Executive Corner: Special Report from the AI Summit for AEC
For this “Executive Corner” column, I will discuss BST Global’s AI Summit, an industry-first event focused on all things AI for the AEC industry. I interview Javier A. Baldor, CEO at BST Global (email: [email protected]).
JAVIER A. BALDOR
CEO AT BST GLOBAL
Ryan: I’ve heard rave reviews about BST Global’s AI Summit held in April 2024. Can you tell me more about the event?
Baldor: We had an idea to bring the industry’s brightest minds and visionaries from the world’s top design, engineering and environmental consultancies together to share how they’re preparing for an AI-powered and data-driven future. We would focus on all things AI for the AEC industry, and that’s exactly what we did. The event was held at the beautiful Sandpearl Resort on Clearwater Beach, Fla., from April 16-18, 2024. We actually sold out and had a waiting list for folks to attend, so it was very well received by AEC leaders.
Ryan: What did the firm participation look like, and what did the speakers discuss?
Baldor: We had 14 senior technology visionaries from AECOM, Arup, AtkinsRéalis, Gannett Fleming, GHD Digital, HDR, HNTB, Jensen Hughes, Kimley-Horn, Parsons, Populous, Ramboll, Stantec and Terracon, who presented on topics such as:
• Reimagining the AEC industry as a “data” business
• Attracting, developing and retaining the right talent for your AI future
• Applying generative AI and ChatGPT in the real world
• Crafting a data-strategy foundation for your firm’s future
• Strengthening and building resiliency in cybersecurity
• Putting the right trust, governance and privacy practices in place
• Meeting the ESG imperative with big data
• Exploring how AI will transform project QRS (quality, risk and safety)
Ryan: And what were the overarching themes you took away from all these presentations?
Baldor: There was truly amazing content shared during the summit. After some reflection, I can share these exclusive insights derived from the event that align with three key themes:
1. Embrace Gen AI
Although our industry is massive compared to other industries (estimated to be valued at $17.5 trillion by 2030), it’s not very productive and is among the last to digitize. However, the power of technology will keep growing exponentially, and generative AI models have the potential to radically change our industry.
McKinsey estimates that Gen AI alone is going to add $4.4 trillion to the global economy annually, and that Gen AI and other emerging technologies have the potential to automate work activities that consume up to 70 percent of an employee’s time every single day. Why is this? Why such potential for Gen AI? Gen AI is fantastic at predicting patterns found in natural language. Which industries are perfectly suited for this technology? Ours, and every other knowledge-based industry.
The AEC industry is changing from one where data are a byproduct to one where data are central to the business model. And given the massive productivity gains Gen AI is expected to afford, that business model will also transform from being time-based to value-based.
2. Understand and Mitigate AI Risks
While AI offers huge opportunities for productivity gains, it shouldn’t be a surprise that there are threat factors along this same journey. Risks to consider are intellectual property protection, copyright infringement, data loss, ethical use of data, accuracy validation and monitoring, and bias detection. That’s why it’s critical to develop an AI strategy with strong privacy and security dimensions in place. Firms also must decide whether to borrow, buy or build data infrastructure. If you decide to build it yourself, you also must consider what’s needed to maintain and manage that digital infrastructure.
3. Invest in Your People and Data Strategy
When it comes to AI, you must keep your people at the forefront of your decisions. How will you upskill them in the future? How will you prepare them for a future where an engineer or designer is also a software developer and data scientist? Plan a staff-first approach, seek a balance of skepticism and optimism, and lead the conversation with leadership teams.
When it comes to data strategy, just having data isn’t enough. To derive value from data, they must be accessible, actionable and secure whenever and wherever they’re needed. You must have a thoughtful data strategy to unlock, unleash and realize their value. At the same time, it’s crucial to keep in mind that data are only one part of the larger digital transformation picture, which also includes technology, people, clients and ways of working.
Author’s Note: All the presentations and recordings from BST Global’s AI Summit are available at BSTGlobal.com/AISummit. Information about next year’s summit at Eau Palm Beach Resort & Spa in Palm Beach, Fla., from May 6-8, 2024, can be found at BSTGlobal.com/AISummit2025.
