By Sharen Kaur - Published in NST Property on March 21, 2022
sharen@nst.com.my
Boustead Holdings Berhad, the investment arm of Lembaga Tabung Angkatan Tentera, intends to drive technological transformation across its divisions through digitally-enabled construction management processes.
The diversified group has partnered with Proficient, in which it recently acquired a 10 per cent stake through its wholly-owned subsidiary, Boustead Digital Services Sdn Bhd.
Proficient is Malaysia's first end-to-end construction project management platform. Its proprietary software will be used in a number of multi-million ringgit projects by Boustead across Malaysia.
According to a statement released today, Boustead will look to inject monetary investment to bolster Proficient's expansion into local and regional markets, while also accelerating more innovative functions and AI capabilities on the platform.
Boustead group managing director Datuk Sri Mohammed Shazalli Ramly said: "We are always in the pursuit of innovation and excellence which is in line with our Reinventing Boustead strategy. We believe the venture with Proficient will lead to huge opportunities that encourage enterprises to increase their efficiency through the digitalisation of project management processes which will enhance governance and transparency, reflecting ESG (Environment, Social and Governance) values."
This will greatly assist in controlling and reducing the potential occurrence of mismanagement, corruption, or ill-practices as a result of the removal of irrelevant human control and bureaucratic points, he said in the statement.
The Boustead Group has more than 80 listed and non-listed subsidiaries and associate companies with business interests focused on five key sectors of the Malaysian economy. The key sectors are plantation; property and industrial; pharmaceutical; heavy industries; and trading, finance, and investment.
According to Shazalli, the software's cutting-edge technology will benefit Boustead's property arm, Boustead Properties Berhad, which is involved in commercial and residential real estate development, and investment services.
Nurul Azilah Ahmad Kamil, CEO of Boustead Digital, said that she is confident in Proficient's scalability beyond just digitalising project management in the construction industry.
She said this venture will usher in a new era of 'digitisation of governance,' adding superior value to Boustead's businesses through improved transparency and minimal human intervention, resulting in cost savings as cost overruns and project delays are reduced.
Proficient's base software was released in April 2020, at the start of the Covid pandemic, in an effort to push for a technologically driven construction project management scene in Malaysia.
According to Jitin Girdhar, CEO of Proficient, with Malaysia's construction industry set to recover and expand following the pandemic, construction companies must digitally adapt to the current times.
He claimed that digital adoption will not only revolutionise the construction industry in terms of risk management and efficiency but will also increase the productivity and profitability of construction processes.
"While the pandemic has hampered the property and construction industries over the past year, the industry will witness a brighter outlook as vaccination rates continue to accelerate. Nevertheless, we have observed the benefits of a digital construction management process even during the pandemic. Therefore, we are prepared to assist companies in their growth trajectories by offering our software's robust capabilities," he said.
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