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Lower cost of digital enablement, staffing challenges and the increasing complexity of business are forcing disruption upon the industry.
Construction has lagged behind other industries regarding technological advancement, disruption and digital automation. Automation holds out the most promise for achievable digital enablement and can deliver quality and insights in a short period of time.
The company reduced processing time by up to 98%, reduced front-line full-time employees by up to 64%, reduced back-office full-time employees by up to 47%, and reduced employee time by up to 50%.
AI technology offers a tactical solution for turning an influx of information into action by automating processes, monitoring progress throughout the build phase, and producing insights for strategic decision-making.
AI is a technology that learns from data in an iterative process by trial and error, and then applies rules to self-correct at an exponential level.
Machine learning can perform a specific task without being explicitly programmed, instead relying on patterns and inferences. It uses large data sets to determine relevancy and improve accuracy with each data point.
Natural language processing (NLP) enables computers to structure, interpret and understand human language. It is used to perform tasks such as compliance reviews, contract evaluations and chat-driven interfaces.
Computer vision trains computers to interpret and understand the visual world. It is used in surveillance, facial recognition, 3D modeling and automotive safety.
Robots combine computer science and engineering to accomplish physical tasks typically performed by humans. IoT-enabled sensors and AI enable robots to track objects and maneuver using pre-programmed maps to detect obstacles and pivot as needed.
Robotic process automation (RPA) uses digital tools and AI to replace repetitive and mundane tasks, improving speed, accuracy, consistency and cost.
Looking ahead: preparing for the next frontier in construction
AI-powered technology is already making shifts in the construction market, and COVID-19 will accelerate the adoption of systems that monitor and respond to information in real time prior to making decisions.
The benefits of AI present clear growth opportunities, but the potential repercussions pose serious risk. Construction organizations are ramping up diverse talent and pushing the adoption and implementation of innovative initiatives.
While there is no "one solution" to mitigate the risks associated with AI, utilizing such powerful technology responsibly can ease the progression into a completely digital working environment.
How ARS Analytics can Help?
ARS teams help provide insight using data visualization tool and provide analytics consulting into contracts, revenue analysis, margin analysis, costs and project anomalies.