We all hear that AI will bring big cost savings in all industries. Why is a industry like construction any different. Any senior role in the construction industry can leverage AI-powered system to help them work more efficiently. We have worked with businesses to optimise their business process using bespoke software system, including bespoke expense and job costing software to enhance project efficiency, financial accuracy, and strategic decision-making. 

Bespoke integrations will allow you to connect all your data sources and allow AI to analyse the data to make better use of the information and to help pick up trends that are not clear to see. 

Below are 10 areas where AI can help the business processes:

AI analyses real-time data from various sources like integrating with supplier system, expense management systems, Purchase requisitions, to monitor expenses and job costs dynamically, ensuring projects stay within budget.

Machine learning models predict potential cost overruns by analysing historical data and current trends, enabling proactive budget adjustments and resource allocation. This can link with market known prices, to give potential price variations and supply needs.

AI-powered Optical Character Recognition (OCR) automates invoice entry, categorisation, and verification, reducing manual errors and streamlining accounts payable.

AI allocates costs to specific jobs or phases of a project based on time, labour, and material usage, providing an accurate breakdown of project expenses.

AI analyses supplier performance, pricing trends, and payment histories to identify cost-saving opportunities and negotiate better contracts.

AI detects anomalies in expense claims, purchase orders, or supplier invoices, flagging potential fraud or unauthorised spending.

AI evaluates workforce productivity data to optimise labour allocation, ensuring efficient use of human resources while minimising unnecessary costs. By integrating into project budgets and historical allocations, it can help predict the correct resources for each project.

AI integrates seamlessly with job costing systems to provide insights into profit margins, cost centres, and performance metrics for each project phase.

AI assesses financial and operational risks by analysing expense trends, supply chain disruptions, and project delays, helping managers mitigate risks in advance.

AI visualises expense and job costing data with dashboards and reports, providing actionable insights to senior managers for strategic planning and resource prioritisation.

• Compliance Assurance: AI ensures expenses align with company policies and regulatory requirements.
• Scalable Solutions: The software grows with the company, adapting to more complex projects and larger data sets.
• Improved ROI: Better expense management leads to reduced costs and higher profitability.

At Systematics, we develop custom expense management systems that integrate with systems and deliver perfect fit for your business. Have you automated your expense management process yet? What hurdles have you faced? Let’s discuss in the comments.