RC108 SeptOct2023 - Magazine - Page 15
a construction project, and as such, can also deter fraud
by eliminating suspicious and duplicate transactions.
Information on purchased materials can be visible on the
blockchain, including production and quality certificates.
Internet of things sensors
Canadian construction companies have various reasons
for investing in wearables and Internet of things (IoT)
sensors, including to improve productivity, planning,
and estimating, sustainability or health and safety. The
survey finds that only 56 per cent have invested in IoT to
a “moderate” or “great extent”.
IoT sensors can cover a broad array of attributes
including water, temperature, air quality and particulate
counts to fire risks, the structural integrity of a building,
monitoring proper curing and quality of concrete and
more.
Accordingly, IoT sensors offer an interesting value proposition to insurance companies which can use
sensors to better understand and mitigate risk (like water
leaks) by requesting that construction companies deploy
IoT technology to detect, mitigate and control risks and
thereby reducing project risk and potential insurance
claims.
Cyber risk management
The transition to a more digital does, however, come with
risks. From ransomware to spear phishing and distributed denial of service (DDoS) attacks, cyberattacks in
Canada are on the rise. No industry is immune.
Yet, fewer than four in 10 companies (38 per cent) have
implemented cybersecurity tools and technologies, finds
Percentage of companies that are concerned about
privacy breaches and potential risks:
45%
8% not
at all
A great or
considerable
extent
16%
A little
extent
31%
A moderate
extent
KPMG’s survey. Only about a third (32 per cent) have
definitive plans to implement cybersecurity technologies over the next three years. The remaining 13 per cent
admit they have no plans to implement cybersecurity
tools. No wonder then that over half (56 per cent) of those
surveyed aren’t confident that their IT world is secure.
As companies leverage technologies—such as robotics
to assist in builds, drones to monitor worksites, and sensors and connected devices to operate smart buildings—
they generate, collect, and store vast quantities of data.
Cybercriminals are looking for vulnerabilities or ways in
RENEWCANADA.NET
“This is all about doing more with less.
There is an amazing level of demand
for infrastructure that is facing a
constrained construction industry.
New technologies will help us
bridge the gap and deliver more
projects more efficiently.”
— Jordan Thomson, construction lead, KPMG in Canada.
to steal personnel, account or financial records, architectural and engineering designs, intellectual property data,
or confidential or sensitive project information, or to gain
control of critical infrastructure.
Getting the right people at the table
A successful digital strategy starts with board and executive sponsorship. But only 44 per cent of the companies
surveyed say that top management assigns a “great” or
“considerable” significance to digital transformation.
Department heads—those closest to the organization’s
needs and limitations—will need to play a larger role in
guiding their organization’s digital maturity by reviewing
their workforce capabilities 77 per cent of companies say
that digital transformation will require hiring new talent
within their organization to a “moderate” or “great”
extent.
In KPMG’s 2020 report, they posed the question, ‘Can
you afford to wait?’ The ensuing three years proved
that companies can’t afford to wait. The industry now
recognizes that they must modernize or be left behind.
“Technology can help the construction industry address
Canada’s housing and infrastructure challenges,” says
Tom Rothfischer, partner, and national industry leader,
Building, Construction, and Real Estate, KPMG in Canada. “Digital tools, if used smartly, save time and money,
reduce waste, and improve worker safety and productivity. In short, they help get projects done on time or ahead
of schedule and on budget.” The next three to five years
could well be a ‘make or break’ time frame for many
companies.
SEPTEMBER/OCTOBER 2023 – RENEW CANADA 15
