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Advisors are already rewarding companies that see the value in risk management by
using data-driven insights to unlock better insurance terms.
“It all comes back to predictability. The more we can use data to help construction
professionals predict things like project delays, material needs, equipment and weather

conditions, the better off they’ll be,” said Sarah Hodges, Chief Marketing Officer. “My
hope is that we will ultimately help them avoid those kinds of situations altogether.”

5. Short-Term Challenges Associated with Data Standardisation

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Because each project is so unique, customisation is often required within the
construction industry. The downside of that approach is that much of the data that exists

is not standardised. While technology like generative AI is helping, we’re still a few
years away from mainstream data standardisation within the construction industry.

“About a third of our customers are in a good place in terms of standardising their data

and integrating it throughout their systems,” said Chaparala. “Another third of our
customer base has started, and we have to encourage them to stay on that path by
giving them tangible examples of ROI. And then I think the last third have yet to embark
on this journey.”

https://meconstructionnews.com/59128/leveraging-technology-to-tackle-the-industrys-biggest-
challenges