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Tracecost is currently in talks with Airport Authority of India (AAI) and some state governments for their projects; expects to close 30 projects this fiscal year
New Delhi, December 10, 2019: Delhi-based Construction technology start-up Tracecost Inc. today said that its flagship project management suite Tracecost has become the first software to be empanelled by Broadcast Engineering Consultants India Limited (BECIL) for managing of infrastructure and real estate construction projects. BECIL is a central public sector enterprise of Government of India and a Mini Ratna.
This empanelment by Broadcast Engineering Consultants India Limited (BECIL) qualifies and accredits the use of Tracecost software suite for all new construction projects undertaken by BECIL and other public sector enterprises. In March, Prime Minister of India Shri Narendra Modi had declared 2019-2020 as the year of construction technology, with the goal of increasing the use of modern technology in the construction sector.
“We are delighted with this opportunity to contribute to building of a new India as the first construction project management software empanelled for use in public sector projects. BECIL’s empanelment of Tracecost also paves the way for use of cutting-edge technology in managing and monitoring of all public sector construction projects, which will go a long way in enabling completion of these projects on scheduled times and within budgets,” said Madhvi Walia, Co-Founder and CEO, Tracecost Inc.
The company said it is currently in talks with various government entities including Airport Authority of India (AAI) and some state governments for their projects, and is expecting to close 30 projects by the end of this financial year.
Tracecost has been designed to reduce costs and inefficiencies that are typically associated with construction projects in India and around the world. It optimises construction project management along with offering real-time cost tracking, and further enables end-to-end automation and documentation of the entire construction workflow, from design and documentation to equipment management and quality control.
“We chose Tracecost for its unmatched USP in offering a world-class yet highly localised project management suite designed for India. The software brings powerful automation and digitalisation capabilities that will no doubt help deliver construction projects faster and with reduced costs,” said Shri George Kuruvilla, Chairman and Managing Director of BECIL.
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.
Tracecost uses advanced Machine Learning and Artificial Intelligence technologies to allow creation of schedules and reduces dependence on manual guesswork. It also makes construction of large and complex projects safer as it tracks and reports safety incidents across job sites.
BECIL was established in 1995 for providing consultancy services of international standards for broadcasting, including turnkey solutions. It operates under the Central Ministry of Information and Broadcasting.
About TraceCost Inc.
Tracecost Inc. is a project management technology company headquartered in Canada, with
research and development, support, and implementation teams based out of New Delhi and Noida. Tracecost’s mission is to build a scalable, cost-effective, and highly interoperable platform to aggregate construction data across disparate sources to ultimately improve project efficiency with respect to time, money and efforts. Today, Tracecost develops products and solutions that are implemented in all aspects of project management in the infrastructure industry. For more information, please visit www.tracecost.com
Disclaimer :- This story has not been edited by Outlook staff and is auto-generated from news agency feeds. Source: PTI
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