How Emerging Technologies Impact Project Timelines and Budgets

Clark Lowe, president and CEO of O’Connor Company

Nowhere is the saying "Time is money" more fitting than on our commercial construction projects. As I see it, construction continuity — or how we choreograph human resources, materials, and phasing — is the most critical aspect of our field. Emerging technology is beginning to streamline this vital process. We can harness its complex predictive power to enhance our productivity, scheduling, conflict control, and more.

Better planning right from the start

First, let’s examine planning. Remember the old days, sitting around and redrawing plans over and over? That process consumed a significant amount of time. Worse still, it always left some room for mistakes and mix-ups.

Now, when we plan using Building Information Modeling (BIM), we come away with a 3D model that shows every detail of our finished building before breaking ground. This process inevitably leads to a project with fewer mistakes. We also waste far less time going back and forth with architects, engineers, stakeholders, and sub-contractors about changes.

With BIM, everyone receives updated plans in real time and can jump in and work together. This eliminates a significant amount of the miscommunication that previously hindered us during planning and construction. Not surprisingly, our projects tend to move much more quickly as a result.

The potential benefits are incredible, but BIM involves an initial cost for software, training, and hardware like all new tech. We need to factor these costs into the project budget early on.

Speeding things up on-site

When we get to the actual building stage, we see the value of many new technologies. Autonomous machines slash budgets by performing repetitive tasks without taking a break. Additionally, they perform the work with a level of accuracy that surpasses that of human workers. Traditional surveying might take days or weeks, but a drone can do the job in hours, sometimes even minutes.

One example of emerging technology that impacts our timelines and budgets on-site is additive manufacturing, also known as 3D printing. Imagine printing out custom parts right on-site. It eliminates the wait time for prefabricated components to arrive. Even better, they fit perfectly every time because they’re made to order, which significantly speeds up the process.

In terms of budget, 3D printing allows us to utilize materials more efficiently and minimize waste. We need to purchase the printers and special materials upfront, but we are saving in several essential ways. First, we save on shipping and storage costs since we make parts on-site. Plus, less waste always equates to more savings.

Smarter management across the entire project with AI

Finally, let’s examine the new wave of software tools powered by artificial intelligence. This tech development is akin to having a crystal ball for the project in many ways.

AI software ties everything together. It leverages data from BIM, drones, and robots to enable us to make more informed decisions. It scans information from our previous projects and thousands of similar construction projects worldwide to identify patterns that could lead to delays or cost overruns.

With AI, we make our budgets go further by utilizing resources efficiently and minimizing unnecessary expenses. We work to mitigate supply chain snags and product shortages before they become costly delays. All of this enables us to manage our budget far more accurately than we ever have before.

Getting started with AI tools presents an initial cost for the software and training. However, it's worth it if it helps us avoid costly delays and busting the budget.

Balancing ‌costs and benefits

Of course, adopting all these technologies requires us to thoughtfully balance the benefits with the costs. The upfront investment in software, gear, and training is significant. However, the long-term benefits we stand to gain — such as fewer errors, increased efficiency, and reduced waste — tend to make the initial investment worthwhile.

Large companies can spread these costs across multiple projects, making the expense somewhat easier to manage. For smaller outfits that struggle with initial investment, grants, tax breaks, and low-interest loans can be a valuable resource. They can level the playing field and help more firms adopt these advancements.

Emerging technologies are revolutionizing the construction industry in a significant way. They help us plan better, automate repetitive tasks, customize parts on demand, and use data to make smarter decisions. This all leads to faster project completion and better budget management. As our industry evolves, those who adapt to these changes will have the edge, completing projects more quickly and cost-effectively than ever before.