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I’m going to make a bit of a bold statement: Generative automation is the key to transforming your construction business to succeed financially in the future.
Great. But what is that?
By now, you’ve likely heard a lot about generative AI, which uses machine learning to create new content. This is the technology that has excited the world in the form of applications like ChatGPT and Dall-E. You’re also probably familiar with the concept of automation, in which AI performs small repetitive tasks normally performed by people.
Generative automation in construction is the best of both types of AI systems. It’s a system that not only automates tasks but does so in a way that is dynamically responsive to situations. It uses machine learning to generate new ways to automate tasks, continually improving and adapting performance the more it does its job.
You might think of traditional automation as a simple robot that takes a repetitive process and performs it over and over. Efficiencies are gained because that mindless work is no longer done by a person. In construction, thousands of tasks already leverage AI to automate financial processes, project management, human resources, and more. But generative automation takes parameters given to it to create big-picture solutions, resulting in optimized outcomes.
Five areas generative automation brings benefits
Let’s look at five ways that generative automation will take your construction business to the next level of success.
1. Finance and planning – Generative automation streamlines processes, and because tasks are being performed by AI, it all but eliminates manual errors and minimizes rework. This creates efficiency and cost savings. The exciting benefit of generative automation is how construction leaders can use AI to make better, more informed data-driven decisions. This results in better planning and more accurate budgets and helps construction businesses not just save money but find opportunities to gain profit.
For example, when Elder Construction implemented Briq, it was to automate mundane tasks and pull information together from across software systems. But now, with all their systems connected, they are able to find new ways to analyze their cash flow, project into the future, and build out their unique process.
2. Project lifecycle — Remember how I said generative automation finds answers to big-picture problems? AI algorithms can be used to optimize labor, materials, and equipment on projects. By doing that, generative automation can maximize resource utilization, ultimately driving down project costs by having what you need, where you need it, when it’s needed.
3. Risk and quality — By using AI-powered predictive analytics, generative automation can identify and correct (or avoid) potential risks early, preventing costly delays and budget overruns. AI-powered automated workflows also keep checks and balances in place, improving project performance and enhancing quality. Remember, risk management and project quality are about so much more than costs, reputations and client rapport are also at stake — making them crucial to future success.
4. Collaboration — Generative AI like Briq can certainly help enhance collaboration between teams, improving the ability to share information and break down silos and barriers in communication. But there’s also a symbiotic relationship between construction professionals and generative automation. Each brings their skills to the picture: AI can enhance efficiency, improve performance, and supply data to help with planning and predictions, but the human experience is key to making the right, nuanced decisions. Also, while AI essentially learns to improve accuracy and outcomes, employees too must be trained to integrate AI tools into their workflows for them to truly become seamless and successful.
5. Sustainable success — The brass ring. Long term, generative automation improves project outcomes, reduces operational costs, and helps meet sustainability goals by enhancing energy efficiency. Again, this is because it’s more than just automating processes, but analyzing data and helping provide solutions to business problems. As the industry evolves, margins continue to shrink, talent steadily decreases, and environmental regulations climb. Construction businesses must innovate to keep up with — or even better stay ahead of — the curve. Generative automation is one of those innovations to help adapt to the future ahead.
That’s why Catamount Constructors adopted Briq. Slow and inaccurate reporting kept the company reactive and suffering from more fee erosion than it wanted. Through generative automation they’ve not only unified their systems, optimized processes, and gained real-time forecasting tools, but they’ve put their business in a proactive position. So long fee erosion.
Reimagine the future of work
It's time to start reimaging your business to operate within the future of work with generative automation and other AI. This requires taking a good hard look at your current processes, how they work today, and how they will need to work in the future to succeed. That’s definitely not easy, but it is absolutely necessary.
AI isn’t going away, and it will be providing a competitive advantage to those construction businesses that make it part of their strategic plan. The question is who is going to embrace that competitive advantage — you or your competitors?
Want to find out more about how generative automation will transform the future of construction finance, and your organization, talk to the Briq team at briq.com/demo
