Greece-headquartered Middle East contractor, Consolidated Contractors Company (CCC), has entered an agreement to digitise its procurement operation.
Immensa Technology Labs will provide its Inventory Digitisation platform to CCC, which will allow the contractor to create a digital inventory of its spare parts and components.
Inventory Digitisation will allow CCC's spare parts and components that were traditionally stored in physical warehouses to be converted into a digital format and stored in a 'virtual warehouse'.
Parts will only be produced when required using 3D printing and other processes that reduce the need for companies to carry inventories.
As a result of using Immensa's platform, CCC will be able to minimise imports and physical parts stocks, as well as produce parts as required through its 'virtual warehouse'.
Immensa is a provider of additive manufacturing – also referred to as 3D printing – services.
Commenting on the agreement between CCC and Immensa, Eng Aref Boulawan, manager of management information systems (MIS) and business process re-engineering at CCC, said: "If we can get to a point over the next few years whereby a small percentage of our inventory can be digitised, the impact will be significant.”
Boualwan is overseeing some of CCC’s President Initiatives, which pertain to disruptive technology implementation.
He added: "What encouraged us to embrace inventory digitisation is simplifying the supply chain and the ability to reproduce items in remote areas when and where it is most needed.
"Also, Immensa’s solution has significant environmental benefits as it ultimately reduces the need to transport products across the world.
"Ultimately, this contributes to reducing the industry’s carbon footprint and cuts waste by producing only the exact number of parts that are needed in close proximity to where they will be used."
Fahmi Al-Shawwa, chief executive officer of Immensa, added: "We are delighted to be working with CCC, one of the most respected names in the construction world, to revolutionise the way the industry operates.
"Today, it is estimated that the world sits on inventories worth more than $10tn at any single point, but if only 5% of that inventory was converted to digital format, $500bn worth of products would immediately have a much shorter supply chain that reduces transport, logistics, inventory, and storage costs.
"We believe that supply chains and logistics can be handled virtually, and that 3D printing technology will transform the traditional supply chain as well as the logistics and warehousing industries."