(Credit: Pixabay)Paige Wireless and SAS are combining their technologies and smart systems to offer a risk management system to businesses and governments that addresses flood risk and control.
The companies will use Paige Wireless’ LorRaWAN network and Internet of Things-enabled sensor technology with SAS’s artificial intelligence for the platform. The partnership will help businesses be prepared for flooding situations with predictive analytics, and data to enhance early alert systems that will help with preventative actions and real-time response, the companies say.
According to the companies, by 2030 more than 147 million people will be impacted by flooding events. Flooding can destroy buildings and cut off access to critical services. The companies say they will work with governments to mitigate flooding risks before they happen.
A report by First Street Foundation and Arup predicts that businesses, including retail and commercial properties, could lose more than $13.5 billion from flooding in 2022. Businesses also could lose a collective 3.1 billion days of operation because of flooding, according to the report.
Last year floods in California and along the Louisiana coast were among the 20 weather events in the United States that caused at least $1 billion of damage. CNN reported that areas along the Gulf Coast were at most risk and some businesses have relocated as a result of flooding potential, such as Spirit Air moving from Florida to Nashville, Tennessee.
A survey by Cervest found more than 80% of business leaders at companies in the US and United Kingdom feel they are at risk from climate-related events, and nearly 90% have had an asset or facility impacted by weather over the past five years. Smart ESG risk assessment platforms are also growing at a significant rate so companies can manage different scenarios.
The Paige Wireless and SAS system will review weather, environmental, sensor, and development data for modeling, simulation, and generating insights. It will build a database to track insights, such as storm magnitude and where historical flooding happened.
It will use existing flooding data to simulate the potential impact of development planning on streams and floodplains. It will also create awareness of high-risk flooding areas and generate flooding alerts.
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