Add My Company
The hot topic in technology today is Artificial Intelligence. It is having an impact on everything we do in our daily lives from driving cars to shopping to streamlining jobs and tasks. In today’s dynamic construction industry, profitability and risk management are paramount for SME building contractors and self-employed tradesmen in the UK.
The demand for infrastructure is booming globally, but the construction sector faces challenges that can erode margins and increase project risks. However, advancements in Artificial Intelligence (AI) offer a promising solution to overcome these hurdles.
Transforming Construction with AI
- Design, Bidding, and Financing
AI can revolutionise the design and bidding phase by providing accurate cost estimates and timelines. By analyzing vast amounts of data, including bidding documents and external factors like commodity prices, construction teams can generate more precise estimates, reducing budget deviations by 10-20% and engineering hours by 10-30%.
- Procurement and Construction
During construction, real-time insights from AI help optimise resource use, anticipate risks, and negotiate effectively with suppliers. AI technologies like image recognition and predictive modeling enhance efficiency and safety, potentially saving up to 10-15% of total construction costs.
- Operations and Asset Management
In the operations phase, AI assists in analysing worker productivity, implementing predictive maintenance systems, and forecasting customer demand. These initiatives could lead to a 10-20% reduction in operating costs and a three to seven percent increase in asset ROI.
- Business Model Reinvention
AI-driven insights can also pave the way for new business models. By integrating different services and operational data from suppliers, Construction companies can evolve into platform businesses, offering efficiency-improving services and resource pooling.
Benefits for SME Building Contractors and Tradesmen
For SMEs in the UK construction sector, adopting AI can be a game-changer:
– Improved Cost Management: Accurate cost estimation and resource optimization lead to reduced project overruns.
– Enhanced Risk Mitigation: Real-time risk prediction helps anticipate and manage safety and quality concerns.
– Increased Operational Efficiency: AI streamlines operations, allowing for better resource allocation and scheduling.
– Extended Asset Lifespan: Predictive maintenance ensures assets operate optimally, extending their useful life.
To thrive in the evolving construction landscape, SMEs must embrace digital transformation. By leveraging AI and advanced analytics, they can boost profitability, minimize risks, and stay competitive in an industry poised for significant growth.
Here at SEC Solutions we are always striving to improve our software and bring to you the most cost effective and time saving solutions for estimating. We are looking to move our Cypher1 software into the cloud this year and we intend to maintain our estimating software
As a market leading solution.
You can ask for a free demo or just get in touch with us to talk about your software requirements.
For more information on The Benefits of Using AI in the Construction Industry talk to SEC Solutions Limited