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The Power of Data: Leveraging Artificial Intelligence and Machine Learning with Capital Improvement Program

On average, facility and asset owners carry 10% of total design and construction cost estimates as contingency to help reduce the chances of being over budget. For many owner Project Managers, going over budget is considered a career limiting move. In the private sector, some owners are carrying 30% contingency due to a cultural pattern of late project owner-driven scope change. On a $10 million dollar project, that is a hefty $1 million dollars of contingency. Across the average annual capital program of $250 million dollars, that is $25 million dollars (or $75 million for conservative owners) reserved in contingency. That is more than enough to build a new school, hotel, or an emergency room. Want to know a secret? 25+ years of detailed construction performance data only available with e-Builder Enterprise demonstrates that owners actually use a small fraction of the contingency they reserve. This means that millions of dollars is ultimately trapped in your capital programs budget and upon project close-out, these funds “evaporate”. Many leaders agree that the funds should have been better deployed to deliver another project in your capital improvement program. Join this session to learn about some of the most exciting innovations happening on e-Builder Enterprise and how your organization can leverage artificial intelligence and machine learning on your data to unlock untold millions of dollars in your budget.