How to Reduce Construction Risk and Boost Productivity with Video on Demand

Executive Summary: A New Way to Reduce Construction Risk

A $2.8 million solar panel retrofit of an existing building threatens to go $1 million over budget. The reason: poor communication among partners leads to a big problem, and there seems to be only one very costly way out.

It’s a familiar story. Despite the availability of new communication technologies, construction projects are still plagued by too much paper, incompatible software systems and poor documentation.

Industry estimates show that inefficiencies related to manual data re-entry, verifying design and construction information and handling requests for information (RFIs) inflate the schedule for every project by at least 10% and possibly as much as 50% and the built cost of every square foot by $6.08.

That’s not counting the time and money lost from building disasters that happen when this patchwork of communication systems fails.

And now, project managers are being pressured to handle more and increasingly complex projects. But the traditional ways construction firms try to reduce risk and boost productivity haven’t met these challenges.

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