How AI and Machine Learning Are Helping Construction Reduce Risk and Improve Margins

Robot holding a screwdriver

According to a McKinsey report, almost 98 percent of projects incur cost overruns or delays.

November 28, 2018
Manu Venugopal - Construction Executive

The construction industry is often characterized as high risk and low margin. According to a McKinsey report, almost 98 percent of projects incur cost overruns or delays. Meanwhile, the construction productivity curve has remained flat when compared to other industries.

In the last decade, with the advent of cloud and mobile technologies, industry leaders have been focused on digitizing construction workflows. This has resulted in improved efficiencies, but also has created an explosion of new data sources in the construction industry. Project teams are now capturing and documenting data on mobile devices, site progress is documented via drones and sensors are used to create a connected jobsite.

Reprinted courtesy of Manu Venugopal, Construction Executive, a publication of Associated Builders and Contractors. All rights reserved.



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