Latest news with #SaïdBusinessSchool
Yahoo
24-07-2025
- Business
- Yahoo
How a bulldozer, crane, and excavator rental company is using AI to save 3,000 hours per week
Throughout the recent years of rapid technological innovation, one of the world's largest industries has lagged behind: construction. Despite moving $10 trillion every year, the sector has averaged just 1% productivity growth over the past two decades compared to 3.6% for manufacturing and 2.8% for the total world economy, according to a McKinsey report. Construction also ranked last for perceived innovation in a survey of 600 U.S. workers, who deemed the field to be 'the least technologically competent' out of 10 industries. This lag comes with serious costs: Research from the Saïd Business School at Oxford University found that over 90% of the world's infrastructure projects are late or over budget. And in the U.S. alone, $177 billion is wasted annually due to inefficiencies, according to a survey of 600 construction leaders. To tackle a small piece of this, BigRentz—a California-based company that since 2012 has matched contractors with rental yards for heavy equipment like forklifts, backhoes, and excavators across the U.S.—reinvented its business from one still operating via phone calls to one running completely on AI that it built internally from the ground up. The models are old-school machine learning, showing there's still value in earlier AI techniques other than large language models. Now the company is launching a stand-alone software platform for large contractors, which is powered by the same AI system but allows customers to run smarter procurement on their existing lists of suppliers. 'I mentioned spreadsheets, but it's also been on email chains, text messages, telephone calls, and scribbles on paper,' said BigRentz CEO Scott Cannon, referring to how contractors have historically handled their vendor relationships. 'It's a very inefficient industry—based on productivity gains on an annual basis—and with thin margins. So giving contractors the ability to make better decisions gives them a competitive advantage.' It all starts with a data strategy The plan from day one had always been to leverage the massive amount of data the company would be working with, but when BigRentz launched it wasn't clear how to go about it, Cannon said. The company tracked every customer interaction and associated data point as it conducted its day-to-day business. When a contractor submitted a request for a rental, for example, a BigRentz sales employee would take down the type of equipment, jobsite location, dates the rental would be needed for, and any special requirements like delivery constraints or required accessories. The employee would then call local vendors to see if they could fulfill the order and connect the contractor to one that could. BigRentz stored all that data for future use—creating a rich trove of information ranging from a supplier's decision about whether it could fulfill the order, to price increases, service charges, and customer feedback. In 2018 the company decided to start digging into the data. The team created a grid of the entire U.S. down to the square kilometer to represent where specific suppliers will deliver, delivery time, and costs accounting for bridges, tolls, and other contingencies in order to determine what price to charge in different locations. This was all done manually, often on whiteboards, and the tediousness spurred the decision to find a better way. 'The challenges of trying to mine that information and wield it forced us into the decision to use AI,' says Cannon. A new system…and new company Over the years, BigRentz started building up its technology team—including hiring data scientists, a full-stack engineering team, and a QA team—and creating machine learning models around different datasets. In 2022 it brought those models together to create its new AI system, SiteStack, relying solely on technology it built in-house. The company officially rolled out the system internally in January to autonomously handle vendor selection. Now, when a customer submits a rental request, rather than a team member calling a dozen or so vendors to fulfill the order, the system analyzes millions of historic pricing and fulfillment records, ranks suppliers in real time based on cost, proximity, and reliability, and selects the optimal vendor automatically. Cannon said the system got much better as they obtained more information to train it on; the AI system was ultimately built on $500 million in sales data and more than $1 billion in interactions (the latter being sales the company didn't win but which nonetheless provided valuable data). The data includes more than 13 million supplier decisions about order requests, a dozen pricing datasets, customer feedback, and millions of other data points that can predict what an all-in cost will be or what a supplier will do, according to Cannon. Having a machine learning system determine the best vendor match for a contractor's specific need is a huge shift from the company's previous process in which salespeople spent all day on the phone calling rental yards. The company that's come out on the other side of this AI project looks completely different than the one that launched years ago. 