Cost control in construction with tech is the new normal
The pandemic has impacted most industries globally. As it is, the annual productivity growth in construction averaged barely 1per cent over the previous two decades, compared to 3.6 per cent for the manufacturing sector
and 2.8 per cent for the global economy, respectively and COVID is only going to worsen this.
While many sectors have been able to sustain productivity, thanks to the ability to function remotely, productivity in the construction industry witnesses further challenges, due to resource availability, raw material costs and accuracy of remote visibility.
What’s more, it is pushing promoters to miss project deadlines, have fluctuating cash flow, tackle statutory requirements, affect time to revenue and related stunted mitigation opportunities. Considering this scenario there is a need to adopt technologies that enable agile yet sound construction practices more than ever before.
Today, we are the first to have 2D interactive technology to facilitate quick, easy and accurate assessment
of on-ground activities. A single source of truth across design quantification, recording day-to-day progress and bill certification.
This significantly optimises effort, input costs and alignment across stakeholders. Impact on cash flow, mandays
and variation to design quantity is pinpointed.
We see that planning is one of the most critical aspects and a cost control framework is to be set from the
schematic stage. With our cost control platform, design stage quantification is done 6 to 10 times faster than 3D BIM. As mandated, 3D BIM is also achieved 2 to 3 times faster. The 2D interactive form ensures continuity of information for day-to-day progress reporting and bill verifications. Collapsed timelines translate to, savings in overhead, shorter time-frame, online cash flow and high predictability of resources.
Another crucial aspect of project execution is to continuously monitor the cost and progress to avoid budget
and time over-runs. As opposed to the conventional monitoring tools, the digital platforms not only enable multilevel resource control daily but also facilitates work progress measurements on a unified platform.
The platform also offers a convenient visualisation option for remote visibility and a progressive audit via 3D scanners.
While the construction industry, traditionally has been resistant to tech adoption, the mounting pressure to cut costs and meet stringent market demands will propel technologies to ensure project transparency, enhance
customer experience, streamline overheads and deliver value.