Prabh Paul Parmar is the founder, CEO, and Head of Strategy & Innovation at Tracecost. He has global exposure to infrastructure projects delivered across various regions such as China, America, Nigeria, and the Philippines. Paul is a people-focused executive and a multi-hyphenate design professional.
Tracecost identifies its purpose as focusing on infrastructure that “improves the world’s communities,” which is no small feat for any company. This is especially challenging in a traditional "brick-and-mortar" industry like construction.
As an industry that has been significantly lagging in "going tech," Tracecost is taking the necessary steps to create 360-degree solutions to further the construction management process.
Through digitalization and software development, they are achieving efficiency, cost savings, a competitive strategy, and ultimately, long-term success for themselves and their clients.
In an exclusive interview with the founder and CEO of Tracecost, Prabh Paul Parmar shares insights into the process of digitalization within the construction industry, how to develop unique solutions, and how this plays into the company’s ultimate purpose – improving communities.
Tracecost is bringing digital transformation to the infrastructure industry. What can infrastructure gain from digitalization?
Prabh Paul Parmar: Tracecost is driving digital transformation in the infrastructure industry, unlocking efficiency, data utilization, and collaboration. The industry gains streamlined processes, data-driven decision-making, and improved coordination. The shift was prompted by competitive pressure, cost savings, client expectations, and the success of digital transformations in other sectors.
Tracecost’s purpose is to bolster infrastructure that improves the world’s communities. In what ways do your solutions contribute to this process?
Our solutions contribute to this mission by enhancing infrastructure planning, execution, and management. Tracecost tools streamline processes, ensure data accuracy, and promote effective collaboration among stakeholders, ultimately leading to more successful and impactful projects that benefit communities.
With environmental consciousness being a major factor in modern construction, how does Tracecost contribute towards this initiative?
Tracecost promotes sustainability by enabling data-driven decision-making that enhances resource efficiency, reduces waste, and supports eco-friendly construction practices. Our tools facilitate accurate environmental impact assessments, optimizing project planning and execution to align with modern construction's sustainability goals.
The implementation of AI has played an integral role in Tracecost’s growth. How does AI enhance your solutions and how do you see its role developing in the future?
AI empowers Tracecost's solutions by automating data analysis, predicting project outcomes, and optimizing resource allocation. AI will further evolve our offerings in the future, enabling more precise cost estimations, risk assessments, and real-time project insights for even smarter decision-making.
One of Tracecost’s most-advertised assets is its data visualization. Could you share how this tool revolutionizes construction management?
Our data visualization transforms construction management by providing users with intuitive, real-time insights into project progress, costs, and resource allocation. This visual representation enhances decision-making, fosters proactive adjustments, and offers a competitive edge through informed and agile project management.
Quick response based on data visualization ensures that the project stays on track, costs are controlled, and client expectations are met. The tool's real-time insights and actionable visuals prove invaluable in effective construction management.
How has leveraging digitalization of the construction process helped your clients gain a competitive edge over their counterparts?
Leveraging digitalization in the construction process has enhanced project efficiency, accuracy, and collaboration. For instance, one client reduced project timelines by 15% through real-time data insights, enabling quicker decision-making and resource adjustments. This allowed them to secure additional projects and maintain a strong market position.
One of our clients, a construction company using Tracecost, faced a complex commercial project. By utilizing the platform's digital tools, they streamlined communication among architects, engineers, and contractors. Real-time data visualization highlighted a potential design clash early on.
With quick adjustments, the clash was averted, preventing delays and costly rework. The company completed the project ahead of schedule, impressing the client and gaining a reputation for efficiency.
Mobile technology is a relatively untapped space in the construction industry. What made you decide to explore this segment of digitalization?
We recognized the untapped potential of mobile technology in construction and saw an opportunity to empower field teams. Our decision to explore this segment stemmed from the need for real-time on-site communication and data accessibility.
Integrating mobile technology into our solution has extended our reach to remote locations, enabled instant updates, and allowed field teams to input data directly. This enhancement has significantly improved project coordination, accuracy, and overall efficiency.
How do you see working with live site data developing in the future and where will Tracecost be during that journey?
We envision working with live site data evolving into predictive analytics and real-time insights. Tracecost will play a central role in this journey by harnessing data to foresee project trends, risks, and opportunities.
We aim to provide our users with proactive decision support, enabling them to optimize resource allocation, prevent delays, and ensure successful project outcomes through data-driven strategies.
Edited by Nikola Djuric