'The company had some tension between two different cultures for a bit. The tech culture [on the teams building the platform] was different than the sales and marketing on the marketplace side. That was always a bit of a challenge. But we reduced the headcount by so much [gradually over time] due to automation that we're basically just a tech company at this point,' Cannon said, adding that working in an industry that's averse to change has been the biggest hurdle. AI as the best tool for the job Since it began using the new system in January, Cannon said BigRentz has saved over 3,000 hours every week in terms of time spent on procurement for rental services (the equivalent of over 80 roles) and has reduced errors by 40%. Today, the company is launching a customer-facing version of the system, also called SiteStack, which it hopes will make it possible to further pass on the types of efficiencies and cost savings it has realized to its customers. The launch is transforming the company yet again—from one that connects contractors and vendors to one that sells construction firms software so they can do it themselves with more information and control than ever before. The new platform uses the same underlying AI but offers customers the ability to input information on the suppliers they already have relationships with. When they search for a rental and get the stack-ranked results, they can see how all their vendors compare for that specific rental, as well as additional vendors not in their current system. Cannon said the idea is to streamline and bring more transparency to pricing in the industry, which he said is fragmented and 'intentionally opaque' with some vendors offering day rates, others offering week rates, and other factors that make it difficult to compare apples to apples. 'What we're trying to solve for evolved,' Cannon said. 'So not just access to equipment, which is a problem, just not a big problem—no pun intended. It's the decision-making that leads into which vendor you use, which is really the bigger problem. We didn't set out to build our company around AI. It just turned out to be the best tool for the job.' This story was originally featured on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
16-07-2025
- Business
- Yahoo
6 Energy Megaprojects That Blew Past Their Budgets
A growing share of the global economy is increasingly committed to large-scale, complex, and expensive undertakings involving massive infrastructure development and technological advancements, aka megaprojects. Annual worldwide spending on megaprojects such as high-speed railway systems, international airports, hydroelectric dams, motorways, power plants, wind and solar farms, as well as large public ICT systems to digitize tax, health, and pensions is estimated at between US$6 and US$8 trillion, or 8% of global GDP. Unfortunately, it has become a well established fact that megaprojects--defined as projects with budgets in excess of US$1billion--consistently fail to be delivered on time or on budget. Indeed, a study by Oxford University's Saïd Business School found that less than 3% of megaprojects are delivered both on budget and on time. Megaprojects are, by their very nature, often pioneering and difficult to manage, with high early-stage sunk costs frequently creating project lock-in and subsequent cost overruns. Egypt's Suez Canal took this to the extreme, with a cost overrun estimated at 1,900%, or 20 times the original budget. Here are six large-scale energy megaprojects that experienced significant budget overruns but remain relevant today either because of their long-term output, strategic value, or lessons learned. Source: Saïd Business School Kashagan Oil Field (Kazakhstan) Initial est. $10bn → Final cost ~$55bn Long delays, technical problems (H?S corrosion), but now a major contributor to global supply The Kashagan Oil Field was discovered in 2000 in Kazakhstan in the northern region of the Caspian Sea. The field has recoverable oil reserves estimated at 19- billion barrels, making it one of the largest fossil fuel discoveries over the past four decades. A consortium of seven companies was formed in order to develop the reserves, with Exxon Mobil (NYSE:XOM), Shell Plc (NYSE:SHEL), Eni S.p.A (NYSE:E), TotalEnergies (NYSE:TTE) and Kazakhstan's KazMunayGas each owning a 16.8% stake in the project while China National Petroleum Corporation and Japan's Impex owned 8.4% and 7.6% share, respectively. Project development kicked off in 2001 with an expected completion date of 2005. The