In today’s world, the list of things to worry about is extreme, never ending and ever changing. To capitalize on the opportunities that will result, we must manage risk by using every tool at our disposal.
1. Preparing for the next normal: During the pandemic, construction professionals answered the call of being identified as “essential” businesses by embracing online tactics and implementing ground-breaking safety procedures. Moving to the “next normal” means taking the best of online and blending it with improved business tactics. Companies must prepare their staff, cultures and strategies, because this next normal is coming.
2. Bridging buy versus build: Construction companies are constantly faced with the technology conundrum of buy versus build. Instead of treating them as two mutually exclusive options, contractors should consider tech stacks as hubs and build spokes to connect to various technologies.
The ability of a construction company’s technology to be flexible is a key market differentiator. Isolating risk-management tools while remaining integrated with project management, enterprise resource planning and accounting modules should be a key focus. In addition, risk-management tools should have increased decision-making power, be able to mitigate increased risk with both enterprise and project oversight and be both driven and supervised by risk-management professionals.
3. Embracing tech: The four areas that are most difficult to predict and plan for are pandemic effects, regulatory changes, loss of confidence and new technology impacts. Of these, technology is the only one about which companies can make decisions without outside influence. The days of slow technology adoption are over, so construction companies should embrace, budget for and implement technology—and be prepared to fail fast and keep moving.
4. Pivoting on a dime: All technology must have the ability to pivot quickly. As construction technology evolves at a blistering pace, risk-management professionals must be open to trying new options and continuously correcting course, ensuring that risks are evaded rather than mitigated. Always remember that risk is a four-letter word.
Michael Ho
Chief Executive Officer
Bespoke Metrics
