Meta Description: AI is helping lower cost, improve efficiency, and ensure timely delivery. Manage construction projects better with artificial intelligence.
Artificial intelligence (AI) is playing a vital role in the growth of the construction industry, expanding scope, improving revenue, and enhancing productivity. With the engineering and construction industry investing roughly 1% into technology each year, there is significant potential for investment expansion through the onboarding of the right solutions.
Companies with a stronger historical record of digitization are also 50% more likely to benefit from AI than first movers. This is due to the existing infrastructure that firms have developed, from the right talent to the right methodologies. Developers can also chart their journey to greater AI adoption by focusing on digitizing specific use-cases. That is why areas such as project management, procurement, and data analytics, are ripe for digital innovation.
AI is a vital tool to manage construction projects better, especially as firms focus on expanding operations into multiple domains. The integrated management of different projects, vendors, stakeholders, and teams becomes increasingly complex when performed manually. AI helps streamline the management of all processes through the introduction of embedded deep learning. AI also strengthens data security, which is a rising area of concern for several developers.
Enhanced planning through AI in construction
Planning management, from design to pre-construction, can be effectively optimized through digitization and machine learning. Data from past projects can be analyzed at scale to form the most accurate assessments of site conditions, engineering strategies, hiring practices, and material requirements. In fact, for nearly 44% of global enterprises, AI has helped reduce the cost of management and planning for their projects.
The boost in AI-driven planning also impacts subsequent stages, thereby making them more precise and productive. Teams have access to highly accurate insights driven by machine learning and deep analytics and can leverage them to improve process output. Data from building information modelling (BIM) can also be made more precise to ensure a complete scientific analysis of all planning stages.
Better financial projection management for projects
One of the most important areas where AI impacts construction firms significantly is within financial modelling. Ensuring precise budgeting, forecasting, and project financial analysis is key to driving greater profitability. With larger projects experiencing up to 80% of budget overruns, AI can significantly improve cost compliance while reducing late-stage spending.
Cost analysts, contractors, and developers can come to an agreement on project financials quicker when leveraging the right financial projection strategies. Stakeholders can have greater collaborative action on financial management, especially as projects expand in scale and scope. This significantly improves monthly budget management, ensuring that all processes comply with outlined limitations.
Robust data analytics for better management
A key benefit of construction management software is the access to robust data analytics solutions. The leading construction management platforms leverage AI in some form to enhance the outlook of data-driven projects. AI helps streamline quality management through the real-time analysis of site specifications. Errors in measurement and final work can be rectified sooner with AI-driven data analytics.
AI is also used to review milestone-based project status, especially for DCAA compliance to specifications and material use. In fact, digital transformation via the cloud, AI, and analytics has the capability to boost productivity by close to 15% in several cases. From analyzing material quality to understanding worker productivity, key decisions can be seamlessly made through the power of data. Managers can use the insights generated and perform corrective action to ensure quality delivery.
Integrated data stream management across sites
Construction sites generate a large quantity of data, from equipment health information to site quality insights. Data is captured through drones, robotics integrations, IoT hardware, and other associated technologies. AI directly supports the intelligent streaming of real-time data through better processing approaches.
AI within stream analytics also positively impacts the outcomes of any real-time initiative. Leveraging AR, VR, and real-time walkthroughs for sales purposes requires the integration of AI and deep learning. Stream management, through artificial intelligence, can improve the quality of visualization and boost process optimization for best results.
Automated risk management and controls
In the case of global risk management practices, AI is a core part of the domain in 16% of enterprises. The benefits of adopting AI within risk management are multi-fold, enabling developers to drive a more comprehensive approach. Worker safety, site accidents, liabilities, and mishaps, can be tracked comprehensively via construction management platforms leveraging AI.
The creation of the digital twin, as a way of mapping all building processes and stages, is also a key benefit of digitization. AI helps automate the generation, maintenance, and derivation of insights related to digital twins, which has the potential of reducing rework by 40-50% in many cases.
Enhanced construction safety management on-site
Improving construction site safety is a key area of concern for several developers. They are vital to maintaining schedules and ensuring that workers are safe throughout the construction lifecycle. AI can help predict accidents and errors faster for better mitigation of safety-related risks.
Critical post-construction processes, such as energy management, building health monitoring, and maintenance, can be automated through AI. These technologies help manage buildings after they have been developed and are being actively used for streamlining occupancy. Additionally, projects that have halted progress can also be monitored in real-time using AI and safety data capturing technologies.
Identifying the right gaps in execution is vital to ensuring quality and timely delivery as well. Project managers can leverage a construction management solution and perform data-driven audits in ensuring project compliance. This can reduce the risk of safety issues from remerging and the successful closure of recurring safety challenges. Workers can be educated and empowered to shift their focus towards greater safety and attention to site issues. They can also be trained better to ensure that they are able to execute site work safely.
AI can significantly improve construction practices, strategies, and methodologies through the power of automation. AI is enabling construction firms to explore new avenues of revenue growth through the increased digitization of core processes. From planning & procurement to inspections & delivery, major stages within construction lifecycles can be fully optimized through AI. AI is also empowering managers with data analytics capabilities to completely transform operational strategies.