I originally tried to get ChatGPT to write this month’s editorial column as a way to better explain the breakneck pace of technological change.
Reader, you failed.
Perhaps my instructions were inadequate. Perhaps the capabilities of artificial intelligence chatbots are overrated. Anyway, after three tries, I was stuck with somewhat mechanical prose, so I decided to find my own words instead. My job seems safe for a while.
However, it is not wise to be cocky. Technology is maturing rapidly and more and more products are entering the market. Think drones, wearables, sensors, and of course AI. With such a bewildering array of technologies available, our feature takes into account the choices contractors have to make as they navigate the maze.
Come to think of it, my harrowing ChatGPT adventure pretty neatly illustrates the results of the article. It’s easy to be tempted by flashy new technology and the noise that surrounds it. ChatGPT’s hype curve in the first few months of 2023 has been overwhelming at times. But while there’s a lot to look forward to (and worry about) about AI’s potential, it’s not developed enough to reliably complete many basic tasks.
The article reveals that big construction companies are still investing in technology in pragmatic but less attractive areas. Many companies are focusing their resources on improving organizational efficiency, such as digitizing management processes and purchasing platforms that connect back-end and front-line operations. Here, the market is already flooded with products with a proven track record of success.
James Veitch, director of digital and technology at Balfour Beatty, makes it clear that walking before running is important for the big players in the space. He said digitizing the operational side of the business is a necessary first step to provide a “solid foundation” for other, more ambitious initiatives such as generative AI.
Jumping into huge investments in underdeveloped and overvalued technologies can have irreversible consequences. And it’s important to take your staff on the journey and make sure they understand the value of digital investments. If they decide it’s making their job harder, it’s going to cost them a lot more to get back on track. Careful adoption of technology, including trials, is critical.
On the other hand, in a highly competitive industry like construction, if you wait too long to introduce technological improvements, you risk being overtaken by your rivals. Balancing risk is a high-stakes game. A company with the soundest management structure and the ability to make the right technology investments at the right time.
Those who are most likely to win.
