Using Technology to Manage Construction Risks

The construction industry is experiencing an explosion of new technology for the jobsite, which carries the promise of helping contractors improve their projects by addressing various project risks, including occupational risks, construction defect, property damage and general liability.

The study findings in this SmartMarket Insight reveal the challenges that contractors face in managing construction risks and demonstrates that they are optimistic about the potential for emerging technologies to help address risk.

• The study shows the challenges contractors face with conducting several broad construction risk management activities, and how engaged they are with using technology now for various risk management activities.
   
• It also reveals the top project risks that contractors think can be addressed by emerging IoT (Internet of Things) construction technologies including wearables and sensors
   
• The main influences on contractors’ decisions to invest in technology are also highlighted, including how those investments are funded, the key obstacles to getting decision-makers to agree to invest and the top benefits contractors expect to achieve from use of these technologies.

This report is based on two studies that examine the implications of emerging technologies for managing construction risks. A quantitative study was conducted to investigate how they manage risk and their assessment of new and emerging technologies. A qualitative study was conducted with insurers to share their insights on the current state of the construction industry regarding the use of data to mitigate construction risk and the potential of current and emerging technologies to improve those capabilities.

We’d like to thank Triax for partnering on this study and allowing us to bring this important information to the construction industry.

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