Since construction companies are primarily focused on being efficient and productive, operating a safe jobsite, and realizing a profit, disruption and the unexpected are the last things most of them want to see. Unfortunately, the unexpected has become the new normal in construction because of supply chain issues, inflated and unstable fuel costs, economic uncertainty, skilled labor shortages, and growing consumer demand for innovative, sustainable solutions.
Risk is inherent in each of these disruptions. So, companies are facing the need to minimize their risks, while still optimizing their business. Risk management requires constant attention in order to remain competitive and resilient. That includes managing cash flow, optimizing the design process and improving operations at every level on each construction project.
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Autodesk recently announced three new partnership initiatives that can help construction companies address and better manage risk on their projects.
- Construction data analytics.
Bad data has been cited as the root cause of one-third of poor construction decisions.
Toric, a no-code construction data analytics platform, uses an artificial intelligence (AI) based data platform to deliver clean and reliable real-time data. It harvests data from multiple sources to help construction companies make more informed decisions and improve the efficiency of their operations. They can leverage project data to better monitor and manage their daily operations.
- Automated construction payments.
Manual payment processes in construction companies can be time-consuming and a source of errors.
Payapps, a global construction payment management solution that supports the flow of money, improves the automation of construction payments and helps mitigate compliance risk. Payapps solutions improve subcontractor payment management, reducing payment cycles and eliminating potential errors. They offer real-time accounting and accounts-payable management.
In North America, Autodesk Build already integrates with many of the same ERP (enterprise resource planning) systems as Payapps GCPay. Autodesk and Payapps are working on identifying other beneficial integrations.
- Tech-enabled insurance.
Insurance companies have a difficult time quantifying and pricing risk for construction companies.
Although construction companies have access to a great deal of data, insurers are still trying to figure out how to leverage that data to underwrite risk. The tech-enabled insurance provider Shepherd is positioning itself to reward construction companies that decrease risk when they make use of critical project data to improve insights and increase jobsite safety. Among those companies that will be eligible for lowered premiums will be users of Autodesk Build.
In the long run, the efforts of every construction company to exercise strong and comprehensive risk management benefits the entire industry. These three new Autodesk partnerships – Toric, Payapps and Shepherd – are three new opportunities for construction companies to do so. They can meet current and future building and infrastructure needs while reducing risk and increasing predictability, safety and sustainability.