The new 3D AI-empowered functionality enables automated production tracking and accelerates time to revenue and cash flow, as well as CO2 tracking and optimisation.
LONDON, UNITED KINGDOM, MAY 22, 2023 – The 3D AI-powered construction analytics platform, Contilio, has officially 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 Quantity Tracker streamlines cost tracking and payments. This enables real estate and construction companies 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, and to assess and mitigate the delay and rework risks during construction.
Real Estate industry demands accurate quantities and embodied CO2 tracking
With the real estate industry facing mounting pressure to reduce its carbon footprint, shareholders, market, and regulators’ demand for automated carbon tracking and reduction for construction projects and operating assets has accelerated 10-fold.
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. This means that companies can achieve their sustainability goals and benefit from increased asset values, stable revenues, and access to green financing products, offered at a cheaper rate relative to traditional loans.
CEO of Contilio Zara Riahi comments on the new capability:
“I am 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 optimised CO2, cost, and payments. Having worked in the industry myself, I have a great appreciation for how time consuming, siloed and costly the current processes can be and how hard it is to get paid in a timely, transparent manner.
“Our quantity tracker functionality has been tested in over 3.5 million square feet of building and infrastructure projects, saving millions. It will be offered as a part of our existing 3D AI platform, empowering our current and future customers to deliver and operate their construction projects and existing assets within accelerated timeframes, more cost efficiently and sustainably.”
About Contilio
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 error-free, on time, on budget and carbon optimised. Contilio also enhances the operations and sustainability of assets once construction is complete, irrespective of whether building information models (BIM) are present.
Contilio’s powerful technology delivers 25 to 30 times ROI to developers, asset owners, general contractors and financial institutions in more than 102 million square metres of building projects and $25bn of infrastructure assets. The versatile platform is used across all types of building and infrastructure projects in the UK, the USA, and most recently in the Middle East.
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For more information regarding this press release please get in touch with Jack Li, or contact us via our website.