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Home » RCMME » Efficient equipment investment will boost construction project’s financial scalability

Efficient equipment investment will boost construction project’s financial scalability

By | April 6, 2023 12:41 pm SHARE

Efficient equipment investment will boost construction project’s financial scalability
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According to Harsh Pareek, Regional Sales Director for India and SAARC at trimble Solutions, quality differentiation through new building technology necessitates best practices, cooperation, and data analysis.

The continuous infrastructure push has fueled the need for innovative equipment on job sites. How do you look at the need to increase financial scalability?
Leveraging technologies like constructible BIM, collaboration tools, and data-driven construction optimises operations, facilitates process improvement, improves communication and collaboration, and delivers better construction lifecycle management. To increase financial scalability in the construction industry, it is important to prioritise cost-effective solutions and make strategic investments in equipment and technology.

Delays and cost overruns have long plagued the construction industry. What steps do you suggest to control them?
Multiple studies have stated that poor communication is the primary reason why nearly one-third of all construction projects are delayed or have cost overruns. Since construction projects involve multiple stakeholders, ineffective communication and a lack of real-time communication are often found to be major contributors to project delays.

This is where technology has a key role to play. Technologies such as Digital Twins and Connected Construction ensure clear coordination and maintain transparency between all the stakeholders in the construction lifecycle, which includes the contractors and project owners. Effective project planning and management, careful contractor selection, comprehensive risk management, real-time monitoring and reporting, clear communication, collaboration, teamwork, and contingency planning can help control delays and cost overruns in construction.

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Which technologies and solutions do you offer for construction projects that allow for efficient construction?

Every industry aims for the optimum use of its resources; the same is true for the construction industry. According to a study by CREDAI, the cost of raw materials has increased by 40 percent in the past 3 years, and material costs make up 60–70 percent of the total budget of a project.

The only way to cut overall costs and be efficient is through digitalisation. The solutions offered by Tekla, the flagship software from Trimble, can help increase the efficiency of construction operations and improve project outcomes, which in turn can lead to a reduction in costs. For instance, Tekla and constructible BIM can help improve accuracy in the design and fabrication of steel structures, reducing the need for rework and waste.

Differentiate quality with modern tech for budget-friendly construction projects?
A significant advantage of implementing technology in construction is not only its ability to complete work on time but also to reduce rework. AI, digital twins, IOT, and other digital tools help verify the data accurately, reducing time and ensuring quality. Additionally, collaboration solutions like Trimble Connect enhance collaboration and communication among all parties, ensuring that everyone involved in the project are working together towards a common goal and that any issues are addressed quickly and effectively.

In other words, quality differentiation when using new construction technologies can be achieved through implementing best practices, defining project objectives, evaluating technology performance, quality control, collaboration, regular training, and data analysis and visualisation.

What type of financial and regulatory support do you anticipate the government will provide in the fiscal year 2023?
Owing to India’s rapid urbanisation and growing pressures on the cities, the government will focus on rapid infrastructure growth while ensuring that the nation’s sustainability goals are met.
The Union Budget 2023 announced a scaling up of India’s infrastructure network with a capital expenditure outlay hike of 33 percent. With the government’s increased focus on sustainable development, largescale digitalisation has become imperative for the industry to ensure that we meet our infrastructure goals.

For more details visit: https://www.trimble.com/en

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