SINGAPORE - JTC Corporation and Glodon, a digital building platforms and services provider, have signed a memorandum of understanding to drive collaboration and develop a cost management system for construction projects.
In a statement on Thursday (May 20), JTC and Glodon said the system will aim to integrate cloud-based cost management tools with building information modelling - a technique used to create digital replicas of physical infrastructure.
A JTC spokesman said that the system is set to be ready in about three years, and will increase productivity by about 30 per cent through improvements like saving time spent on projects.
The system will allow various stakeholders involved in construction projects, such as owners, consultants and contractors, to share and input data, thus improving collaboration throughout the construction cycle.
Current building information modelling systems are not fully integrated with cost management systems, and that means many processes still take place manually and are more time consuming.
For instance, current project tenders are evaluated manually, with data extraction from the submissions done manually as well.
Data extraction is made more tedious when tenderers do not submit the price information according to the specified formats.
Having an automated system will relieve evaluators of having to manually extract data. It also acts as a central depository for cost data that can be used as a reference when budgeting for future projects.
The system will also cut down on paperwork required throughout the construction process.
Currently, progressive payments are documented using multiple physical hard copy claims submissions that change hands often and go through a few clearance levels.
The new system will help to track payment progress digitally, ensuring transparency and proper documentation.
Information on project prices will also be updated and communicated to relevant stakeholders instantly.
Mr Zhi Fei, senior vice-president of Glodon, said: "This is an important step enabling Glodon and JTC to deepen our cooperation as we work together to achieve our shared vision of transforming the architecture, engineering and construction industry through digital innovation and deep tech.
"I am confident that this collaboration will create new opportunities within the local ecosystem in Singapore."
JTC development group assistant chief executive David Tan added that the collaboration will complement its existing efforts to help the construction industry digitalise, and that the system will provide project management teams with insights to make better decisions.