Experts believe that the use of artificial intelligence in the construction sector may have many benefits, including improving site safety and monitoring, decreasing thefts from construction sites, and streamlining project management.
Now a new survey by Dentons has found that the most popular uses of artificial intelligence by construction firms and real estate developers include cybersecurity and IT, with 75% of respondents from the sector admitting to using this technology for this. 71% also revealed that they used artificial intelligence for accounting and customer service.
The results also show that 52% of sector respondents feared that a failure to increase investments in this tech in the next year would cause skill gaps in the workforce while 54% believe it’d lead to heightened risks of data breaches.
While data security is an issue for almost every sector, the digital skills issue is a bigger risk for the construction sector, which is already facing challenges filling skilled trade vacancies. However, because this sector is characterized by an expansive range of roles and skills, it is hard to assume how artificial intelligence will impact the sector.
Most believe though that GenAI will significantly affect desk-based roles like engineering and architecture.
The survey’s findings also highlight that some in the sector are worried that their companies have a limited understanding of how to effectively deploy this technology in areas it could offer considerable benefits. Not leveraging artificial intelligence properly presents substantial business risks, including being unable to compete with firms that do use this technology for productivity and efficiency gains.
Construction organizations that neglect to use AI for safety improvements may also expose themselves to negligence claims, if this becomes common practice in the sector.
While investments would go a long way in helping the sector adopt this tech, it is important to call attention to the fact that most construction companies don’t have access to extra capital and lack the risk appetite needed to develop AI tools in-house, much less invest in them. The situation is made worse by the fact that a significant portion of construction work is carried out by smaller independent contractors who often have limited R&D resources and poor cash flow.
This means that the sector will rely on the biggest firms to shoulder the risk and cost of experimenting with artificial intelligence, before certified technologies can be adopted. In the conclusion, the survey noted that the construction sector needed to get the hang of this tech to avoid losing out on the benefits artificial intelligence offers.
As entities like C3.ai Inc. (NYSE: AI) continue to come up with innovative AI solutions for different industries, even industries like construction and heavy manufacturing that are generally slower in adopting new changes could find themselves having AI systems as a standard way of operating.
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