The E&C sector, in order to elevate efficiencies as well as processes is ensuring to make utmost utilization of generative AI which has in it numerous elements which ultimately go on to offer better outcomes.
In recent years, the E&C sector has gone on to adopt digital technologies so as to help enhance processes and efficiencies. But with the rise of generative AI as well as other disruptive technologies, the industry is now all set to poise to realize enhancements in terms of project design, cost controls, schedule optimization, site inspection, safety, compliance, as well as quality assurance.
The Deloitte AI Institute goes on to refer to generative AI as a subset of AI wherein the machines create fresh content when it comes to text, voice, code, images, videos, and processes. 1
Notably, industry leaders continue to push up technology investments, thereby aiming for efficiency enhancements so as to reduce the ongoing workforce, cost, as well as supply chain challenges.2 The upswing of generative AI could go on to mark a major moment in the industry’s digital transformation, thereby building on the momentum gained because of the pandemic. Both E&C firms as well as construction technology companies happen to be actively exploring generative AI’s strength for enhancing efficiencies and, in fact, are also working on solutions so as to harness this technology in order to suit their business needs.3
A recent Deloitte survey shows that 55% of COOs went on to indicate that the main barrier when it comes to creating business value with AI is detecting the right use cases.4 Moreover, top of mind when it comes to E&C firms happen to be concerns when it comes to cyber risk, data security, as well as lack of trust. 5 Developing overall risk mitigation strategies can go on to address concerns as companies discover generative AI applications.
As companies go on to experiment with the practical applications of generative AI, they can continue to speed up advancements across numerous other AI as well as emerging technologies, which may very well include autonomous guided vehicles, drones, robotics, IoT sensors, BIM, and others that are being rolled out to help push value realization.6 For example, with foundational digital technologies already in place, drones as well as autonomous guided vehicles could be made use of a range of scenarios at construction sites, right from inspection and worksite tracking applications to task optimization in areas like material delivery, surveying, as well as installations.
Apparently, these emerging technologies as well as their applications can enhance their profit margins, foster robust partnerships, enable relationships between different stakeholders as well as functional departments, and also enhance integrated project delivery by way of transparent as well as trusted data sharing. E&C firms can make optimal use of advancements in technology not just for increased productivity but at the same time explore higher-level opportunities, such as new services or business models that would be uneconomical previously. 7
It is indeed significant to acknowledge that these technologies depend on human intelligence as well as oversight. Irrespective of the advancements in construction technology, industry leaders happen to be discovering a human-in-the-loop concept that needs the involvement when it comes to highly skilled individuals to carry out measures like fact-checking, comprehensive analysis, and understanding the intricate details that are needed for each construction process. 8 Moreover, when it comes to technology initiatives, to gain widespread adoption as well as scalability, companies should have robust ecosystem associations and partners,9 by way of technology providers, operations vendors, contractors, as well as automation vendors, among others.
REFERENCES
1. Deloitte, Generative AI is all the rage – https://www2.deloitte.com/content/dam/Deloitte/us/Documents/deloitte-analytics/us-ai-institute-gen-ai-for-enterprises.pdf, 2023.
View in Article – https://www2.deloitte.com/us/en/insights/industry/engineering-and-construction/engineering-and-construction-industry-outlook.html#endnote-sup-17
2. Deloitte, “Global powers of construction 2022, – https://www.deloitte.com/global/en/Industries/energy/perspectives/deloitte-global-powers-of-construction.html” July 2023.
View in Article – https://www2.deloitte.com/us/en/insights/industry/engineering-and-construction/engineering-and-construction-industry-outlook.html#endnote-sup-18
3. Scott Carey, “Generative AI could reshape construction–Is it time to get AI a hard hat?, – https://marketscale.com/industries/engineering-and-construction/generative-ai-could-reshape-construction-is-it-time-to-get-ai-a-hard-hat/” MarketScale, March 1, 2023; World Construction Network, “Leading construction companies in the artificial intelligence theme, – https://www.worldconstructionnetwork.com/data-insights/top-ranked-construction-companies-in-artificial-intelligence/?cf-view” March 22, 2023.
View in Article – https://www2.deloitte.com/us/en/insights/industry/engineering-and-construction/engineering-and-construction-industry-outlook.html#endnote-sup-19
4. Deloitte, Winter 2023 Fortune/Deloitte CEO Survey – https://www2.deloitte.com/content/dam/Deloitte/us/Documents/US-Winter-2023-Fortune-Deloitte-CEO%20Survey-Infographic-FINAL.pdf, 2023.
View in Article – https://www2.deloitte.com/us/en/insights/industry/engineering-and-construction/engineering-and-construction-industry-outlook.html#endnote-sup-20
5. Ibid.
View in Article – https://www2.deloitte.com/us/en/insights/industry/engineering-and-construction/engineering-and-construction-industry-outlook.html#endnote-sup-21
6. Deloitte, “Generative AI use case repository, – https://resources.deloitte.com/sites/global/Services/generative-ai/Pages/Generative-AI-Dossier.aspx” September 14, 2023.
View in Article – https://www2.deloitte.com/us/en/insights/industry/engineering-and-construction/engineering-and-construction-industry-outlook.html#endnote-sup-22
7. Deloitte, Generative AI is all the rage – https://www2.deloitte.com/content/dam/Deloitte/us/Documents/deloitte-analytics/us-ai-institute-gen-ai-for-enterprises.pdf.
View in Article – https://www2.deloitte.com/us/en/insights/industry/engineering-and-construction/engineering-and-construction-industry-outlook.html#endnote-sup-23
8. Russell Haworth, “Generative AI in the construction sector: Taking building technology to new heights, – https://www.forbes.com/sites/forbesbooksauthors/2023/05/02/generative-ai-in-the-construction-sector-taking-building-technology-to-new-heights/?sh=33ac25b96ee8” Forbes, May 2, 2023.
View in Article – https://www2.deloitte.com/us/en/insights/industry/engineering-and-construction/engineering-and-construction-industry-outlook.html#endnote-sup-24
9. Deloitte AI Institute, A new frontier in artificial intelligence – https://www2.deloitte.com/content/dam/Deloitte/us/Documents/deloitte-analytics/us-ai-institute-generative-artificial-intelligence.pdf, 2023.
View in Article – https://www2.deloitte.com/us/en/insights/industry/engineering-and-construction/engineering-and-construction-industry-outlook.html#endnote-sup-25
