AI and ML Elevate AEC Projects
BuildSpace
FEBRUARY 2024 - VOLUME 27
Can Anyone Stop the Chiefs? For 49ers Fans, the Ending was Heartbreaking
As a 49ers fan, watching the Kansas City Chiefs secure Super Bowl LVIII with a 25-22 last-minute victory prompts a mix of admiration and heartache. Their second consecutive championship and fourth overall win highlight their strategic depth and resilience. Yet, for us, it's a reminder that in sports, where surprises lurk until the final whistle, the Chiefs' saga continues to inspire.
While the Chiefs' strategic mastery on the football field captivates us, it's a reminder of how innovation drives success in various fields.
Last month in our newsletter, we looked at What to Expect from Tech in 2024. Not surprisingly, Artificial Intelligence (AI) and machine learning (ML) were the headliners. We considered how AI is encouraging construction professionals to look at the way they approach their work, especially in design optimization, project management, and risk assessment.
In a very real sense, this year, AI and other innovative technologies will dramatically change the construction landscape. AI is becoming essential to construction project planning and execution.
The construction industry is turning to AI because they’re looking for more accurate forecasting, which can be achieved with AI’s ability to process greater amounts of data. Better forecasting leads to better resource allocation and helps mitigate risk for construction projects.
We need to work together in 2024 to think of ways to best employ the enormous potential of AI and ML. By finding new and exciting ways to utilize this powerful technology and the vast amounts of software made for construction, we can continue to move the industry forward and elevate construction management processes and project management.
Cheers!
Shanthi Rajan
Founder & CEO
Linarc
AI and ML top the charts for hottest technologies this year, and with good reason. AI could grow to a $1.3 trillion opportunity in the next 10 years! This projected growth is driven by the rapid advancement of technology and the growing and changing needs of businesses (including the construction industry).
These needs currently include worker shortages, cost constraints, and greater sustainability in the construction process. That’s a lot to ask of AEC software, and many have answered the call, as you can see in this AEC Software Market Map from Software Capital Advisors:
Many of these software solutions focus on project management, so it’s important to take a close look at the quality of those systems. Many are disjointed and inefficient.
What’s really needed is a centralized system.
Project management in the construction industry is complicated enough. The lack of a centralized platform gives birth to some issues that, quite frankly, we just don’t need: fragmented communication, data silos, and operational inefficiencies.
These can lead to delayed projects, cost overruns, and a compromised ability to make timely, data-driven decisions. In the end, operational chaos affects contractual obligations and the bottom line.
A solid, centralized construction project management system can offer a number of important benefits:
- Unified communication
- Data centralization
- Efficient collaboration
- Version control
- Enhanced project visibility
- Risk mitigation
- Streamlined workflow
- Increased productivity
- Time and cost savings
- Accessibility and flexibility
- Security and Compliance
- Scalability and future-readiness
- Streamlined project closeout
Closeout strong
Project closeout, the final phase in the construction project management process, occurs after the physical building has been completed but before you hand over the project to the owner.
Successful project closeout is important because it fulfills contractual obligations, is time-sensitive, and significantly affects a company’s bottom line and reputation. However, the key to successful construction project closeout is organization.
When your project management system is centralized and offers all the benefits listed above, you stay organized, the project doesn’t creep away from you, you complete a project you can be proud of, and the customer is ecstatic to take ownership of the final product.
