Learn how tools and technologies enable powerful data and analytics to help mitigate project risks.

Failure to evaluate, control, and mitigate risks creates serious complications. Technology is consistent, and that’s one way to manage a myriad of risks in construction. Learn how tools and technologies enable powerful data and analytics to help mitigate project risks.

Initial Review.

• The construction industry has experienced elevated levels of risk
• Rising project complexities, extensive & fragmented project teams, inaccurate data analytics, etc. are challenges that surround construction projects
• Mitigating project risks are equally important to efficiency, productivity, onsite safety, ROIs, etc.
• Backed by evidence, real-time data enables construction managers with

1. High visibility into project bottlenecks
2. Leverage real-time adjustments
3. Enhance productivity
4. Mitigate delays
5. Build workforce procedures

• Digital applications will continue to transform construction projects through operations, performance, optimization, and safety
• Keeping construction operations sustainable through powerful data and analytics helps AEC firms mitigate risks & stay competitive through quality and efficiency

Key challenges in construction projects.

• Unexpected and costly delays
• Enormous requirements of specialized project trades
• Laundry-list of specific activities or tasks
• Inefficient project management
• Extended onsite jobs leading to an increase in onsite worker hazards
• Loss of decision-making elements in the field
• Devaluation of performance and quality through inefficient workflows
• Project misalignments through improper systems and monitoring
• Interruptions resulting from lower tool time and inefficient workforce management
• Unavailability of building materials, equipment, and tools that impacts workforce productivity
• Complex construction and maintenance projects can lead to inefficiencies and material waste
• Uninformed decision-making amongst stakeholders leads to low workforce confidence

Types of Construction Risks.

• Design Risks
• Financial risks
• Operational or Logistical Risks
• Labor risks

Conclusion

• Taking a proactive approach to mitigate project risks through powerful data and analytics can expedite project progress
• Risk management tools do endure up-front costs but deliver huge dividends in the long run
• Construction companies need to adopt modern risk management processes to accelerate delivery and achieve true efficiency
• Identifying and resolving root causes through data analytics can help predict and flag quality and safety issues
• Reduce risks, mitigate project complexity, and make AEC projects more reliable with powerful data and analytics

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