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Construction Tech Review | Thursday, October 22, 2020
AI and ML continue to advance, and it is only a matter of time before more construction companies start to reap the benefits of these powerful tools in risk management.
FREMONT, CA: Construction has always been a high-risk venture, but recent technology trends exacerbate those risks. According to a recent report, almost 98 percent of projects cause cost overruns or delays. Meanwhile, the construction productivity curve has remained flat when compared to other industries. With industry leaders focusing on digitizing construction workflows, there is unprecedented access to worksite data, which can greatly improve risk management. Especially, the advancements im Artificial Intelligence (AI) and Machine Learning (ML) are powerful enough to reduce and address construction risks encountered before, during, and after the construction of a project. Here is how to use AI and ML as critical first steps to reaping the risk mitigation benefits.
[vendor_logo_first]Construction contractors have to deal with a flood of data every day, including thousands of issues, hundreds of RFIs, and numerous design changes and schedule adjustments. This is where AI and ML can help. These technologies can provide assistive and predictive insights on what is critical and actionable. Applications of AI and ML in construction are vast, including project management and construction site monitoring, contract management, and predictive analytics for quality and safety. Several contractors use this technology to analyze project data in real-time and make decisions to manage risk from a quality, safety, schedule, and cost perspectives.
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The potential of AI technology to reduce risk in the construction industry is greatly expanded by the advent of Natural Language Data Extraction, enabling AI platforms to identify and extract data from unstructured text in any format. Algorithms now exist to allow users to automatically identify, extract, and categorize natural language from different sources like contract documents, daily reports, insurance policies, change orders, and RFI responses.
AI in construction revolves around image recognition. Many firms have taken advantage of this AI and machine learning from simple use cases like photo tagging, which is similar to running a search for images. The platform can identify all types of data from video and photographic images, often critical in tracking construction projects' safety and progress. Some companies have also built predictive models to identify safety risks on projects to eliminate potential incidents or accidents.
See Also: Top Artificial Intelligence companies
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