Unified platform blends construction applications and data to give insight into project performance and risk
Oracle is using artificial intelligence (AI) and data analytics to help give owners and contractors a comprehensive understanding of project performance in order to continuously improve outcomes across planning, construction, and asset operation.
The company’s new Construction Intelligence Cloud Service combines data from Oracle Smart Construction Platform with a common data environment. By synchronizing activities, resources, and data as each project and asset progresses, the platform helps ensure teams across disciplines are always working toward the same goal, with the same information.
For instance, Oracle explains that the platform’s scheduling and project management capabilities could help firms synchronize planning and worksite teams around a master plan, giving both visibility into a unified schedule and the task data needed to do the right work in the right place at the right time. So, if an HVAC installation should change because of a supply chain issue, the project manager will automatically receive the updated schedule information and can coordinate any needed adjustments across all impacted teams.
Likewise, Oracle says the platform gives capital planners accurate, timely data on project forecasts so they can align with managers on budget requirements and adjust as strategic priorities change.
For example, if inflation doubles the costs of a required set of materials on a project, the project manager can push those new actuals and forecast up to the planner who can perform just-in-time changes to the portfolio, possibly pulling funds from a less important project, or putting a project on hold.
And as the platform continually learns and gets smarter using machine learning technologies, Oracle says that it will take these past actions into consideration to flag potential risks and guide more informed decision making in the future.
“You can’t manage what you can’t measure,” said Roz Buick, senior vice president of product, strategy, and marketing for Oracle Construction and Engineering.
“The new Oracle Construction Intelligence Cloud Analytics offering combined with the Smart Construction Platform’s predictive intelligence engine and common data environment, gives our customers a deeper, holistic understanding of their performance.
“Now they can build unique data strategies that drive competitive differentiation. This is how the construction industry will get to six sigma precision like its industrial and manufacturing counterparts.”