Here’s the fact: We are in a very tight labor market. Can AI (artificial intelligence) step in to help solve the challenges? Is construction ready for AI to be ushered in at full force?
A slew of recent studies point to the fact that we are firmly entrenched in the age of AI—and for good reason. Gartner shows that slow, poor decisionmaking by hiring mangers is causing organizations to lose out on talent in today’s tight labor market, but AI can in fact improve HR efficiency and enhance employee experience in three key ways: talent acquisition, VoE (voice of the employee) analytics, which can improve how a business monitors employee engagement, and virtual assistants.
That all sounds great and well, but the reality is while many businesses recognize the value of AI and the opportunities that exist, few have implemented an enterprise-wide strategy.
A recent study from IDC shows that of global organizations that are already using AI solutions, only 25% have developed an enterprise-wide AI strategy. The numbers get even dimmer. Most organizations reported some failures among their AI projects, with a quarter of them reporting up to 50% failure rate. The main reasons for failure were a lack of skilled staff and unrealistic expectations.
We say it here at Constructech time and time again. If you want to have a successful technology execution, you need to start by recognizing a need and then developing a strategy for how to implement the technology to meet that need. Without a strategy in place, too many tech implementations are doomed to failure.
The good news is if technology is applied in a meaningful way, the outcome can be great. Businesses can improve productivity, business agility, and customer satisfaction. The opportunities are really endless. This is why AI will be a primary topic of conversation at the Technology Days event, which will take place August 21-22, 2019, in Arlington Heights, Ill.
The rise of AI (artificial intelligence) is here and it is changing how construction leverages and dispenses data. Accenture even says the impact of AI in 12 developed economies could double annual economic growth rates in 2035 by changing the nature of work and creating a new relationship between man and machine. This Technology Days conference will dig into how AI leveraged during construction will inform other industries and how to create a strategy for long-term success.
Will we see you there to hash out if we are truly in the age of AI—and, perhaps more importantly, what steps construction needs to take to prepare for this transformation?
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