COVID-19 has turned our “normal” upside down and the word every industry fears – RISK – has become a part of daily vocabulary. More than ever, organizations are quickly adapting and shifting the way they do business. As they do this, they are relying on their partners to continue to be by their side supporting their new normal.
The construction industry is not immune to the virus, and no matter if the owner programs are to build infrastructure, schools, healthcare facilities or corporate development, the challenges facing are the same:
1. Health and safety of employees; in the office and on the job site
2. Material delays impacting timeframes
3. Funding and nervous lenders
4. Travel bans forcing a mobile workforce to telecommute and rely on technology to get
the job done
5. Contractual obligations across a project and the legal implications
While construction is considered “essential” in most states, there are still a lot of grey areas on what exactly that means. Based on the challenges outlined above certain aspects of a project simply can not move forward.
As the industry navigates a new normal, visibility into projects and how COVID-19 is impacting progress is more important than ever.
Owners need to be able to confidently communicate to stakeholders the status of each project, source or cause of any associated risk and the timing and monetary impact. Issues presented by COVID-19 are no exception. COVID-19 risks need to be tracked individually and the impact defined and documented through closure or completion.
So what can owners do to mitigate the COVID-19 risk:
- Adapt: Don’t stop deploying tools, processes, and systems to stay ahead of the situation.
- Deploy: Don’t wait to introduce new tools and technology, it can be done even in today’s changing environment.
- Communicate: Make sure you have the data points to confidently communicate to stakeholders.
- Stay Nimble: Don’t delay in adjusting the status of your projects and be ready for change and newer guidelines from various city, state, county, municipalities as we all navigate our new normal.
To learn how you and your team can accurately, and with confidence, manage and communicate the impact COVID-19 is having on your projects go to: