Creating a single source of truth for Clients
Public sector budgets are under scrutiny, with Government demanding ever-stricter financial governance and oversight. While other sectors have turned to digitisation to address similar financial management pain points, the construction industry remains dominated by spreadsheets and manual processes that are wholly inefficient and subject to manipulation. The result is the loss of millions of pounds in inefficiencies and irregularities.
Coria Digital Cost Assurance is an AI-driven automation solution designed for major construction programmes that enables data to be processed, reviewed and audited at scale. It allows Clients to:
Review, and evaluate costs across their supply chain quickly and to 99% accuracy
Build accurate forecasts that enable spend predictability
Process invoices efficiently, ensuring fast payment and effective cash flow down the chain
Deliver cost transparency to Government
Increase confidence in compliance
And perhaps most important of all, build trust between all parties.
How does Digital Cost Assurance work?
Coria Digital Cost Assurance takes project invoices supplied by the contractor and analyses them against the agreed parameters of the contract. Empowered by AI, Digital Cost Assurance can analyse thousands of lines of data within minutes, dramatically reducing the time it takes to evaluate and approve costs. Any discrepancies that don’t comply with the contract are identified quickly and can then be manually reviewed.
The software is designed to perpetually improve, learning from how each discrepancy has been resolved and applying that new information in future. This requires less and less human intervention on issues that would otherwise demand repetitive attention.
In larger organisations, Coria Digital Cost Assurance can also be linked to finance and process systems, allowing consistently correct data to inform the business. For example, when an application for payment is made, if it is in keeping with the terms of the contract, payment can be automatically authorised. The promise of faster payment cycles and commitment to payment agreements will allow both supplier and buyer to achieve cashflow forecasting accuracy, which is vital in an industry working with single digit percentage margins, and billions of pounds in revenue.
Digital Cost Assurance allows auditing as a continuous, perpetual activity, rather than auditing being something that is completed monthly, and at the end of projects – allowing for significantly more accurate project planning and delivery and reducing fraud and error costs.
How does Digital Cost Assurance benefit Clients?
Coria Digital Cost Assurance can transform the confidence Clients have that the forecasts and payments they make are predictable and accurate. This reduces the amount of time spent on disputed claims, helps you predict expenditure more precisely, and allows you to monitor project success and finances with precision.
With better forecasting, delays and budget over runs are reduced. The risks to your brand and reputation are far more managed. In the past, where payment was disputed, damage to brand reputation when a project was late was a bigger risk of than that of an incorrect payment: that risk is mitigated by Coria Digital Cost Assurance.
The ability to manipulate data is reduced significantly, changing the focus from best endeavours to accuracy. This is a vital cultural shift and builds confidence: when you are more confident in the accuracy of its financial systems, you can maintain better relationships with suppliers and investors alike.
Finally, if your organisation is working for the UK Government, accurate payment and forecasting means the department is compliant with Treasury regulations, helping to maintain a primary source of funding.
At a time when budgets are stretched and public spending is under immense scrutiny, it is vital that costs are qualified against value and budgets managed effectively.
Your agility in thought, and focus on delivery, has been immensely helpful in solution development.