Traditional construction cost management processes with integration of outdated technologies have proven to be ineffective as they frequently lead to construction delivery project delays, excessive budget overruns and ultimately, financial loses. However, the advent of Artificial intelligence (AI) holds the promise to transform construction cost management entirely. This study seeks to evaluate the impact of artificial intelligence on construction cost management processes in South Africa. The study employs a mono-qualitative research methodology with a case study strategy and collects data through semi-structured interviews from quantity surveyors, construction projects managers and construction managers using non-probability purposive sampling method. The findings from both the literature and interviews suggest that artificial intelligence can significantly influence and enhance the accuracy of construction project cost estimation, budget estimation and actual expenditure of construction project by using machine learning, artificial neural network, deep learning, predictive analytics, Internet of Things, and BIM to efficiently quantify project elements, make informed decision, mitigate financial risks proactively, monitor and track costs in real-time, and optimize resource allocation. Furthermore, the findings also strongly indicated there is still lack of awareness among construction professionals about advanced AI technologies that can be integrated in cost management necessitating training and education programs to provide construction professionals with insights on application of different AI technologies in construction cost management.