Artificial intelligence is taking the world by storm. AI is at the center of some of the most cutting-edge technologies developed in recent years, but what exactly is AI? IBM defines artificial intelligence (AI) as “technology that enables computers and machines to simulate human learning, comprehension, problem-solving, decision making, creativity, and autonomy.” AI technology is constantly developing and expanding into new areas. As individuals, we rely on AI technology every day, whether using facial recognition tools to unlock our phones, asking Alexa to play a song, tracking our health data using smartwatches, or using Google Maps to navigate while driving.

But AI’s impact extends far beyond our everyday individual experience. Industries across the board are turning to AI technologies to streamline processes, tackle everyday issues, improve productivity, and implement data-driven solutions. And the construction industry is no exception. Construction-specific AI tools are more widely accessible than ever before. These constantly evolving technologies are transforming the construction industry altogether, offering solutions to some of the industry’s most pressing issues and opening the door to new opportunities. Let’s take a look at some of the most notable benefits of artificial intelligence for construction businesses.

Benefits of AI for Construction Companies

• Enhanced Data Analysis: Among the tasks that AI technology can carry at a much faster rate than humans is the collection and analysis of large amounts of data. Not only can AI gather vast amounts of data, but it can also extract useful information, identify patterns, make predictions, and provide valuable insights based on that data. Many key processes within the construction industry rely on data analytics, including planning, design, and risk assessment. With the help of AI, these operations can be carried out much more accurately and efficiently, reducing both the time spent on these tasks and the opportunity for human error.
• Streamlined Preconstruction and Design Processes: In the preconstruction and design phases of projects, AI can assist with project scheduling, work in conjunction with Building Information Modeling (BIM) programs, identify and assess potential contractors, create 3-D models, accelerate the bidding process, and provide design options and solutions.
• Accelerated Bidding and Negotiation Processes: Automated systems accelerate the time-consuming bidding and negotiation processes by evaluating and comparing bids, estimating project costs, identifying profitable jobs, and providing accurate and objective data for use in negotiations.
• Automated Supply Chain Management: AI can be used to assess options for suppliers, manage inventory and orders, forecast material needs, optimize transportation routes and methods, and identify potential disruptions or delays.
• Improved Project Management: AI can help project managers allocate labor and materials, schedule construction tasks, assess site safety, and monitor project quality and progress. AI-powered drones can capture aerial images of project sites and analyze the data to identify issues and assess progress.
• Better Site Safety: AI systems can be used to conduct detailed risk assessments and to monitor compliance with safety regulations. AI-powered cameras are able to evaluate project sites and identify potential safety risks.
• Quality Control: AI technology, such as cameras and drones, can monitor a building site for errors or inconsistencies. AI tools can also predict when maintenance is needed for equipment and building systems (such as HVAC and electrical systems).
• Improved Financial Management: AI tools can generate cost estimates and cost analyses, as well as identify opportunities for cost reduction.
• Use of Robotics Technology: In addition to AI-powered drones, other AI-driven robots can perform a range of construction tasks, including bricklaying, welding, and moving heavy materials.
• Reduced Costs: AI can aid in resource allocation, track energy usage, reduce waste, and minimize delays, all leading to increased efficiency and reduced costs.
• Transparency and Fraud Prevention: Access to real-time project data (generated by AI) enhances transparency for stakeholders. AI tools can also help to detect suspicious activity, such as bid rigging.
• Potential Solution to Staffing Challenges: AI technologies can help to address the labor shortage in the construction industry by automating repetitive and time-consuming tasks.
• Time Saved: Automated systems free up time for employees and management to focus on other tasks and goals.

Let Us Help

The vast possibilities presented by artificial intelligence have the potential to transform the way construction companies operate completely. While you consider ways to utilize AI for your business, you can depend on RBT CPAs to take care of your tax, audit, accounting, and advisory needs. Contact us to find out how we can be Remarkably Better Together.