DECEMBER 2023CONSTRUCTIONBUSINESSREVIEW.COM 19AI TRANSFORMSTHE CONSTRUCTION INDUSTRYAdopting AI can streamline and expedite the development of projects traditionally known for being long and laboriousWhat according to you are some of the challenges in the construction industry?When it comes to the design and construction industry, we see certain challenges such as the lack of standardized practices. Although the Construction Specifications Institute tries to capture information using 64 CSI codes, there is still a lack of consistency in how people input and present information. This makes it difficult to achieve standardization and effectively interpret data. Another challenge is that the industry being highly commoditized makes it challenging for innovators to introduce new technologies and take risks. Many projects end up incurring losses until a successful solution is found due to the competitive nature of the industry.Can you shed some light on how the industry is trying to mitigate these challenges?Currently, we are working over a tool called IngeniousIO, designed specifically for owners and project managers. The goal of this tool is to create a centralized hub where information from various parties can be integrated. However, for effective utilization, it is essential that the information comes in a standardized format and we are focusing on achieving this standardization so that we can comprehend and interpret the data accurately. We spend our time upfront in establishing this standard so that we can manage and analyze the data efficiently and apply it to benefit our owners. For instance, we can utilize it for quantity surveying, takeoffs, and the evaluation of plans and documents.What would be your piece of advice to our readers?My piece of advice when it comes to vendors in the industry is that continue innovating and taking calculated risks. The industry is poised for disruption and presents a prime opportunity for transformative change. However, due to commoditization, it is essential to embrace a "fail fast" mindset where one should learn from failures and move forward along with exploring new technologies and tools. And for owners, my piece of advice is to actively create opportunities to push the industry towards trying new things. Embracing technologies like 3D printing and artificial intelligence is vital for progress and unless the opportunities to try new technologies are provided, advancements in the industry is not possible. And while considering the broader impact of schedules on costs, owners can identify opportunities to expedite the entire process. Although the benefits may not be immediately evident, such efforts can lead to significant long-term savings.
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