Preventing delays is crucial in construction projects, and a significant factor often causing setbacks is the time-consuming process of securing high-quality building materials. Addressing this challenge, a construction company has integrated artificial intelligence, streamlining the procurement process and significantly reducing the time needed to acquire materials in the construction industry.
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Parspec's Solution on Construction Delays
Parspec is a company that provides products and services to the supply chain of the building and construction sector by employing artificial intelligence. According to the CEO and co-founder of Parspec, Forest Flager, it is a laborious procedure to determine which items and materials are appropriate for a construction project based on the project's specific requirements. This is because numerous building companies encounter delays caused by the need for experts to manually compare technical product information displayed on thousands of manufacturer websites with product specifications when selecting materials.
As mentioned, the construction sector predominantly depends on commercial distribution, accounting for approximately 85% of construction product sales, with retail accounting for the remaining 15%. While pointing out over 4 million individual product families in the vertical, each with its technical specifications and dimensions, Flager stated that Parsec's primary focus is on lighting and electrical components. This provides a solid testing ground for Parsec's intelligent product selection platform.
Flager pointed out that artificial intelligence and other technologies have the potential to cut the time spent choosing products and quoting by up to 80%. This enhanced efficacy empowers distributors to respond promptly, engage with more buyers, and provide informed project recommendations.
Artificial intelligence will assist distributors in streamlining the matching process and assisting architects and structural engineers in locating the most suitable products for their projects, considering technical specifications, cost, and availability. The organization, which disclosed its $11.5 million seed round on February 27, intends to utilize AI to address these obstacles.
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Utilizing AI in Modern Construction
The concept of artificial intelligence has been in circulation since the 1950s, indicating its longstanding presence and technological discourse. Accordingly, Arthur Samuel, a pioneer in the discipline, coined the term 'computer learning' to describe the branch of research that enables computers to learn without being explicitly taught. In other words, artificial intelligence comprises computers and other systems that can learn from their experiences. This technology aims to replicate tasks that humans currently perform but with greater efficiency and speed. While not novel, the idea continues to evolve and shape various fields, reflecting its enduring relevance and impact over time.
The modern construction industry is characterized by its abundance of data and complexity, which presents a potential advantage to organizations that can harness data, provide understandable insights, and make strategic decisions based on that information. Following many years of development and innovation, artificial intelligence is beginning to establish a foothold in the construction business.
Furthermore, advancements in computer power, algorithms that follow specific procedures, the enormous quantities of data the industry creates, and developments in systems that combine these advancements have all contributed to the realization of artificial intelligence. The time has reportedly come to comprehend and include artificial intelligence in your company.
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