initial allocated budget for the venture was US$10 billion, which was viewed as a reasonable figure to help generate considerable income for the young country. Unfortunately, the project fell eight years behind schedule and ended up costing $55 billion, more than five times the original budget. To add insult to injury, operations had to be shut down shortly after the project went live in 2013 due to a damaged main pipeline leaking dangerous and corrosive hydrogen sulfide (H2S) gas into the atmosphere. The consortium burned off the gas as an emergency measure, releasing toxic sulfur dioxide (SO2) into the atmosphere. Nevertheless, the Kashagan Oil Field has been an economic success, contributing significantly to the Kazakhstan economy by being a major source of oil production and export revenue. According to Offshore Technology, Kashagan accounts for ~19% of Kazakhstan's 1.9 million barrels in daily oil output, translating into significant revenue for the country through taxes, royalties, and other payments. Gorgon LNG (Australia) Original est. ~A$37bn → Final ~A$54bn Execution challenges on Barrow Island; still key to Asian LNG trade The Gorgon liquefied natural gas (LNG) project in Western Australia is not only the country's biggest single resource natural gas project but also one of the largest natural gas projects in the world. The Gorgon gas field was first discovered in 1980 by West Australian Petroleum (WAPET) before Chevron Corp. kicked off oil and gas exploration at the field in 1999. Chevron owns 47.3% stake in the project while Exxon Mobil and Shell own a 25% share apiece. Construction on the project began in 2009 and was completed in March 2016, making Gorgon the fourth LNG export development in Australia. Gorgon comprises three LNG trains, each with a capacity of 5.2 million tonnes per annum (Mtpa). Similar to the vast majority of megaprojects, Gorgon LNG experienced significant delays and cost overruns. Initially estimated to cost $37 billion, the project ultimately cost $54 billion mainly due to logistical challenges of building on the remote Barrow Island, making the project Australia's largest single private sector investment in history. Further, the project missed its delivery date by two years due to weather delays, staffing and skill requirements, high wages, low productivity and logistical challenges. However, it was well worth it because the Gorgon LNG project remains a pivotal player in the Asian LNG trade, with its large production capacity and strategic location in Western Australia making it a crucial supplier to the Asia-Pacific region. Tapi Pipeline (Turkmenistan–Afghanistan–Pakistan–India) Political risks and delays; cost ballooned from ~$7bn to over $10bn Still relevant to Central/South Asian gas integration The TAPI Pipeline, or Turkmenistan-Afghanistan-Pakistan-India Pipeline, is a project with a long and complex history, dating back to initial discussions in the 1990s. The pipeline is designed to transport natural gas from Turkmenistan to Afghanistan, Pakistan, and India, aiming to address energy needs in the region. Despite its potential benefits, the project has faced numerous delays and challenges throughout its development. TAPI is poised to be a game changer in Central Asia's energy landscape. The US$10 billion pipeline will cover more than 1,800 km and transport up to 33 billion cubic metres (bcm) of natural gas from the Galkynysh Gas Field in Turkmenistan to Pakistan and India via Afghanistan. Pakistan and India are slated to receive 14 bcm via the natural gas pipeline while Afghanistan will receive 5 bcm. The Galkynysh Gas Field is the world's second-largest gas field in terms of gas reserves. Construction of TAPI began in 201 but was soon halted due to security reasons after workers were killed by unknown assailants. However, the gas pipeline has once again become the focus of attention following the exit of U.S. forces from Afghanistan in 2021. Still, China remains hesitant to engage directly in the project due to security risks. Trans Mountain Expansion (Canada) Estimated at ~$5.4bn in 2013 → ~$30.9bn by 2023 Continues to shape Canadian export politics and oil sands economics Back in 201, the Canadian government bought and nationalized the existing Trans Mountain Pipeline from a unit of Kinder Morgan Inc. (NYSE:KMI) in a bid to ensure that the expansion would be built. In effect, the federal government acquired its corporate owner, Trans Mountain, which became a federal Crown corporation with Ottawa framing this decision around the desire to secure a key Canadian asset. TMX ended up witnessing massive cost overruns, with the project costing C$34 billion, more than six times the original estimate. TMX is expected to triple the flow of crude from landlocked Alberta to Canada's Pacific coast to 890,000 barrels per day (bpd). The pipeline is viewed as a boon to Asian refiners since it provides them with an opportunity