The construction industry is currently undergoing a huge transformation parallel with the explosion of new technology for job sites. Such new technology can improve risk management in construction projects for job site managers. According to a recent study conducted by Dodge Data Analytics in partnership with Triax Technologies Inc., contractors can benefit from technological advancements that analyze construction risks, despite the remaining challenges on job sites.  As one of the leading risk management companies in the country, our team at The Safety Group, LTD. gives more insight as to how contractors can use technology in risk management.
Facilitating Risk Management
Throughout the course of a construction project, contractors tend to focus on the risks, or job hazard analyses (JHA), of a specific job by using different methods since they’re seen as more difficult tasks than others, according to the study. The respondents stated the most challenging task is managing an ongoing risk that has the potential to negatively affect the job site throughout the timeframe of the project. For many contractors, managing an ongoing risk along with identifying risks in the pre-construction phase due to the unpredictable nature of workplace dangers is at least a medium difficulty level or higher.
Despite the majority of contractors’ views on predicting risks, less than half of the participants believe there are possible methods to gauge a project’s risk performance. Although uncertainty is closely related to JHA, contractors can use technology in risk management by performing real-time site supervision and recording safety incidents for a more detailed understanding of potential or present risks on a construction project. In other words, keeping an electronic log of all safety incidents will help construction companies spot dangerous trends on-site.
However, since using technology in risk management is a new area for construction companies to invest time and resources in, most contractors do not have the expertise required to successfully analyze risk data. “Contractors generally recognize the value of these activities, which suggests that resource and expertise constraints are key issues preventing wider use,” Dodge wrote in its report.  Further supporting this fact is the overwhelming 67% of participants who’ve reported their company does not have a budget earmarked for project risk data analytics and consulting.  Therefore, increasing a budget for risk management technologies can help reduce incidents on the job.
Investing in new construction AI software along with the use of existing technologies on job sites will give companies a wider scope on how to handle risk. If you’d like to find out more about mitigating construction risks or how to jumpstart your career in construction, get in touch with a construction safety consultant on our team by calling 212-933-9071 in New York or 215-475-5810 in Philadelphia today.
 Dodge Data and Analytics – Contractors, Insurers Expect IoT Tech to Improve Construction Risk Management
 Dodge Data and Analytics – Using Technology to Improve Risk Management in Construction