Pruksa Holding wins Thailand Technology Excellence Award 2024 for AI-powered predictor model

The technology has streamlined its quality assurance process with the decrease of manual audit transactions.

An Industry frontrunner, Pruksa Holding took home the Thailand Technology Excellence Awards in the AI - Real Estate category for its development of an artificial intelligence (AI)-powered inspection predictor model to improve the efficiency of its internal audit (IA) process.

The IA team has been established and has acted as the final line of assurance in the verification and validation process for contractor payments, which is initially reviewed and approved by a designated process owner.

It conducts a thorough manual audit of approximately 10,000 monthly construction project payments for contractors from 285 projects across the country. This audit ensures that each item listed in the project specifications meets the necessary standards in terms of both quality and quantity.

However, this manual review process has become demanding and time-consuming, requiring 2,400 man-hours and incurring operational costs of THB4.4m per year. This has led Pruksa Holding to collaborate with its in-house data science team to develop an AI-powered inspection predictor model.

The model utilises AI and machine learning technology to analyse all relevant data inputs from the records, such as contractors, projects, project managers, and types of construction. It makes precise projections and adjusts the inspection process accordingly, resulting in a 100% accurate prediction of inspections equivalent to the manual audit.

Pruksa Holding has successfully implemented the AI technology across all of its construction projects since June 2023 and has continuously updated the model with the most current inspection data every six months to ensure its up-to-date performance.

The innovative solution has resulted in a 35% reduction in manual audit transactions, decreased man-hours from 2,400 to 1,560 hours per year, and significant savings estimated at THB1.7m per year. Manual audit transactions have also decreased from 100% to 65% and the new audit approach has reduced the number of onsite inspections, lowering audit costs from 4.4 MB to 2.7 MB.

With these initiatives, Pruksa Holding becomes the first in quality assurance with AI technology in real estate projects in Thailand. The predictor model has significantly enhanced its IA process, resulting in significant cost savings for the company, whilst maintaining high standards for quality assurance.

“This model has enabled us to address issues beforehand and reduce the number of non-issued projects whilst maintaining 100% effectiveness and quality equivalent to manual audits. Our team is dedicated to continuing to provide top-quality services to our stakeholders and maintaining our status as the leader in the real estate industry in Thailand,” the company said.

The Asian Technology Excellence Awards, now in its fourth year, celebrates top technological innovators and solutions that are redefining industries and leading the charge in digital transformation.

The Asian Technology Excellence Awards is presented by Asian Business Review. To view the full list of winners, click here. If you want to join the 2025 awards programme and be acclaimed for your company's outstanding retail initiatives, please contact Jane Patiag at [email protected].