It feels like everywhere you turn you are hearing about artificial intelligence (AI), some positive and some negative. At the end of the day, how is this impacting you and your company? Where do you see potential in the future? What do you think this means for you and your career and the future of the industry? Right now, there are more questions than answers and only time will tell.

There are also exciting ways that companies and people have implemented AI in one way or another. Since this technology is in its infancy, we will learn far more from our peers about how they currently use AI, their plans to implement in the future, and any mistakes made.

Here are some thoughts on the topic from others in the industry:

Terra Porter, CCIFP, Accounting Manager, Creative Structures, Inc.

Our field operations utilize drones for inspections or survey work and can monitor construction in progress for quick identification of safety issues. AI powered surveillance and robotics are used often to get into areas that would be hazardous to our employees or subcontractors. Although we haven’t utilized this option yet, it’s now possible to use simulation safety training that can mimic real life scenarios without any risk.

Estimators are using AI to scour historical cost data from previous work, study current market trends and project specifications to assist their pricing strategies when bidding work. While these applications are still in the early phases and currently have great oversight, eventually, this practice will lead to more accurate budgeting and reduced risk of overruns. These time savers also allow the estimator an opportunity to explore projects they might not otherwise attempt, opening the door for the company to diversify.

Companies with fewer employees are taking advantage of features many cloud-based ERPs have to offer to automate financial data. Approval of work completed, and billing has become a more consistent and streamlined process, allowing for increased accuracy of compliance requirements and timeliness of payment. AI can assist financial reporting by automating the aggregation and analysis of data, enabling the CFO to provide stakeholders with up-to-date information and increased transparency.

In a webinar I recently attended, the importance of AI in cyber-security was addressed. While our focus is mainly on private industry, the impact a security breach can have on government contracts could be devastating. This brought my attention to the recent encounters we’ve experienced with check and payment fraud and will be looking at options AI and technology can offer for our financial protection.

While I don’t see a future in construction where only a handful of people oversee a completely automated process, I do envision one where the human component will be forward thinking and concentrate more on growth and operational efficiency.

Collin Cook, Partner and Co-Chair of Construction Team, Fisher Phillips & Todd Fredrickson, Partner and Co-Chair of Construction Team, Fisher Phillips

AI will increasingly be used to monitor and ensure compliance with workplace laws in 2024 and beyond. By analyzing project safety data, and time and payroll records, AI systems can evaluate working conditions and detect potential violations – such as excessive working hours, unsafe working conditions, or underpayment of wages – and alert employers. The same holds true for optimizing workforce allocation. By analyzing project needs, worker skills, and availability, AI can help construction employers ensure appropriate working hours and overtime, compliant meal and rest periods, all while maximizing productivity.

Additionally, AI can aid construction employers when analyzing risks associated with contracting and subcontracting – particularly when it comes to ensuring compliance with labor and employment laws. AI systems can predict potential trouble spots with subcontractors, such as their history of labor violations, wage and hour complaints, and safety issues, helping employers make informed decisions about who they choose to work with.

In conclusion, there is no doubt that AI will have an impact on all our lives and in some cases, may already have. No one facet of the industry will be impacted, it will influence operational, administrative, and executive functions daily. As with any new technology there will be new struggles and risks to look for, however, it seems like there are a lot of positives that will come from the developments of AI. From safer worksites to identifying risks within contracts, companies will be more capable of focusing their brainpower on other endeavors.