- Artificial Intelligence is already changing the real estate and construction sectors.
- Nigeria is positioned to benefit from the implementation of AI.
- (The outline for this article was done with AI – the body was written by an actual human though)
You probably have heard about artificial intelligence (AI) – unless you have been living deep in the bush. AI is already transforming the construction and real estate sectors globally and is expected to have a significant impact in the near future. AI has the potential to dramatically improve the construction and real estate sectors and many other industries – if adopted (quickly) the upside is unlimited.
Here are some ways AI will impact the construction and real estate sectors in Nigeria:
- Increased Safety: AI can analyze real-time data from job sites to identify potential safety hazards and prevent accidents. Nigeria has a terrible record with safety and building collapses – AI has the potential to prevent or predict issues – which can save lives.
- Planning and Design: AI can create architectural designs and can plan out projects in seconds- while humans may take weeks to accomplish the same tasks. This may cause some to fear this technology, but if used properly it can enhance and maximize efficiencies.
- Project Management: AI can automate project management tasks, such as scheduling and budgeting, and help identify potential delays or cost overruns.
- Quality Control: AI can analyze data from construction sites and identify quality issues and prevent them before they become costly problems- Nigeria needs this.
- Predictive Maintenance: We know that maintenance is seriously lacking in Nigeria. AI can analyze data from sensors and equipment to predict when maintenance is needed, reducing downtime and increasing productivity.
- Robotics: AI can enable the use of robotics in construction, which can increase efficiency, safety, and accuracy in tasks such as bricklaying and excavation.
- Smart Contracts: Smart contracts and digital agreements can be produced by AI and then be sent to both parties to execute. This will save time and money.
AI is a groundbreaking technology that has been compared to the invention of the Internet – some say it will impact humanity even more than the Internet. We should indeed proceed with caution with this technology as it can be used by bad actors – but the potential for good can not be understated.
Are you ready for AI? Have you used ChatGPT or any other platform? If you are in the real estate scene or construction, tell us how you have used it or plan on using it to help your career.