At the Construction Lenders Risk Management (CLRM) roundtable recently held in California, one topic of discussion was technology and how it is being used in the construction industry. The construction industry is starting to embrace technology in order to ensure that their projects stay on schedule, on budget, and more transparent to all stakeholders. Developers are increasingly adding a variety of smart technologies, such as drones for survey and data collection as well as BIM, GPS, and sensor capabilities, to traditional tools to make the design and development process more efficient. But, lenders are much more interested in new technology platforms and software.
Be Realistic About Risk
Projects rarely run smoothly without adjustment, so construction risk management is the name of the game. Lenders are willing to pay for tools that will keep a project moving. There is value in spending additional money up front to prevent extensive costs during the project. It’s a classic case of not being ‘penny wise, pound foolish’ and an educated borrower will see the benefits of the additional spend up front. With this philosophy in mind, lenders are increasingly relying on sophisticated project management platforms to better manage these risks utilizing these databases. These platforms can collect data and deliver reports—whether during the construction of your project or managing a portfolio of projects simultaneously.
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