Innovations to Improve Risk Management in Construction

Does your company embrace technology to improve efficiency, safety, cost, and construction quality? If the answer is yes, then here are some innovations to keep an eye on this year.

Improving risk management with Predictive Analytics

The ability to manage risk often creates the difference between a successful construction firm and one that is struggling.

In 2017, Project IQ did a series of beta tests with industry-leading companies to examine how much they could help firms manage risk by making use of predictive analytics. Data from subcontractors, design plans, materials suppliers, and the build site are analysed to examine risk factors. Project IQ makes use of previous data and how contractors interact with the information before them to provide more precise and valuable risk assessments.

With the goal being to help improve the manner in which users manage their risk, Project IQ is expected to be made available to the wider construction industry in 2018.

Virtual Reality

No longer being limited to the gaming industry, Virtual reality and 4D are now being used to fully immerse stakeholders in numerous planned construction environments.  The result of allowing decision makers to experience plans before they were finalised has been stronger buy-in and plans that met expectations.

4D environments have made a positive contribution towards the efficiency and safety of projects. It has also made it possible for construction firms to plan all aspects of their projects and in doing so deliver a higher-quality product. In the past virtual reality had been confined to the most innovative and advanced organisations, it is now more widespread and in demand from project owners.

Augmented Reality

The difference between visual and augmented reality is that whilst visual reality allows people to experience 3D and 4D environments without taking a single step, augmented reality allows them to move through 3D environments. MeasureKit is one such example of an iOS app which lets users point their iPad or iPhone at a building and interact with it.

Wearable Technology

Even though the safety at construction sites has significantly improved, wearable technology can make it even better. Speciality companies offer wearables that monitor the whereabouts of workers on site and send alerts when potential hazards appear. The wearables also identify when the wearer has slipped, tripped, or fallen.

Connected Job Sites

It is both frustrating and costly when there are interruptions in communications on the job site. Fortunately, it is now possible for all on site to access documents and drawings using a portable device. Communication is reduced from weeks to hours and even minutes, decreasing the possibility of miscommunication errors and making connectivity easier to accomplish.

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