to diversify their imports while also giving Canadian producers more access to U.S. West Coast and Asian markets. TMX crude exports are expected to clock in at ~350,000-400,000 bpd, and compete with heavy grades from the Middle East and Latin America. Cold Lake crude is about $10 per barrel cheaper than Iraq's Basra Heavy for deliveries to China. Mingyang Qingzhou 4 Offshore Wind (China) Cost overruns linked to subsea transmission and turbine scaling Now a test case in high-capacity wind integration The Mingyang Qingzhou 4 offshore wind farm project is part of a larger development by Mingyang Smart Energy in the waters off the coast of Guangdong, China. This project is focused on utilizing deep-sea floating wind turbine technology to harness wind energy in the area. The 16.6 MW floating wind platform is the largest single-capacity floating wind power platform in the world. The floater is capable of generating ~54 GWh annually, enough to power 30,000 homes. The Mingyang Qingzhou 4 offshore wind farm project has faced significant cost overruns due to hthe igh costs of its giant turbines. Ichthys LNG (Australia) Est. ~$20bn → Final ~$45bn Long lead times, offshore-to-onsite complexity; critical to Japan's gas supply Discovered in 2000, Australia's Ichthys offshore LNG field covers ~800km² off the northern coast of Western Australia. The giant Australian LNG project is estimated to cost ~$45 billion, more than double its initial budget of $20 billion, and produces 8.9 million tonnes (Mt) of LNG annually, 100,000 barrels of condensate a day and and 1.6 Mt of liquefied petroleum gas (LPG) per year over its 40 years of operational life. The project includes 50 subsea production wells; a floating, production, storage, and offloading facility (FPSO) and a semi-submersible central processing facility. This megaproject is owned by its operator, Japan's INPEX (66.245%), while TotalEnergies owns a 26% stake. Ichthys is critical for Japan's energy sector: Approximately 70% of the LNG produced by the Ichthys project is shipped to Japanese buyers, equating to about 10% of Japan's total annual LNG import Alex Kimani for More Top Reads From this article on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
NDTV
24-06-2025
- Business
- NDTV
QS Rankings 2025: Best Business Schools In UK For Executive MBA Programme
The Executive MBA (EMBA) is designed for professionals seeking to elevate their careers, pivot to new industries, or scale their business ventures without pausing their current roles. The programme develops leadership skill, sharpen problem-solving skills, and global business strategy. It aims to equip participants with the tools to navigate complex market environments and drive organisational impact. In 2025, Oxford University's Saïd Business School had secured the top spot globally in the QS Executive MBA (EMBA) Rankings 2025, second year in a row. The 2025 QS EMBA Rankings analysed over 230 programmes worldwide, evaluating them across five key indicators, including employer reputation, academic leadership, career outcomes, and diversity. The rankings serve as a global benchmark for professionals exploring executive education options. Participants in the Oxford EMBA engage in immersive, experiential learning, combining theory with practical application. The programme fosters a high-impact peer network, with participants from diverse industries and geographies. Other top-ranked UK institutions in the global list include: The QS EMBA Rankings provides aspiring candidates with valuable insights to compare programmes globally and regionally.
NDTV
24-06-2025
- Business
- NDTV
Best Business Schools In UK For Executive MBA Programme
The Executive MBA (EMBA) is designed for professionals seeking to elevate their careers, pivot to new industries, or scale their business ventures without pausing their current roles. The programme develops leadership skill, sharpen problem-solving skills, and global business strategy. It aims to equip participants with the tools to navigate complex market environments and drive organisational impact. In 2025, Oxford University's Saïd Business School had secured the top spot globally in the QS Executive MBA (EMBA) Rankings 2025, second year in a row. The 2025 QS EMBA Rankings analysed over 230 programmes worldwide, evaluating them across five key indicators, including employer reputation, academic leadership, career outcomes, and diversity. The rankings serve as a global benchmark for professionals exploring executive education options. Participants in the Oxford EMBA engage in immersive, experiential learning, combining theory with practical application. The programme fosters a high-impact peer network, with participants from diverse industries and geographies. Other top-ranked UK institutions in the global list include: The QS EMBA Rankings provides aspiring candidates with valuable insights to compare programmes globally and regionally.
