The need for artificially intelligent solutions is at an all-time high. One might think that the rise of AI solutions such as virtual assistants, autonomous vehicles, image recognition, and natural language processing is reserved only for certain industries. That is not quite accurate. AI and the digitalization revolution have found themselves a place in almost every aspect of our personal and professional lives. One of the industries majorly benefitting from AI at the moment is the construction industry.
The construction industry is a complex and demanding one. The modern construction site can become a nightmare for any project manager. Between paperwork, procurement, worker safety, and quality of work, there are many things that can go wrong.
What if one AI-powered solution can eliminate most of these challenges?
Construction is a lot more than bricks and cement. In actuality, it is paperwork that constitutes the building block of any construction project. From contracts, permits, and schedules to invoices, receipts, and blueprints, paperwork can be time-consuming and error-prone to process manually on construction sites. So, where does the industry currently stand when it comes to digital transformation?
Streamlining solutions such as intelligent document processing (IDP) have been making waves recently. IDP solutions can help construction companies manage their enormous volume and complex paperwork with increased accuracy and agility. This can lead to faster approvals and more efficient workflows.
Using artificial intelligence and machine learning (ML), these technologies can extract data from documents, such as text, numbers, and images, and harness this data to make processes more efficient, productive, and compliant.
Here are some specific ways that AI-powered document processing and optical character recognition (OCR) are being used in the construction industry:
IDP and OCR technologies can be used in numerous ways and produce great benefits. Some of these benefits include:
Professionals in the construction industry can also benefit from industry-specific scenarios such as:
The benefits of using construction IDP are clear, and more and more construction firms are adopting this technology. However, implementing IDP in a construction business is not always straightforward. Here are some things to consider when implementing this technology:
Despite the challenges, AI-powered document processing and OCR offer significant benefits for the construction industry. These technologies have the potential to improve efficiency, reduce costs, improve compliance, improve safety, and increase productivity. As these technologies continue to develop, they will have an even greater impact on the way construction projects are managed, and soon enough they will be normally included in any construction project from the very beginning.
Invofox is an intelligent document processing (IDP) software company that helps businesses automate the process of handling invoices, receipts, and other documents. The company's AI-powered platform can automatically extract data from documents such as invoices, bills, bank statements, and tax forms and validate the extracted data for compliance.
Invofox's customers include businesses of all sizes, from startups to large enterprises. The company's software is used by businesses in a variety of industries, including software, accounting, finance, logistics, and construction.
If you are looking for a document processing software solution that can help you automate your document handling processes, improve accuracy, reduce costs, improve compliance, and improve customer service, get in touch.