A recent study by BusinessWire showed that 3 out of every 4 construction projects go over budget, and get delayed. It shouldn’t be shocking that there is a direct relationship between these two construction industry pitfalls.
Going over budget, and getting delayed, are two widely understood norms in the construction business. Unfortunately, this common occurrence continues to cost owners and developers a maximized profit line and often requires difficult conversations regarding scope and budgets with their contractors.
How Construction Intelligence Can Address These Issues
OnSiteIQ, a construction intelligence, and photo and video documentation company, exists to support owners and developers in overcoming these standard industry pitfalls. OnSiteIQ first established a 360-degree photo and video documentation technology that provided owners and developers with a virtual presence on the site, and real-time data being fed to them for their use, coordination, and collaboration with their project teams.
As OnsiteIQ progressed, and millions of data touchpoints across hundreds of construction sites formed into an internal database, the company was able to create an artificial intelligence-supported scheduling function that provides owners with a proactive alert that any specific trade of their construction project is in danger of being delayed.
By utilizing this schedule progress dashboard, owners and developers can immediately have access to the project’s health, while avoiding delays and experiencing the result of having to spend less money reconciling these delays through claims. In other words, OnSiteIQ can help owners and developers make money and save project revenue by having predictable and actionable real-time construction intelligence on their portfolio of projects or standalone projects in real time.
According to OnSiteIQ’s Nick Muir, “not all delays are created equal.” In referencing the BusinessWire study, Muir pointed out that with projects being delayed on average roughly 70 days, “that we’re not talking about a day, a week, or even a month. We’re talking about 1-3 months of delays which means more money being put towards carrying costs, interest costs, and ultimately, loss of revenue.”
The OnSiteIQ dashboard, which will be released to the public on September 15th, 2021 is a long-awaited solution to the construction industry’s ongoing problem. With a centralized progress dashboard that is being fed data from OnSiteIQ’s cameras, an owner or developer no longer has to wait until OAC meetings to get the full context, nor travel to the site for a walkthrough as frequently. The progress dashboard will do it for you, and do it faster than any human could.
How Artificial Intelligence Can Work For You
In May 2021, there was a spike in lumber costs and a shortage of labor across the construction industry, which jeopardized the scope of many projects. Although OnSiteIQ isn’t able to help correct the market of lumber and labor, it can proactively and immediately flag delays happening on your specific job site related to these types of external forces.
For example, if an order of lumber doesn’t arrive on time, and therefore compromises the schedule and critical path of that material within the project, the owner or developer will get an alert that the specific trade related to that material will be delayed. Imagine forecasting the impact of this delay with your contractor immediately upon notification that might allow you to better plan and reconcile the scope going forward. Otherwise, you may find yourself suddenly caught with a delayed project that is incurring overages against an inflated market. OnSiteIQ lets owners and developers start the conversation about reconciling projects much further along in the process.
OnSiteIQ has the construction intelligence technology that puts the power of the project in the hands of their clients and lets them proactively address the scope of their job site.
To request a free demo from OnSiteIQ, click here.