Yahoo
09-06-2025
- Entertainment
- Yahoo
24 Hours Of Action At The Global Youth Climate Summit
Oxford Saïd's summer school closing ceremony. Courtesy photo On Friday, June 6, 2025, students, educators, researchers, and climate advocates from around the world will come together virtually for the Right Here Right Now Global Youth Climate Summit — a 24-hour online event hosted by Oxford University's Saïd Business School in partnership with UN Human Rights. The summit is part of the broader Right Here Right Now Global Climate Alliance, originally launched at COP26 with support from figures such as Leonardo DiCaprio and Quincy Jones. Far from a typical conference, the event is designed as a platform for action, filled with ideas, inspiration, and practical strategies to combat climate change. Jo Fawkes: 'We need to approach this as a community-driven effort, not just something happening within Oxford. It's crucial to keep these discussions alive and evolving. Otherwise, groundbreaking ideas from students risk getting lost.' Courtesy photo At the forefront of the initiative are Jo Fawkes, Oxford Saïd's director of global inclusion and youth education, and Purdey Morgan, the school's climate content marketing manager. Both have been instrumental in shaping the event to elevate the voices of young changemakers and ensure the summit delivers lasting impact. For Fawkes, the summit is a natural progression of a three-year global climate challenge competition that aimed to give students visibility and support. 'We've got some fantastic case studies of students doing incredible work across the world,' she says. 'This event is about showcasing their efforts and ensuring their ideas don't just exist in isolation but reach classrooms worldwide.' She emphasizes that educators play an equally vital role. 'If we want real change, we need climate education to be practical, accessible, and inspiring — not just theoretical. This summit is a way for teachers to share best practices and engage more deeply in the climate movement.' Fawkes hopes the initiative inspires other business schools to get involved. 'We need to approach this as a community-driven effort, not just something happening within Oxford,' she explains. 'It's crucial to keep these discussions alive and evolving. Otherwise, groundbreaking ideas from students risk getting lost.' The summit will feature a diverse lineup of educators, researchers, and youth leaders, including Moses Brings Plenty — a Lakota actor and Indigenous rights advocate; Lucas Olscamp — youth educator and Climate Change Challenge winner; and several leading Oxford researchers who will share scenario-planning strategies for impactful climate action. Rituraj Phukan, a TEDx speaker and environmental writer, will discuss activism and Indigenous perspectives, while Henry Majed, co-founder of MyMynd, will address the mental health challenges youth face in the wake of climate change. Structured as a 24-hour event that 'moves across the world,' the summit will follow the sun, featuring teacher roundtables, youth-led panels, and live Q&As that explore the UN Sustainable Development Goals. 'We're trying to tackle all different elements of climate change,' says Morgan. 'From faculty experts discussing scenario planning to journalists covering sustainability and alumni pushing corporate climate goals — we want this summit to reflect the full spectrum of climate action.' Oxford Saïd is also launching a new summer school on entrepreneurship, designed to help students transform their competition ideas into actionable projects. 'We want more organizations to step in and financially support these students,' says Fawkes. One of the key goals of the summit, both Fawkes and Morgan stress, is to ensure that the ideas and resources shared don't vanish once the event concludes. 'Everything we create will be hosted online as free, readily available resources,' says Morgan. 'We want to get Oxford's research and tools into the hands of teenagers and changemakers, so they can turn knowledge into action in their communities and beyond.' DON'T MISS and The post 24 Hours Of Action At The Global Youth Climate Summit appeared first on Poets&Quants.
