seeing so many exciting innovations taking off in construction right now. Emerging technologies, using 3D and 4D design and construction solutions, implementing virtual reality and augmented reality are on the cutting edge of what is possible. Some of our clients are very construction-savvy and it is genuinely exciting and productive for them to see, through the application of augmented reality, how the whole project journey will progress. It helps clients to better understand a proposed methodology, what will happen, when, and how it all comes together. Delivery partners too, have clearer briefs, facilitating stronger collaboration. It requires investment, but the benefits are exponential.
We are also deeply invested in helping to educate our clients in identifying where they can innovate or generate greater value for their own organisations. Ultimately, we’re about people, not just buildings. Taking a curious, creative and collaborative approach to our work, we ask the questions that drive excellence and innovation.
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