Why Construction Data is Key
The construction industry is one of the least digitized industries in the world. The intricate nature of construction causes digitization to be a complicated and incredibly involved process, resulting in a lack of investment into technology from companies; despite 57% of professionals “considering” using worksite tracking technology.
The construction industry makes up 13% of the world’s GDP. This fact seems to be quite obvious, considering the fact that our society is literally created by this industry; it is an integral part of shaping our world today. Construction in the US alone is worth 1.18 trillion dollars, and the industry is expected to grow 3.6% globally.
The sheer size of this industry is enough to understand that there is an immense amount of data involved in even a single project. To manage and coordinate the data in each project has always been a complicated endeavor. The sizes of these individual projects are continuously increasing to fit the necessities of our ever-multiplying society. As a result, projects will often run over-budget and over schedule. Suffering from common challenges caused by repetitive reporting, unorganized data, paper-based systems, lack of connectivity etc, the industry needs to learn how to effectively manage these projects as they will only get larger. So how can our industry cope with this perpetual growth? Technology, of course.
New technology is already in the industry
The most common and well known branch of new technology is 3D printing. Revolutionizing the way we build, 3D printing opens many doors to various areas in construction; whether it’s printing entire structures out of concrete, to printing heavy construction equipment like excavators.
But it isn’t just 3D printing that is beginning to rear results. Artificial intelligence and machine learning are also impacting project management. Little known, there are various companies who work to use artificial intelligence provide this interoperability to stakeholders at every step of the process. Some companies work to provide convenient updates and seamless file-synchronization between various points of the preconstruction and construction process, others will work to help collect invaluable data and translate them into invaluable insights that save projects time and money.
Companies, like indus.ai, have strived to provide companies with increased transparency and greater sustainability in order to reduce risks and increase awareness on project sites overall; companies can take advantage of the automatically generated data and analytics through enhanced features that focus on greater interoperability and insights.
The technology to collect and analyze the mass amounts of data affiliated with a project is already available. Through computer vision and machine learning, analyzed data of worker, equipment, and delivery activity, can help developers and GC’s manage their time and gain a clearer and more transparent understanding of their project’s status, progress, and are equipped with evidence maintain accurate reporting.
“Data is the new dollar”
– Autodesk SVP of Product (2016)
How data is already solving industry challenges
Two years ago, Autodesk’s SVP of Products told Forbes that “Data is the new dollar…Material waste accounts for approximately 25% of a project’s cost, and rework adds an estimated 10%.” This still holds true today: 52% of rework is caused by poor project data and miscommunication.
Today, accurate project data can be collected and automatically analyzed, real-time alerts and insights are available through these new technological solutions; aOwners and stakeholders of large capital projects are increasingly turning to intelligent data analytics solutions to help them prevent delays and encourage accurate reporting, boosting their efficiency and productivity in project progress as well as management.
Big data solutions may not be as easy to understand as companies hope for it to be, but as this technology becomes more widely adopted, this technology and its usages will only continue to adapt and revolutionize the industry. It will be clear that the companies who choose to leverage the currently available resources, will have a competitive edge; the advantages of construction data will become much more apparent, and it will only be a matter of time before this technology becomes the standard.
If you would like to find out more about how construction data and why it’s crucial to take advantage of the resources currently available, check out this webinar!
After years of hope and promise, 2018 is shaping to be the year when artificial intelligence (AI) gains meaningful traction within Construction Industry. Investment in solutions automating construction data collection and analysis by leveraging AI are increasing rapidly and helping early adopter projects gain tangible business benefits.
In this webinar, Navin Kaminoulu, COO of indus.ai discusses what happens when construction projects go off track, how do you manage risk and how data and artificial intelligence can help.