New Cloud solution TraceCost launched to automate construction management
The company is targeting various construction industry stakeholders as its customers
TraceCost Inc., a Canada-headquartered project management technology company, has launched its flagship product Tracecost, a “Made in India” cloud-based project management automation suite built specifically for the Indian construction industry.
Designed to reduce construction costs and inefficiencies, Tracecost optimises construction project management along with offering real-time cost tracking. It enables end-to-end automation and documentation of the entire construction workflow, from design and documentation to equipment management and quality control. The software uses advanced machine learning and artificial intelligence to allow creation of schedules and reduces dependence on manual guesswork. It also makes construction safer as it tracks and reports safety incidents across job sites.
Prabh Paul, co-founder and COO of Tracecost Inc. said, “Our goal for Tracecost is to reengineer and fundamentally improve the project management experience, both from an internal and client-facing perspective.”
A recent McKinsey report revealed that the global construction industry, worth $10.6 trillion in annual spends, loses about 10% to various inefficiencies. Large capital projects typically take 20% longer to finish and are up to 80% over budget. McKinsey Global Institute also said that infusing digital technologies would lead to up to 15% improvement in productivity.
Sunny Vohra, co-founder and CTO of Tracecost Inc. said, “Tracecost is a secure, robust and intuitive platform that streamlines a highly-complex process and allows construction or project management companies to reduce costs, prevent delays and simultaneously provide full transparency to the owners as well as project managers.”
A KPMG Global Construction Project Survey found that the average accuracy of manual construction cost reports is just 23%.
Madhvi Walia, co-founder and CEO of Tracecost Inc. said, “Automation and digitisation of the processes will help the construction industry reduce its dependency on traditional methods and make their management efficient, ultimately helping ensure that projects are both cost and time effective.”
Tracecost is targeting various construction industry stakeholders as its customers, including private and public sector construction companies, banks and other lending organizations, and global realty project management firms. The suite is offered as software as a service (SaaS) and is accessible via desktop and mobile devices.
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