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As the construction industry continues to face rising costs, managing expenses has become a top priority for construction companies. Fortunately, the emergence of new technologies and software, particularly those powered by artificial intelligence (AI), has made cost control more manageable than ever.
In this post, we will discuss three ways AI can help control construction costs and benefit your business.
Access real-time financial data
One of the most significant benefits of using modern cloud-connected technology is the ability to access real-time financial data from across all your legacy systems. AI-powered software can quickly connect all your data sources, analyze for discrepancies, alert you to them, and provide you with a real-time window at how your projects and business are performing.
Briq can gather vast amounts of data and provide it in an easily digestible view so your team can analyze the data and make detailed insights into your projects’ financial performance, including labor and material costs, at any given time. By having access to real-time financial data, construction executives and CFOs can identify potential cost overruns early on and make informed decisions quickly. This capability can help avoid future cost overruns and keep your project within budget.
Streamline processes and workflows
Construction projects involve multiple stakeholders, and each stakeholder has different requirements. Effective communication between stakeholders is essential, but it can be challenging. AI can simplify the process of data collecting and sharing by automating workflows to make sure that projects keep moving until they need approval from a person. Moving out of siloed spreadsheets and connecting your business to a centralized platform where all stakeholders can share data and collaborate on projects is a necessary move for the modern workplace. Doing this ensures everyone is working from the same correct data.
With Briq, you can manage budgets, change orders, and invoices in one place. Additionally, you can automate many manual processes, such as data entry and invoice processing, reducing the risk of errors and saving time. By streamlining processes, your team can focus on managing costs and making informed decisions, rather than spending time on administrative tasks. This means reports are submitted quicker, and rather than spending time migrating data between systems, your team can spend more time preparing and reviewing contingency plans.
Utilize data-driven insights
Having accurate and timely data available, collected from across your company in one place allows your team to spend more time analyzing the data to identify trends and patterns in your company’s financial data — by project and overall. This leads to better decision-making and planning and a deeper understanding of where your business stands and what’s achievable in the future.
Briq can help you forecast future expenses based on past performance, giving you a better understanding of your project's financial health. AI can also help you identify areas where you can save costs. For example, if Briq identifies that you're spending more on materials than expected, you can investigate why this is happening and take corrective action. By using these data-driven insights, you can make informed decisions, reduce costs, and improve project performance across your company.
Using an AI solution is paramount in controlling construction costs. Because AI-powered automation software can provide real-time financial data, streamline processes, and offer data-driven insights, it enables construction companies to make informed decisions and manage costs effectively. Whether you're a small or large construction company, AI is a necessary tool to help you stay competitive in a rapidly changing industry. Briq is industry-leading, AI-powered software that can help construction companies achieve these things and more. By utilizing Briq, you can gain a competitive advantage by improving your project's financial performance and staying on budget.
Interested in learning more about Briq’s AI? Schedule a call with our team.
