Prabh Paul - Tracecost
Surging demand for prompt project delivery is driving global infrastructure towards automation, but India’s industry lags behind in adopting automated processes. Tracecost offers an innovative solution to address this gap, providing remarkable benefits compared to manual methods.
Prabh Paul - Founding Partner, Tracecost
Tracecost is dedicated to solving problems and minimizing errors by effectively transferring manual tasks from humans to machines.
In our experience, the surging demand for prompt project delivery is the primary driver pushing the global infrastructure market towards reengineered processes and technologies. Automation systems are being embraced by various industrial segments within the global infrastructure sector to alleviate labor burdens, resulting in significant market growth. However, the infrastructure industry in India has yet to adopt automation in line with international standards, persisting with manual processes.
With decades of experience in the same industry, Tracecost Inc. has diligently explored the key reasons hindering the Indian industry’s adaptation and reluctance to utilize globally available project management solutions. Having identified the root causes, we have developed an innovative solution in Tracecost that offers remarkable benefits compared to manual processes. Our project management automation solution has the potential to ensure substantially faster project delivery than current schedules. Our objective is to reduce time-consuming, repetitive, and routine work while maximizing the repeatability and predictability of outcomes.
The following snapshots confirm the validity of the opportunity for Tracecost.
Tracecost is a cloud-based software solution that effectively manages crucial project data.
With its web and mobile applications, users can conveniently review, create, edit, and share project data with team members across multiple locations. Remarkably, these applications even function in offline mode, ensuring seamless operation even without network connectivity.
By streamlining and mobilizing project communications and documentation, Tracecost plays a pivotal role in significantly enhancing project efficiency and accountability for infrastructure and construction projects. Moreover, it offers a scalable, cost-effective, and highly interoperable AI platform that aggregates construction data from diverse sources. The ultimate goal is to optimize project efficiency in terms of time, cost, and effort.
Tracecost’s cohesive platform acts as a connective force, uniting people, applications, and devices to facilitate a frictionless construction process. Currently, the software successfully manages a wide range of construction projects globally, including industrial plants, office buildings, apartment complexes, university facilities, retail centers, and more.
Tracecost operates offices in India and Canada, strategically catering to both the domestic and North American markets. Successfully appealing to two distinct markets can be challenging for a tech solution, but Tracecost has achieved tremendous success in this regard. The company’s progress has been substantial, evident in its pre-series A investment of $2.5M, which has facilitated its rapid scaling. As a result, Tracecost is poised to strengthen its position as a truly global construction management solution in the months to come.
JMC Projects, Shapoorji Pallonji, Lodha, IRCON, Kalpataru and many more also have been taking advantage of the Tracecost solution for project management, resulting in improved safety, quality, and productivity.
By leveraging Tracecost, dynamic re-planning capabilities are made possible, enabling planners to make cost-effective adjustments before issues escalate. This proactive approach ensures improved safety, enhanced quality, and increased productivity. As a result, Tracecost solutions deliver consistency, transparency, and efficiency throughout the project lifecycle.
The challenges faced by a startup in the construction industry are multifaceted.
One such challenge is the uniqueness of each construction project, which makes it difficult to replicate solutions. However, Tracecost has managed to overcome this hurdle by successfully implementing its solutions in over 540 active projects worldwide. Additionally, the industry’s fragmented nature, with numerous participants involved in each stage of the project life cycle, presents another obstacle. To tackle this, Tracecost actively engages all stakeholders and offers customized analytics tailored to their specific requirements. Lastly, the presence of an unqualified workforce further complicates matters. Nevertheless, Tracecost addresses this challenge by providing simplified yet comprehensive workflows that streamline processes and empower the workforce. Through these efforts, Tracecost aims to revolutionize the construction industry and drive innovation in project management.
NBM&CW, August 2023
