Construction can be risky business. Fortunately, with the right information, contractors have the ability to understand their overall exposure to risk. Increasingly, contractors are turning to technology to speed up the process. Typically, people assume this process works much like understanding a stock portfolio. Contractors need insights into their projects across their portfolio to see which are profitable, which are breaking even and which are in the red. But technology today goes beyond data collection and delivers predictive insights that rely on trends to show risk ahead of time, so contractors can make adjustments as needed.
According to Viewpoint's Matt Harris, mobile applications and live field data can be compared against aggregate data from the industry at large. This provides accurate and predictable insights into any bid or job a contractor is looking at. Thanks to this technology, contractors can gain confidence in their assessments of risk like never before.