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Digitising and optimising materials management predicts materials status and translates into tens of thousands of hours saved
sources - for example , the company ’ s ERP , parts inventory , IoT and third-party data .
With these different data sets , companies can then use machine learning and statistical models to implement predictive maintenance or simulate investment decisions .
Project Portfolio Management will help top-performing companies retain control This is not the only domain where artificial intelligence can help companies make sense of a complex environment with many variables . One of AI ' s most impactful applications currently involves reducing risk and helping companies select the right projects and investments .
Companies , both large and small , often lack robust scoring algorithms to select projects that fit their capabilities and business objectives , or the ability to see how different scenarios would impact their cash flow and resources .
This is already a significant problem in periods of growth , with recent research showing that half of the companies surveyed miss budget and schedule targets in 40 per cent or more of their construction , engineering , or large-scale manufacturing projects . But amid rising inflation , low liquidity , and increased risk of penalties and cost escalations , such numbers can seriously jeopardise a company ’ s future .
To mitigate these risks , better-performing companies typically rely on Enterprise Project Performance software ( EPP ). This integrates project management , controls portfolio management and standardises budgeting and cost controls , as well as forecasting and trending across multiple projects . In the current context , this unified view can help detect at-risk projects early on , allocate resources across projects and identify what projects yield the greatest return .
Addressing skills gaps with knowledge management and workflows While artificial intelligence has a role to play , the most valuable resource for construction companies in 2023 and beyond will still be skilled labour .
As a result , at a time when a substantial portion of skilled workers are approaching retirement , an insufficient influx of younger , trained professionals threatens to shrink the labour pool . The CITB ’ s latest Construction Skills Network ( CSN ) report thus predicts that an extra 225,000 construction workers may be needed by 2027 to meet the country ' s construction demand .
One way companies can address generational shifts , and facilitate the onboarding of new entrants , is by investing in knowledge and procedure management . Modern platforms can help digitise the expertise of seasoned workers , create
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