So far in this course, you’ve learned what artificial intelligence (AI) is and what it isn’t. You should also now be familiar with the factors that must be in place for AI development, including organization and interaction.
Next, we’ll look at some industry-specific AI examples. These case studies are based on interviews with companies. The goal is to show you how companies are already using AI in real estate and construction.
The real estate and construction value chain
For this course, we'll use the value chain description taken from the diagram above, which consists of the following steps:
Urban planning, including land use planning and zoning
Real estate planning, development, and construction
Construction, including new build and renovation of buildings and infrastructure
Property management and property maintenance
Demolition and recycling
From experiments to competitive advantage
The application of AI and machine learning in the Finnish real estate and construction industries has already begun. Some companies in the real estate & construction industry have also started to experiment with Generative AI to improve productivity of processes.
In each step of the value chain there are examples of use cases where AI benefits customers and enhances the work of professionals.
As the examples will illustrate, AI can help support the following tasks:
Land use and investment decisions
Simulation and optimization to support planning and decision making
Producing alternative design solutions
Creating situational awareness on construction sites
Enhancing communication and interaction
Trading automation
Enterprise resource planning
Materials management
Automating generation of 3-D / 4-D models from point clouds.
Organizations applying AI in the built environment have found that new technology can change processes and value creation, resulting in a competitive advantage or new business. Several of the startups in the built environment are also challenging the industry’s traditional operating models with the help of AI.
The accessibility of AI technology is constantly improving and the price level is falling, as has happened in all other areas of digitalization. Once data is available, companies of all sizes can begin to harness AI with a reasonable level of investment.
Moreover, integration of AI with other technologies like AR/VR could unlock new opportunities and use cases that could further create new sources of competitive advantage.
