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A Guide to Predictive Analytics and Its Effects on Risk Management in Construction

2017 was a banner year for construction technology innovative, and the momentum is not likely to slow down in 2018. If your company is one of those that embrace technology to improve efficiency, safety, cost, and construction quality, here are some innovations to watch this year.

Predictive Analytics

In many cases, the ability to manage risk creates the difference between a successful construction firm and one that struggles to survive. Predictive analytics make risk management much simpler.

Last year, Project IQ ran a series of beta tests with industry-leading companies to see how much they could help these firms manage risk by using predictive analytics. Project IQ takes data from subcontractors, design plans, materials suppliers, and the build site and analyses it to examine risk factors. General contractors can use a dashboard to identify which parts of their project carry the highest risk and examine the reasons behind the risk assessment. Project IQ uses past data and how contractors interact with the presented information to provide more accurate and useful risk assessments.

Project IQ is expected to be made available to the wider construction industry in 2018 and improve the way that users manage their risk.

Virtual Reality

Virtual reality is no longer limited to the gaming industry. Winter Construction recently employed 4D to completely immerse stakeholders in various planned construction environments such as the planning and design stages. Allowing decision makers to experience plans before they were finalised resulted in both stronger buy-in and plans that met expectations.

Until now, virtual reality has been confined to the most innovative and advanced organisations. Now, it is more widespread and in demand from project owners. 4D environments enable construction firms to plan all aspects of their projects and improve everything from efficiency to safety as well as deliver a higher-quality final product.

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Augmented Reality

While virtual reality allows people to experience 3D and 4D environments without taking a single step, augmented reality enables them to actually move through 3D environments. MeasureKit, an iOS app, lets users point their iPad or iPhone at a building component object and interact with it. Industry watchers are predicting that new augmented reality applications will come out this year while existing ones will go mainstream.

Wearable Technology

Although safety at construction sites has greatly improved, wearable technology can make it even better. Speciality companies offer wearables that monitor the location of workers on the job site, send real-time alerts when potential hazards appear, and identify when the wearer has slipped, tripped, or fallen so that assistance can be provided immediately.

Connected Job Sites

When communications between the job site, trailer, engineering, and design office break down, the outcome can be both aggravating and costly. Fortunately, job site connectivity is easier to accomplish. It is now possible for everyone on site to access the most recent documents and drawings and even file RFIs and issues using a portable device. Communication is reduced from weeks to hours and even minutes, lessening the possibility of miscommunication errors.

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