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How Artificial Intelligence Will Shape the Future of Cost Estimation

  • Supply & Demand Chain Executive
  • February 4, 2024

Artificial Intelligence (AI) is shaping up to be a transformative force across various industries, with no exception to cost estimation. One of the most significant advancements is the increased accuracy AI brings to the table. By analyzing extensive historical data, AI models can make highly accurate predictions, learning from past projects to reduce the likelihood of cost overruns. 

The ability of AI to learn and evolve is one of its most compelling features. AI systems refine their algorithms with each completed project, leading to even more accurate estimates in future projects. This continuous improvement is crucial for industries where precision in cost estimation is paramount. 

As we venture into 2024 and beyond, the following are a few ways AI has the potential to change the cost estimation industry, and the benefits it brings to the table. 

See full article on the SDC website.

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