Construction with AI - Predict construction revenue by fuel consumption
Construction contractors need to know their expected revenue early. Especially where the work is done with big equipment, analysing the engine’s telematic data might provide a reliable prediction of revenues.
The construction industry is notoriously slow in embracing new technology. However, the possibilities of using AI methods in the sector are vast. Predicting revenue is very important for the financial stability of small and big contractors alike to plan for example the cash-flow of the organisation or the logistics of resources. In sectors where the performance depends primarily on major diesel driven equipment, the correlation between revenue and diesel consumption should be strong.
The results of the models can be an integral part of the financial controlling systems of the contractor.
Each major modern equipment has basic data like fuel consumption available via telematic systems. For older equipment it can be added without high costs. Collecting the data through the various sources at OEMs or directly from the equipment and normalizing of the data should be part of this project.
The revenue achieved with the equipment is required for training of the model.
The use of particular AI methods will be decided after analysing the available data.
Access to the data of the equipment is sometimes limited by manufacturers. The exchange of revenue data between contractors operating in the same market might not be possible.
The prediction might be interesting not only for the construction industry, but as well for others like harvesting, taxis or transport related trades. Adding other available data like temperature or precipitation can improve the model.
It is intended to develop a community to share ideas, data and code.
The image has been provide by BAUER Spezialtiefbau GmbH, Germany, a worldwide leading special foundation contractor. http://www.bauer.de