RETURN ON INVESTMENT (ROI) TO USE COMPUTER VISION IN CONSTRUCTION
Updated: 6 hours ago
You should know about Computer Vision
Artificial intelligence (AI) has been discussed for years, but do you know what is Computer Vision (CV)? Computer Vision, as a field of AI, by using digital media and deep learning models, it can help us accurately identify and classify objects.
The full potential of these technologies have still not yet been fully developed, CV market is expected to grow at a Compound annual growth rate of 8.38% in 2020 to 2027.
Computer Vision in Construction World
CV is extremely useful to help our construction industry enter the digital world. It provides high accuracy verification tools which automatically monitor the construction sites and increase our productivity. It is believed that the investment in CV will deliver exponential returns despite the high investment cost.
Safety Measures Detection / Construction Safety Management
You must know around 10% of ignition and warehouse industries.
On average, over 228K will be spent on one fall accident, including replacement, project delay, compensation cost. And over 341K will cost on each electric accident.
This leads to the presence of smart safety applications in order to help us identify objects in a 3D environment. Workers who haven't worn proper safety measures like helmets and high visibility jackets will be detected. viAct is one of the AI companies aiming at reducing the injury rate in construction areas by using computer vision.
The followings are the potential return on investment on CV
Reduce accidents thus increase safety
Reduce 80% compensation cost for injured workers
Intricately precise and faster inspections monitoring by machines than human (second response time instead of minutes)
Reduce the time for process
Reduce expense of man-hours
Lower operation cost (70% cheaper)
Reduce human workloads, thus can free up human capital for other tasks to increase the throughput
It is hard for companies to track workers movement and monitor the time of tasks taken. Due to the limitations, it may lead to project delays and inaccurate records. viAct provides activity tracking with the use of computer vision which will reduce unproductive human labour and increase productivity.
Reduce the idle time and save additional delay costs
Address lack of insights on activity, optimal coordination and real-time intelligence.
Further, it also minimizes the entry-error possibility and waiting time
Track previous record
Save projects time, resources, and money by 70%
Enable people to monitor worksites remotely at any recorded time
Allow searching for specific objects on job sites easily
Prevent terrible project delays and inaccurate records
Increase 80% efficient rate
Help Machinery Counting and Material Tracking
To deal with overproduction and inventory, CV helps manage the flow of material and labor with cameras tracking.
One of the stolen accidents happened in Dongchangfu district of Liaocheng city in Shandong, China. The theft stole construction site cables, air-conditioning, cutting machines, electric welding machines, as well as the electric tricycles and electric four-wheelers and other materials in a construction site with a total value of more than 10K.
Apart from monitoring materials, viAct can help monitor the frequency of raw material arrival and mismatches of raw-material unloaded at non-allocated site areas, also it addresses under-utilized resources.
Reduce searching times of resources
Prevent project delay and its cost (80% decreased)
Remove manual processing from the workflow and entry-error possibility is eliminated
Better gauge the raw material arrival, consumption, and utilization
Provide insights for utilization of labor and material
Increase 80% efficient rate
Computer Vision helps improve the safety and productivity of the construction industry, with the use of CV, companies would remain competitive in the industry in the long-term. It is hoped that computer vision can be applied to other industries but not only construction companies.