construction companies to effectively manage risk and optimise resources . AI and ML solutions leverage algorithms to analyse historical project data , meaning that it ’ s possible to identify potential risks , predict project delays and forecast cost-overruns .
The technology has also proven to be effective in resource optimisation , predicting the right amount of materials for a project , how much labour is necessary and what equipment is required for different phases , improving the project planning process and achieving cost savings . In 2022 , research found that the highest perceived risk in the construction industry was the rising cost of materials , which had been attributed largely to the increase in the cost of fuel / energy ( 48 per cent of respondents ), inflation ( 48 per cent ) and the increase in the cost of living ( 36 per cent ).
With the rising cost of materials considered to be the largest risk to construction companies ’ success , AI and predictive analytics continue to present an appropriate solution to mitigate this risk and maintain operational efficiency and business growth amid inflationary pressures . AI is already proving its value in construction
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