Market Overview

Labor Day Spotlight: Construction Industry Enters the Digital Age, Brings Change, Opportunity to Workforce

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Triax Technologies Identifies Key Drivers to Digital Transformation:
Worker Shortage, Financial Investment, Academic Programs, Innovative
Tools

Triax
Technologies, Inc.
, a leading provider of the connected jobsite, is
shedding light on how the traditionally low-tech construction industry
is embracing innovation and using technology to meet workforce
challenges, and stay competitive and agile in today's changing market.

"There's no doubt that construction workforce dynamics are changing,
with experienced workers retiring and a shortage of skilled workers to
fill those slots," said Chad Hollingsworth, CEO and co-founder, Triax
Technologies. "Organizations must learn to do business in new ways with
less manpower, and that means leveraging technology to gain visibility
across projects, attract a new generation of workers, and optimize
worksite, safety and project performance."

In the last 12-18 months, there has been a major initiative to bring
digitization to construction with a surge in start-up technology firms,
financial investment, and a growing commitment of industry leaders to
develop and embrace new technologies. With increasing construction
activity and backlogs, construction companies are investing in new tools
and technologies as well as workforce development.

According to Triax Technologies, these initiatives are not only enabling
increased safety and productivity, but they are also creating new roles
and opportunities for education and advancement for the country's six
million-plus
construction workers. Following are some of the
initiatives underway:

  • New professional roles to fast-track technology and leverage data.
    New IoT technologies are automatically collecting data from workers,
    equipment and tools across project sites. With this groundswell of
    data, construction firms are creating new project control centers to
    monitor, analyze and act upon this data across all their active
    jobsites as well as more tech- and innovation-focused positions,
    including chief data officers, technology/innovation specialists, and
    directors of innovation. Industry-wide, construction companies are
    prioritizing innovation and developing formal frameworks, and
    oftentimes employee rewards programs, for identifying, proposing and
    evaluating cutting-edge technologies. These initiatives are helping to
    attract traditionally non-construction tech professionals to the
    industry, providing an opportunity to shape one of the last digital
    frontiers and apply technology to solve key industry problems.
  • Growing sector investment. Ten
    billion dollars
    has been invested in construction technology from
    2011 through early 2017 according to McKinsey, and 2018 investment has
    already reached $1.38
    billion
    , according to CB Insights. This investment is not only
    accelerating digital adoption by enabling start-ups and emerging
    companies to develop scalable, construction-specific technologies, but
    it is also prompting established companies to partner with these firms
    to create greater value for their customers. All of this activity is
    raising the profile of the construction industry, attracting more
    tech-savvy individuals to the space.
  • Expanding educational programs. Recognizing today's innovative
    construction environment, universities are offering expanded
    construction management programs that incorporate new technologies and
    hands-on experience. Keene State College in New Hampshire, for
    example, is offering a construction
    safety sciences
    degree program, the first program of its kind in
    the U.S. To address the skilled labor shortage, institutions, industry
    associations and construction companies are teaming up to expand
    workforce training and development programs, such as non-traditional
    internship programs for high school students, girls-only shop classes
    and reverse-mentorship programs between experienced workers and
    millennials.

About Triax Technologies, Inc.

Triax Technologies, Inc. is a Norwalk, Conn.-based technology company
that develops and delivers Internet of Things (IoT) solutions for the
construction industry. Its flagship Spot-r system connects workers,
equipment and managers through a proprietary, minimal infrastructure
network, sensors and a cloud-based dashboard. By providing real-time,
data-driven visibility into daily site operations and safety incidents,
Spot-r is changing the way construction companies manage resources,
information and risk. Triax develops intelligent, actionable solutions
that address the complexities of an active jobsite, and helps firms
streamline processes and build safer and smarter. More information can
be found at www.triaxtec.com.

LinkedIn

Twitter: @TriaxSpotr

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