Economic Benefits

BUILDING SEISMIC INSIGHTS

The cost of unnecessary building closures

Not only does rapid response in an emergency save lives it also protects economics and personal incomes. The benefits of using our Structural Health Monitoring System will deliver a good return on investment by stopping unnecessary business closures, and loss of wages. The mental wellbeing of employees is also crucial. Knowing they are returning to a safe workplace will impact positively on productivity which will lead to economic benefits. There is factual evidence that the uncertainly of a buildings status impacts on productivity during historical seismic events.

The evidence

Even a small to medium business of 200 staff can make potential savings in the case of an earthquake building status. See the scenario below.

Cost saving scenario

Scenario: Large corporate building, three stories high with 200 staff.

As the building is not considered a priority it remains empty for seven days waiting for engineer assessments to take place.

The cost to business:

Staff costs:  200 staff working 8 hours per day = 11,200 hours
@ $30 per hour average = $336,000

Loss of productivity: Equal too or greater than wage cost $250,000 (conservative figure)

Total cost of a 7 day evacuation: $586,000

Early decision-making will save the distress of income loss that could have been avoided. Being prepared will put you in the best position to manage a swift recovery.

Find out more about cost benefits.

Engineers assessment of data

Engineers are able to access data on a specific building or specific floor at all times. Thresholds are set by the Engineer, with knowledge of ground composition and the materials and design of the structure.

Reaction to what the data tells us will guide immediate action to whether your building is safe, needs further assessment or needs evacuation.

Engaging an engineer

An engineer who is familiar with your building will allow easy integration with our system and data management.

Get in touch and we will refer you to reliable specialised engineers who are familiar with our monitoring system. 

Insurance considerations

The ongoing monitoring prior to, or after an event can highlight potential risks that can be managed and remedied. This will benefit negotiations around insurance premiums and excess increases against actual structural soundness of a building – managing costs.