InEight’s next-generation planning and scheduling solution, InEight Basis, now includes a risk management module, which introduces unprecedented risk and confidence management capabilities to the construction and engineering industries. The new module helps identify and quantify project risk considerations that affect cost and schedule selections, ultimately offering greater certainty to sectors where budget and project overruns are common. For the first time, Basis combines artificial intelligence (AI) and human intelligence to create true risk intelligence. By bringing together historical project data and human expertise, planners and project teams can produce more accurate and fully risk-adjusted schedules for construction and other capital projects. Using Basis, planners can spend up to 40% less time building schedules and reduce the amount of time spent gathering team member feedback by up to 75%.
The Basis AI engine now offers the planner suggestions as to which risks and opportunities a project is likely to encounter based on past project information: a leap forward in the practice of risk and confidence management in capital project planning. For sectors such as construction, infrastructure and energy, where the scale of projects makes them difficult to predict, such insights are invaluable. “With the advent of unstructured data storage, we can now store and, more importantly, use AI to mine much richer and more varied types of historical data that give us more confidence in our forward-looking predictions,” says Dr Dan Patterson, InEight chief design officer. “The more data you have, the more accurately you can predict the future.”
By quickly incorporating learnings from historical data and human insight from personal experience, the project team can create a realistic plan that can be executed on time and within budget. Additional insights on the benefits of risk intelligence integration into your scheduling can be found in the latest whitepaper on ineight.com. “We are excited to share our latest innovation with planners, so they have an opportunity to see the level of value it can bring to their process,” adds Dr Patterson.
