What’s the mission and approach of the Council?
Members of the Predictive Analytics Strategic Council are committed to advancing the global AEC industry in its goal to reduce project risk. Innovations in the field of artificial intelligence (AI) are making new decision making processes possible by enabling prediction of risks before they happen. The prediction of future events is full of technical, business and social challenges. The Predictive Analytics Strategic Council’s mission is to chart the course through these obstacles and help bring the benefits of predictive analytics to the AEC industry.
The Predictive Analytics Strategic Council’s approach is to learn and explore by doing, building new models for areas of risk and actively addressing the operational, social and business impacts as these models are developed through the pursuit of three workstreams: 1) Operations, 2) Business Value, and 3) Technology.
Who is the Council for?
The Council is for Owners, Developers, General Contractors, Construction Managers, Trade Partners, Insurers and other stakeholders who share in the risks associated with construction projects. There is no fee to join the Council, just a requirement to share data and contribute on one of the Council’s workstreams. The Council started out as a collaboration between General Contractor Suffolk Construction and software provider Smartvid.io as originally profiled in MIT Technology Review, and has now grown to 14 members and counting as profiled in this article from ConstructionDive.
What is Predictive Analytics?
Predictive analytics encompasses a variety of statistical techniques from data mining, predictive modeling, and machine learning, that analyze current and historical facts to make predictions about future or otherwise unknown events. In construction, predictive analytics have been slow to make an impact due to a lack of digitization and siloed data sources. As more and more of the data generated by construction projects is made digital, it is able to be overlaid and connected, allowing for the effective use of predictive analytics.