Read more about some of the outcomes we’ve achieved for our clients.
Octant AI Case Study with BMD
BMD, a major construction firm in Australia, is the first firm in the world to embrace Artificial Intelligence technology as a tool to manage cost performance.
Octant AI trained on 200 million data points with 1000 variables and produced a 200% improvement in earlier predictions/forecasts. And up to 25% earlier detection than the business would normally know, warning a project will require support.
BMD Urban is a successful business unit within the BMD Group of companies and has an annual turnover of $450 million. BMD Urban delivers the majority of its projects along the eastern seaboard of Australia. The company has numerous projects underway at any one time, therefore it is difficult to dedicate the time and focus on projects that require more support during the monthly project review process.
Endeavour Programme has been collaborating with BMD to demonstrate and implement its Artificial Intelligence technology Octant AI. Octant AI is able to detect project gains, losses and final forecasts earlier and more accurately than traditional project management methods. This provides high levels of confidence, so that well-informed decisions can be taken with a view to improving commercial outcomes.
To achieve this improvement Endeavour Programme analysed nearly seven years of historical project data. Endeavour brought their extensive domain knowledge of construction together with their unique AI innovation, Octant AI, to demonstrate and implement the world’s first civil construction cost management Artificial Intelligence solution.
Octant AI is a world first using advanced Artificial Intelligence to improve the time and cost outcomes of projects. It has been successfully tailored to address BMD’s key objectives. Octant AI predicts profit and loss against the specified budget and forecasts final cost to identify future issues earlier and more accurately than traditional methods.
This reliable detection and early warning system will allow managers to make better decisions and achieve better outcomes in a way not possible without AI.
The Octant AI system was trained on more than 200 million data points and over 1000 variables. This allows the AI to provide results 25% earlier than traditional methods that are up to 200% more accurate. In a 12-month project, that equates to a three-month earlier warning, which is critical to the commercial outcome of projects.
Endeavour built a comprehensive advanced analytics report, identifying and providing valuable business insights that were previously untapped. Our client confirms that this will provide valuable lenses to understand new perspectives and improve business performance. We are nearing completion of our secure cloud platform and are working with BMD on implementation of Octant AI into the business.
“It is often difficult to conceive the advantages of new technology, but the open and honest collaboration with Endeavour Programme has the potential to result in some very remarkable achievements.”
Patrick Pearl, Group Business Systems Manager, BMD Group