Big data and cloud computing are revolutionizing business exposure to weather risk.
In the Harvard Business Review, Risk Management article entitled “Severe Weather Threatens Businesses. It’s Time to Measure and Disclose the Risks,” authors Jean-Louis Bertrand and Miia Parnaudeau highlight how big data and cloud computing are revolutionizing ”…business exposure to weather risk…,” which includes exposure to weather risk across the construction industry and built environment.
Further, Bertrand and Parnaudeau discuss how “tailor-made products… through internet platforms,” or custom hyper-local weather risk solutions with risk management tools, now enable project stakeholders to manage risk and mitigate exposure to adverse weather and weather events, such as high-intensity rain, low temperature, or high wind, in an acceptable timeframe to make better-informed, data-driven decisions.
Examining a number of market sectors throughout the UK, the weather risk management article highlights empirical evidence, finding that weather has a significantly greater impact on business operations than previously estimated. “And, perhaps unsurprisingly, the risks (as a result of adverse weather and weather events) vary considerably between industries…” such as construction industry.
Climate change is making severe weather more common.
Concluding “Severe Weather Threatens Businesses. It’s Time to Measure and Disclose the Risks,” the authors note that “disclosing climate change risks is not just about reporting on your energy usage and carbon emissions. Climate change is making severe weather more common.” Now more than ever, it’s mission critical for companies to understand the risks that weather poses to operations.
More in the next blog series about weather planning, Weather Controls® and weather risk management for the construction industry and built environment…
Headquartered in Cambridge, MA, WeatherBuild® offers a suite of decision support solutions that empower contractors, owners and operators to improve situational awareness and make better-informed decisions about weather events, schedule impacts and probable outcomes.
© 2018 Weather Build, Inc. All rights reserved. “WeatherBuild®” and “Weather Controls®” are registered trademarks of Weather Build, Inc. The WeatherBuild “W” logo and app icon, “WeatherBuild Notify™”, “WeatherBuild History™”, “WeatherBuild Enterprise™”, “WeatherBuild Maintenance™”, “Decision Support Solutions for the Construction Industry and Built Environment™”, and “Increase productivity. Enhance safety. Manage risk.™” are trademarks of Weather Build, Inc.