MANILA, Philippines — Local government units (LGUs) may choose to construct and designate their own…
A local startup is using AI technology to solve building problems.
DAVAO CITY, Philippines — With its artificial intelligence (Al)-driven construction management platform AIMHI, a homegrown business hopes to become the first indigenous company to bring innovation to the construction industry (Artificial Intelligence Meets Human Intelligence).
Eve on Top (Eve), a Tagum City-based women-led software firm, has created AIMHI.
Eve co-founder Cherryann Lee Angoy stated during a press conference here on Wednesday that the technology solves most building problems while also ensuring a 10% profit gain in construction projects.
“AIMHI was created to address long-standing issues in the construction industry, such as project delays, overspending, and falling below goal profit margins,” Angoy explained.
As the CEO of the construction firm SECKKA Empire Builder, Inc., Angoy claims to have thoroughly investigated the roots of most of the industry’s difficulties.
Contractors incur profit losses and delays, she claims, due to a lack of or poor cost management, planning, estimate, monitoring, and control, as well as poor risk and resource management.
“The average project delay is 20 percent to 30 percent, with a 28 percent average overrun,” she stated.
“For a ten-million-peso project with a nine-month deadline, an additional PHP3 million in unnecessary costs will be incurred owing to delay, and PHP2.8 million in overrun,” she continued.
She predicted that by 2024, the Philippine construction industry will have grown at a 14.4% compound annual growth rate (CAGR), reaching PHP871.1 billion.
In 2018, the Philippines’ construction industry grew at a rate of roughly 15.9%, with the construction industry accounting for 6.8% of total GDP.
In the same year, the number of Filipinos working in the construction industry increased to 4.02 million, up from 3.55 million the year before.
Despite its positive impact, she noted it is still a low-profit business with a declining profit margin, not to mention the number of Filipino employees that rely on it.
“Construction is one of the world’s major industries, with annual spending of about USD 10 trillion on construction-related goods and services. “However, productivity has barely increased by 1% in the last 20 years,” she remarked.
To make matters worse, she claims that a shortage of competent labor is generating an additional 10% to 15% loss in construction projects.
AIMHI, according to Eve, is more than just a scheduler, expense tracker, or inventory management.
“It facilitates cost planning, monitoring, and management by enabling its cost footprint capability.” “Our data-driven platform learns project inefficiencies, personnel productivity footprint, and overall cost behavior using real-time and historical data,” she explained.
Users can upload project estimates, track actual expenditure versus budget, manage labor and equipment allocation, project schedule, proactive suggested activities, and an overall dashboard with a progress report, timetable, overall budget, and project rating using AIMHI, according to her.
Because it employs construction management concepts and trustworthy workflows, she claims the software is simple to use and delivers clear information.
The platform, which will go live on June 21 through their Facebook page AIMHI by Eve, will cost each user PHP1,014.51 (USD19) per month.