The construction industry is facing ever growing economic and industry pressures to focus on behaviours and technology that improve productivity, efficiency, and quality of output. This means demonstrating cost savings and realising value across the supply chain.
Coria’s Digital Cost Assurance tool, along with our behavioural insights, provides an automated and integrated process to assure all defined costs on a project, consistently behaving in line with and applying all the terms of a contract. What we provide changes behaviours by bringing objective, compliant, and consistent commercial assurance of defined cost to infrastructure projects delivered using NEC ECC4.
Replicating the commercial terms of the contract, it acts as a catalyst to change behaviours leading to consistent, disciplined, compliant cost data already required by the contract, to substantiate entitlement to payment. Digital Cost Assurance produces clean, auditable data which means that governance and verification can be completed with confidence, at a far greater depth, and at a vastly improved speed than is currently the case. By assuring 100% of cost data in this way we remove the opportunity for fraud and make data manipulation almost impossible. In addition, recognising the features of behaviour that leads to data inaccuracy has the added benefit of improving the of data based decision making throughout.
By introducing the ability to analyse cost data in real time, standardisation and accuracy becomes the path of least resistance to higher and more sustainable profit margins. Real time analytics provide other benefits to the construction suppliers, such as: shorter assessment periods, improved cash flow and significantly reduced capital employed. All of which are critical operational improvements in an industry where cash volumes are high, but margins are single digits.
