The study found that the top motivator for adopting IoT technology is the possibility of lowering insurance premiums (67 percent), followed by recovering lost time due to incidents and winning more work because of a strong safety record.
“These findings are encouraging and confirm what we’ve suspected: that contractors and insurers alike see the value in leveraging IoT technologies to help collect, analyze and act on risk management data,” said Pete Schermerhorn, President and CEO, Triax Technologies.
“Contractors are often a skeptical audience, keeping a close eye on the bottom line,” says Steve Jones, Senior Director of Industry Insights Research at Dodge Data & Analytics. “But when they see something that will improve their projects and their profitability, they embrace it. Their enthusiasm for IoT technologies suggests that we may see the project jobsite become much smarter in the next few years.”
Respondents report that they are actively collecting key data, and more importantly, using the insights to further their safety and risk practices. More than half of the participants report that they digitally gather (54 percent) or analyze data (59 percent), while 77 percent report that they act upon key safety and risk insights.
However, the study revealed budgetary challenges to tech adoption. Only 10 percent of contractors report a dedicated innovation budget and when it comes to funding new risk-reducing technologies, most contractors either plan to absorb the costs in anticipation of long-term gains (44 percent) or pass on the costs (32 percent).
“These findings highlight an important opportunity to shift the industry towards reliance on objective, empirical data,” said Schermerhorn. “The ability to measure risk is fundamental to managing it, especially in the fast-moving construction environment. It’s essential that contractors dedicate budget and resources to unlock actionable safety and risk insights that can drive improvement in these areas.”
As part of the study, in-depth interviews were conducted with insurers, who agreed that real-time site monitoring can have a high level of potential for reducing risk onsite but that reductions to contractors’ premiums based on technology adoption are unlikely until there is enough actuarial data on the impact of those technologies. However, instituting a cost-sharing program with clients for specific technologies was raised as a possibility, as well as potential savings that contractors could realize from reduced deductible costs and fewer claims.
Download the full SmartMarket Insight for free at www.triaxtec.com/riskreport.
About Triax Technologies, Inc.: Triax Technologies, Inc. develops and delivers Internet of Things (IoT) solutions for the construction industry. Its flagship Spot-r system connects workers, equipment and managers through a proprietary, minimal infrastructure network, sensors and a cloud-based dashboard. By providing real-time, data-driven visibility into daily site operations and safety incidents, Spot-r is changing the way construction companies manage resources, information and risk. Triax develops intelligent, actionable solutions that address the complexities of an active jobsite, and helps firms streamline processes and build safer and smarter. More information can be found at www.triaxtec.com.
: Dodge Data & Analytics is North America’s leading provider of commercial construction project data, market forecasting & analytics services and workflow integration solutions for the construction industry. Building product manufacturers, architects, engineers, contractors, and service providers leverage Dodge to identify and pursue unseen growth opportunities that help them grow their business. On a local, regional or national level, Dodge empowers its customers to better understand their markets, uncover key relationships, size growth opportunities, and pursue specific sales opportunities with success. The company’s construction project information is the most comprehensive and verified in the industry. Dodge is leveraging its more than 125-year-old legacy of continuous innovation to help the industry meet the building challenges of the future. Learn more at www.somethingwhimsy.com.
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