Benefits of using Artificial Intelligence in construction industry
Look around, everything and anything around us is turning digitized in every blink of an eye. No matter where you are from in the world, if you are not using a smartphone then you’re from the stone age era. Technology and AI – Artificial intelligence are shaping our lives every day and every second.
In this scenario, when everything is adapting to the tech world; It’s a must that the business and industries make steps to be successful. In other words, “we must evolve as the world evolves” which is known as evolution.
Similarly, the construction industries have no exemptions. By having more than 7% of the world’s population working under its belt, the construction companies must sleeve up new technologies and Artificial intelligence to be successful. The technologies, trends and demands evolved in the last decade in the construction industries. Further, clinging to the traditional methods in construction will throw you off the market.
Individuals and businesses worldwide spend more than $15 trillion per year on construction relevant activities, with that figure expected to rise by 5% until 2023. Part of this massive amount of money is spent on, and approved by, rapidly developing technological innovations that touch every aspect of the industry.
Furthermore, to accommodate rural to urban migrants, the world will need to invest around $58 trillion in infrastructure and housing by the end of 2030. The infrastructure and construction industries, which employ 7% of the world’s working-age population, have to bear the brunt of this burden.
To ease this burden and facilitate the construction industries, Artificial Intelligence has many tricks under its sleeves.
So, What Is Artificial Intelligence?
To people in different industries, the term “artificial intelligence” can propose a lot of different things. Artificial intelligence (AI) is an umbrella term for when a machine imitates human cognitive capacities. Such as solving patterns, pattern recognition, adapting and learning autonomously. Even in construction, artificial intelligence has a wide range of benefits and applications.
Artificial intelligence in Construction Industries:
AI in construction has the potential to help professionals work based on resources completely during the project lifecycles. Likewise, including designing, planning, bidding, funding, procurement, construction operations, capital management and business model reformation.
Artificial Intelligence (AI) has various designated utilization in the construction business. Requests for information & data, operating issues, data of insourcing & outsourcing building materials, warehouse data maintenance and change custom orders are common in the industry.
As a result, Artificial Intelligence is like a smart partner that can sort through the heap of data. It can notify project managers of the critical problems that require their attention. Eventually, AI is being build as a primary task manager in the present times.
Furthermore, we are going to discuss some of the advantages of using AI in construction industries.
Artificial Intelligence in Risk mitigation:
Preparing management plans for the project is the first and foremost step in a project. On making early solutions and resolving the future aspects, we have discussed in our previous risk management blogs.
Every construction project involves some level of risk, which can take many forms, including quality, safety, time, and price risk. Because multiple subcontractors work on different trades on job sites at the same time, the larger the project, the greater the risk will be.
There are AI and machine learning solutions available today that general contractors can use to monitor and prioritise risk on the job site. As well as, allowing the project team to focus their limited time and resources on the most critical risk factors. Artificial Intelligence is used to automatically assign priorities to issues. Subcontractors can be rated on a risk score; supporting construction managers to collaborate closely with high-risk teams to diminish risk areas.
AI on Project planning
Artificial Intelligence has solved many issues already in project planning in pioneer construction companies.
In 2018 a building intelligence company launched its robots and artificial intelligence with a commitment to resolve and help budget building projects on large scale. The company automatically records 3D surveys of building sites by using robots. Formulating building materials and then feeding this data to a deep neural network. Where AI classifies the distance between different sub-projects. And it turned out to be successful in spotting the error in planning.
As a result, issues can be resolved in their budding stage rather than solving a big problem using Artificial Intelligence. To understand project planning risks you can follow our risk management blogs.
Perfect Solution for labour shortage
The latest pandemic issues and other environmental issues gave us a lot to think about secondary options. In fact, AI and machine learning are already the secondary and primary options for all industries.
Consequently, construction firms today are funding AI and data science. This is mainly due to labour shortages and in the desire to increase the enterprise’s productivity. According to a McKinsey report, real-time data analysis could increase construction firm productivity by up to fifty per cent.
Artificial Intelligence and machine learning are being used by construction companies. As they can be a better plan for the distribution of labour and machinery across various areas in the work.
Moreover, according to Harvard Business Review, 60% of companies see their future success as dependent on successful implementation of Artificial Intelligence, and another 36% said their organisations were in some stage of deploying machine-learning & AI technology.
In other words, as soon as the construction companies adopt AI in their projects, they can reap the results faster in this transforming world.
Makes You Stay Within The Budget
Besides the fact, having the best project teams, the majority of large projects go over budget. Artificial Neural Networks are recommended to foretell cost overruns in such scenarios. Based on factors such as project volume, contract model, and project managing competence level.
Predictive models use past data, from the first stroke of the project till the end dates. To create graphic timelines for future projects.
Artificial Intelligence empowers employees to remotely access real-world training stocks, allowing them to quickly upgrade their skills and knowledge.
This shortens the time it takes to blend new resources into projects. As a result, project completion can be at a top speed.
For Successful Future
Expand your AI activities in all required fields of your company. You can lay the foundations for a better future through Artificial Intelligence. Do the same in every new field you want to implement AI (making small steps). By doing so, You will be ready to autonomously modifying parameters and developing your full potential. to transfer increasing operational control to Artificial Intelligence. By starting AI-Artificial Intelligence today, you can secure the competitive edge you have created and by creating a successful future for your company.