» Press Releases Edition | By Author | May 15, 2023 10:05 AM ET
3D AI-powered construction analytics platform, Contilio, has launched its first-of-its-kind AI Quantity Tracker, to automate the resource intensive, error-prone and costly process of manually tracking onsite installed quantities during construction.
The new functionality gives actionable insights on the production rate of all installed elements in a few hours, improving the productivity of the current process and its coverage by 20 times. By automating valuations and quantity take-offs, Contilio's AI quantity tracker streamlines cost tracking and payments, enabling real estate and construction players to improve their cash flows and time to revenue, at a time when material costs and interest rates are at their highest since 2020. Financial institutions can also use the software to gain visibility into actual progress before releasing drawdowns, as well as assess and mitigate the risks associated with rework, and delays during construction.
With the real estate industry facing mounting pressure to reduce its carbon footprint, Contilio's AI quantity tracker will also meet accelerating demand from shareholders, the market, and regulators for construction projects and operating assets to record, report and ultimately reduce their carbon footprint throughout assets' lifecycle.
By enabling CO2 to be monitored and optimised throughout construction and operations, Contilio's quantity tracker reduces the carbon usage of real estate assets significantly. Companies can achieve their sustainability goals and benefit from increased asset values, stable revenues, and access to green financing loans and insurance products that are offered at a cheaper rate relative to traditional loans.
Co-founder and CEO of Contilio Zara Riahi said:
"I am very excited to announce the launch of our cutting-edge quantity tracker to support the fast-growing demand from our customers and the global built environment for scalable CO2, cost, and payment tracking software. Having worked in the industry myself, I have a great appreciation for how time consuming and costly the current processes can be and how hard it is for the supply chain to get paid in a timely manner, or to track and report on embodied CO2!
"Our quantity tracker functionality has been already deployed into over 4 million square feet of construction projects and will be offered as a part of our existing 3D AI platform, empowering our current and future customers to use the same site data to further optimise the delivery and operation of their projects and existing assets within accelerated timeframes, more cost efficiently and sustainably."
Launched in 2019, Contilio is a 3D AI-powered analytics platform that automates quantity, installation quality and progress tracking, ensuring that critical construction projects are high quality, error-free, on time, on budget and carbon optimised. The platform is used across all types of building and infrastructure projects in the UK, EU, USA, and the Middle East.