What's Smarter...You, or Your Computer?
Published in CFMA's Building Profits Magazine in the November / December 2014 issue, this article examines the growing presence of artifical intelligence and machine learning within technology in general, with a specific emphasis on how this tech is starting to impact the construction industry.
You may be familiar with Netflix's recommendation engine, or the way that Facebook and LinkedIn recommends new contacts. This is just one example of how computers are being programmed to learn about you and help you make decisions. These sames algorithms are starting to pop up within enterprise technology, and there is a lot of promise to use it within construction tech products.
Sounds scary? Or interesting? In either event, this article is for you, because it will help you better understand why a computer may be a great thing to rely upon to help in certain situations.
Some people develop a slight tremble whenever the words “automation” or “artificial intelligence” are uttered. They exclaim, “A computer can’t do my job!”
This may be especially true of CFMs ("Construction Financial Managers"), who typically spend a lot of time managing and comparing data, and who become frustrated after watching computers make errors or per- form automated tasks blindly without any human touch.
CFMs may be happy to hear that automation is dead. However, it is survived by something a lot more powerful and interesting, and something they need to understand, fast.
The “Internet of Things,” artificial intelligence, and what many have labeled as “Web 3.0” are now upon us. “The cloud” was just the opening act for technologies that are going to fundamentally change the CFM’s role.
Many of these technologies are already here, and as this article will explore, savvy organizations and CFMs must move past their intuitive fears and learning curves because the benefits could be explosive.
Scott Wolfe, J.D.Scott Wolfe Jr., a thought leader in the construction industry, combines his construction background, tech experience, entrepreneurial spirit, and legal education to bring a unique perspective to the industry’s construction payment problem. Scott is the founder of zlien, a venture-backed construction payment platform. A licensed attorney in six states, his writing has appeared in the New York Times, CFMA’s Building Profits, Supply House Times, Construction Executive, and tED Magazine. He has been a Keynote Speaker for the American Subcontractors Association annual conference, and speaks regularly about construction payment challenges, legal and financial risk, and technology.
