Although innovation and technology adoption have not been priorities for many engineering and construction (E&C) companies, it also means that substantial opportunities exist in these areas.
As companies seek solutions, two points bear emphasis. First, innovation shouldn’t be limited to new or advanced technology. Sometimes it’s combining time-tested practices with current technology that best improves your customers’ experience and your business results. Second, simply adding technology isn’t a cure-all. Achieving success in innovation starts with leadership commitment and must work its way down through an organization.
As a leading insurance provider for the construction space, serving customers is our top priority, but we can’t tell them which innovations to choose or how to implement them. E&C company leaders need to assess and decide what technology solutions are best suited to solve their unique business challenges.
However, innovations that improve our customers’ ability to manage risk effectively are the ones we focus on. With that in mind, we have identified six technology categories we’re assessing in collaboration with our E&C customers:
- Wearables/employee tracking devices
- Artificial intelligence (AI)
- Unmanned aircraft systems (UASs)/drones
- Predictive analytics for medical/health management
- Robotics, both autonomous and assistive
- Monitoring and tracking equipment/autonomous vehicles
Implementing any new technological process takes time and patience. You must allocate appropriate investments and have a plan for rolling out the new initiative, following up and making people accountable at every level. If you don’t do all these things with the goal of continuous improvement, the implementation won’t succeed. However, when you do follow these steps, you and your customers can reap substantial benefits.
Read a case study of one company’s approach to innovation, and learn more about our choices for innovation and technology areas of concentration for the E&C industry.
See where your focus should be.