On the latest episode of Risk Management: Brick by Brick, Jason Reichl heads to Procore Groundbreak 2023 to chat to Peter O’Brien, General Manager of Procore Risk Advisors, and Danny Seigle, the Vice President of Fintech & Procore Risk Advisors.
In this episode, Jason, Danny, and Peter discuss innovation in the construction industry, including the rise of technology and data and where it is headed next. They delve into how they are leveraging data at Procore in the form of Operational Excellence Scorecards before exploring the biggest risks facing the construction industry today.
To find out how TrustLayer manages risk so that people can build the physical world around us, head to TrustLayer.io.
Technology Innovations
Nowadays all anyone can think of is AI.
Will AI take our jobs? Will AI make our lives easier? Will AI take over the world?
For some people, utilizing AI in the world of construction is the obvious next step. To others, it’s a laughable idea. But those same people probably thought the same about technology just 15 years ago, and now wouldn’t be without it.
Imagining the construction industry without the use of tech we have today is like imagining the world without wind: it’s inconceivable.
As Peter O’Brien puts it, “Technology plays a critical role because it gets information out of people's heads and into a data set that then can be distributed throughout the organization. And that's incredibly important when you look to the next generation of builders.” Technology has allowed for passing knowledge being generations of construction workers in a way that wasn’t possible before.
It has allowed for databases to be constructed, but that then leaves the question: what can we possibly do with such a vast amount of data?
How Can We Leverage Data?
At Procore, they are ahead of the game, already beginning to leverage the sheer amount of data now available to us.
They have built out new dashboards for their customers, termed Operational Excellence Scorecards. These demonstrate key behaviors relating to how the customer is utilizing the Procore software, each of which relates to risk reduction. The customer can then see where they can improve.
This empowers the customers to know exactly what tools to adopt and why. Then they are able to see the outcome when they do adopt said tools.
Peter thinks it’s almost like knowing about reducing risk when driving:
“I think the analogue of what we're doing is what you've seen play out in the telematics in the auto industry or the trucking industry, in developing the behaviors around what is a good driver? Do you wear your seat belt? Do you stop at a stop sign for three seconds? Do you drive slowly around corners? Those behaviors are critical to understanding the risk profile of the driver. We're now applying that same logic to the construction industry and helping contractors be informed around those behaviors to understand these ones have material impact on risk”.
Their work has been met with a mixed range of reactions: some are surprised by what behaviors reduce risk, others express that they knew deep down but were not aware of the importance.
To find out more about innovation in the construction industry, tune in to this episode of Risk Management: Brick by Brick.
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