Employing data analytics to improve construction project processes
The construction industry is a dynamic sector that can greatly benefit from the vast amounts of data it generates. From sensors and images in the field to budgeting software and CRMs in the back office, the scope, volume, and variety of this data is staggering. However, many construction companies are not truly getting the most from their data (or are only scratching the surface of what’s possible). Many in the industry still rely on traditional methods of data collection, analysis, and decision-making, which can lead to inefficiencies, delays, and increased costs. This article explores just a few of the many ways that advanced analytics, Artificial Intelligence (AI), and machine learning (ML) can be employed more effectively in the industry.
Ensure construction project efficiency with Building Information Modeling
One example of how data analytics can optimize construction is through the use of Building Information Modeling (BIM)1. BIM can be best described as a digital representation of the physical and functional characteristics of a building (sometimes referred to as a “digital twin”). This data can be used to manage the entire lifecycle of a construction project from planning to completion. By applying advanced analytics to BIM data, construction companies can identify areas where they can optimize resources and improve project efficiency. For example, BIM data can be used to analyze construction sequences and identify potential supply bottlenecks, helping companies optimize construction schedules and reduce delays. Furthermore, BIM data can be used to track and manage material usage, reducing waste and improving cost efficiency.
Predict problems and address construction cost concerns with AI and machine learning
Artificial intelligence (AI) and machine learning (ML) also have a wide range of applications for builders. For example, AI-powered sensors and monitoring systems can be used to increase efficiency and reduce costs and accidents.2 Additionally, ML algorithms can analyze data from sensors on construction sites to predict potential safety hazards and provide early warnings to workers. AI-powered drones can be used to survey and inspect sites, helping to identify problems early and reducing the need for manual inspections.
Back at the office, AI and ML can be used to automate a variety of administrative tasks such as contract management, payroll processing, and project scheduling. AI-powered chatbots and virtual assistants can also be leveraged to provide personalized customer support, answer questions, and address customer concerns. ML tools such as Artificial Neural Networks can predict costs using a variety of complex factors such as weather, labor, and supply chain events. These types of ML models provide a critical tool to help builders anticipate and address cost concerns during the construction lifecycle.3
Identify tenant and homebuyer trends and preferences
Last but certainly not least, analytics can help builders improve the planning of new properties by leveraging consumer insights. For example, blending primary market research with local demographic data can help construction companies identify which features and amenities are most important to buyers in a region, thus informing the design and development of new properties. Of course, the sales and marketing of these new properties can also benefit tremendously from analytics, with ML models that can be trained to help identify potential buyers as well as the most effective marketing channels to reach them.
Getting Started with Data Analytics
Advanced analytics, AI, and ML have the potential to transform the real estate and construction industries. By leveraging these technologies, your construction company can improve decision-making, automate manual processes, enhance the customer experience, and improve sustainability. However, to realize the full potential of these technologies, your company needs to invest in the necessary infrastructure, talent, and expertise. By doing so, your business can build an even more efficient, sustainable, and customer-centric company that meets the needs of today’s tenants and homebuyers.
Interested in learning how AI and machine learning can help your real estate or construction companies unique needs? Reach out to your Keiter Opportunity Advisor or Contact the Keiter Technologies team. We are here to provide innovative data solutions to help your business grow.
- Building Information Modeling, The Encyclopedia of Sustainable Technology 2017. https://www.sciencedirect.com/topics/engineering/building-information-modeling
- AI in Construction Has Landed. ConstructConnect, Feb 2023. https://www.constructconnect.com/blog/ai-in-construction-has-landed
- How Technology Impacts Construction Efficiency, Jim Stephen, November 2022. https://www.forconstructionpros.com/construction-technology/article/22445121/microsol-resources-how-technology-impacts-construction-efficiency
About the Author
The information contained within this article is provided for informational purposes only and is current as of the date published. Online readers are advised not to act upon this information without seeking the service of a professional accountant, as this article is not a substitute for obtaining accounting, tax, or financial advice from a professional accountant.