New Trends in Predictive Modeling and AI in Construction

Many decision makers in the construction industry don't know what to do with the vast amount of data they have available, as they don't have the right tools to analyze it in a way that will have a meaningful impact on their projects.

Thursday, August 12, 2021

Predictive modeling, Big Data analytics, machine learning and artificial intelligence unlock the ability to leverage the data coming from projects to organize and interpret it and thereby discover patterns more quickly. These tools reduce problems, lower costs and mitigate the risk of different processes in construction projects by making the work more predictable and efficient.

Benefits in the pre-construction process

Realistic budgets applied to the current and future stages of the project are created, allowing to predict all possible factors that may arise during the project, such as regional labor and material costs, among other elements, it also foresees cash flow shortages during slow work months and even adverse weather that may delay or damage projects.

You may be interested in: "Predictive Modeling: The New Real Estate Journey."

Benefits in the tendering process

Improve the certainty of decision making on whether or not to bid on a project by determining if subcontractor bids are reasonable, and identifying if the project is trending or presenting problems going forward, this is achieved by breaking down the costs and profitability of previous projects, examining bids received from subcontractors, and determining when and how previous projects had problems, all leading to smarter tendering.

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Improve on-site processes and productivity.

Manifests an improvement in workflows, improving the automation of tasks, finding inefficiencies in processes, reducing costs, among others by streamlining and analyzing jobsite data collection.

Adding a layer of mobility data, the amount of additional movement produced by employees and machines over the course of a day is observed, thereby making it possible to place materials and equipment in the most logical locations to reduce and optimize times within processes.

Also see: "How to use Big Data in the real estate market?"

Reduce the risk of accidents and increase safety

With an analysis of data related to safety, injuries, inspections among others, high-risk tasks and hazardous conditions are identified to prevent future incidents and reduce risks to the business.

Manage resources

The amount of a particular material needed for projects is predicted, even helping in the supply chain, allowing you to determine where to place materials at any given time, thereby increasing efficiency and decreasing the cost of transporting materials.

At PREDIK Data-Driven we develop all kinds of AI algorithms and predictive models for our clients in the construction sector. Learn more about how we do it.

Learn more about data science and artificial intelligence applications in construction companies. Contact us!

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