In this article for Modern Contractor Solutions Magazine, Triax Technologies’ Chad Hollingsworth discusses the proliferation of technology and how construction companies can apply lessons learned during the first half of 2018 to drive a safer, smarter, more profitable future in the second half of the year and beyond.
Modern contractors must contend with increasingly complex projects, rising costs, resource scarcity, and persistently thin margins. The skilled labor shortage continues to dominate headlines with 47 percent of contractors expecting the lack of available labor to worsen over the next 6 months.
Due to these pressures and technological advances, the construction industry continues to embrace innovation more than ever. As the Internet of Things (IoT) is becoming ubiquitous in all areas of our lives, construction is no exception. The adoption of IoT-enabled solutions at the jobsite—most notably wearables, sensors, and drones—enables the collection of valuable physical and visual data more efficiently and affordably than was previously possible. And this data, when combined with intelligent software and analytics, is unlocking new insights that is being used by construction firms to identify issues earlier, manage costs, and remove uncertainties around project performance and outcomes.