Budgeting and Planning
The cost optimization process is something that should be performed during the whole period of the construction project execution. This has to be done to make sure that building costs match the limits of the estimated costs.
Accurate planning and budgeting should be the priorities for any construction project. Smart AI-powered tools and trackers help store the financial information, receipts, requirements, limitations, and documentation in one place as well as analyze the expenses in real-time. Keeping track of what is done helps to stick to the plan or to make amendments. The majority of these tools have an integrated feature of risk assessment and alerting.
Benefits for the company
Reduction in human error
– Analyze the expense in real-time
Type of expertise/ AI domain
Linear Programming, Advanced Anlytics, Operational Research, Cost Analysis
Internal data required
Contractor Performance, Time, Cost
External data possible