The construction industry faces a lot more risks than you can possibly imagine. Apart from your site team facing potential injury, firms have to deal with equipment damage, missing deadlines, failure to comply with health, safety, and construction standards, going over budget, and change orders as well.
A new study, however, notes that collaboration might be the key to avoiding these risks.
According to a report by Dodge Data & Analytics, 91 percent of respondents involved in the study agree that increased collaboration can reduce risk. This is especially relevant given that 75 percent of the industry has experienced a dispute or claim — usually about construction defects or warranty issues — that lead to termination or failure.
“Early collaboration by team members can lead directly to less project risk and crisis — a significant incentive to start working together better, more often.”
You can start to see why it’s important for companies to know how collaborative-driven practices can help mitigate risk. Here are the top three…
1. Formal brainstorming helps you anticipate potential risk areas with the team
Properly managing risks can have a major impact on project costs, scheduling, and resources. It requires teams to sit down and discuss critical elements of the project and industry.
Regularly scheduled meetings to talk about the approaches to improve operations will ultimately help you manage common risk factors. A focused approach to tackling specific problems means contractors can better anticipate a situation before it escalates into a real problem.
2. Use checklists, forms, and risk registers to keep a tab on everything
Throughout the course of a project, it’s typical for the quality of coordination and communication to take a backseat so that teams can focus on the actual legwork. Collaboration however actually contributes greatly to the successful completion of any construction project.
Systematically keeping tabs on every single facet of the construction process using checklists, forms, and risk registers allows companies to maintain the quality of the project.
3. Tapping into expert advice gives you access to unique and useful insight
Construction is considered one of the most complicated industries today. Multiple projects run concurrently and require professional management and a very close eye on safety standards.
Relying on the capability and proficiency of key experts can help improve project safety and provide a good framework to anticipate potential risk areas in a project.
Remember, effective risk mitigation in construction means you have to start from the very beginning. This is why the value of these three tips — brainstorming, effective tracking, and expert input — is apparent. Leveraging these key collaboration areas can increase a project’s overall reliability, improve efficiency, and even reduce costs associated with mistakes and errors.
While the concept of collaboration isn’t new, the evolving needs and scale of construction projects today means stakes are actually higher for both yourself, clients, and stakeholders. Fortunately, technology today can help streamline and automate these key collaboration strategies to help mitigate risk.
If you want to find out how our platform can mitigate risks for your construction projects, contact PASKR today.