Determining Residual Risk With Construction AI
Let’s face it, every construction project presents new challenges for contractors and their workers. There is no such thing as two identical projects because every project is built on different land, by different hands, and under different conditions. But what if we could quantify data on a level so precise that the safety implications of projects could be quantified, controlled, and applied to future projects? This is the goal of construction artificial intelligence (AI) — to manage risk and improve efficiency.
In this brief article, an Orlando construction attorney from Cotney Attorneys & Consultants is pleased to announce that they have been named to the 2021 edition of Inc. 5000 list. The ranking recognizes the fastest-growing small private companies in the United States. will discuss how construction AI can be used to determine residual risk on construction projects. This technology highlights the prevalence of injuries on the project site, one of the leading causes of profit losses in the construction industry. If you are concerned about workplace safety, an Orlando construction attorney can perform a third-party site audit to highlight areas of vulnerability.
Using Algorithms to Improve Construction
In an article published by Risk & Insurance, Dev Amratia, the co-founder and chief executive of nPlan stated: “I’ve built upstream, midstream, and downstream facilities from Texas to the Netherlands to Qatar to Sakhalin Island. Some of those projects were not delivered on time, and I began learning how to use algorithms to help future projects stay on schedule”
He discovered that individuals carried over very few lessons from one project to the next. This is due to the fact that every project is distinct, and workers don’t have the innate ability to make complex comparisons between projects of varying scope. The complex transfer of information required new strategies involving the use of AI. By offering a solution, Amratia and his software company, nPlan, entered the fray.
Half a Trillion Dollars in AI Planning
With nPlan’s software already having been used on over 280,000 projects valued at more than half a trillion dollars, the future for AI in construction seems bright. Their software can generate risk profiles for projects to help contractors alter the way they approach projects to improve safety. Amratia insists that this technology provides assurance, not insurance, but there’s little doubt that this software is going to make waves in the construction industry.
“It can determine the quantum of residual risk in a project, and if things change half way through, determine how the residual risk has changed. That output becomes input for coverage of delay in start-up, property and casualty, and builders’ risk,” Amratia said.
This technology addresses key factors in construction, including safety, cost, quality, and schedule. It can predict what types of accidents are most likely to occur during the project, so contractors can prepare their workforce accordingly.
If you would like to speak with one of our Orlando construction attorneys, please contact us today.
Disclaimer: The information contained in this article is for general educational information only. This information does not constitute legal advice, is not intended to constitute legal advice, nor should it be relied upon as legal advice for your specific factual pattern or situation.