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This innovation initially came to life when…
I realised that the Internet held the key to solving the greatest daily challenge of the $7 trillion construction industry: getting paid. Whilst many licensed accounting and invoicing systems are available to the industry, none of these connect parties in a meaningful way. And although there are a growing number of online systems available to facilitate project collaboration, these focus on document control and file sharing rather than financial management.
WHAT & HOW
The purpose of this innovation is to…
Enable subscribers to negotiate favourable payment outcomes online, improving efficiency and minimising disputes, which cost the industry more than $7 billion annually in Australia alone.
It does this by…
Fast tracking payments administration, saving users time, money and arguments needlessly spent on inaccurate or missing payment claims and schedules. Time-consuming contract and account reconciliations are eliminated because two sets of disjointed numbers are replaced with one common, agreed set. Users can focus on delivering profitable construction projects rather than spending endless hours on mind-numbing reconciliations and needless arguments.
PURPOSE & BENEFITS
This innovation improves on what came before because…
Current practice involves everyone preparing and assessing contract claims independently using their own procedures and systems. Calculations differ from party to party. More often than not, one party will not readily be able to determine how the other party came up with their assessment. The process is slow and disjointed, resulting in unnecessary suspicion and ill will.
Its various benefits to the customer/end-user include…
Progressclaim.com is simple to purchase, learn and use; can be accessed from office, site or home; provides transparency, minimising disputes; improves efficiency, saving cost; and assists users to satisfy both contract and statutory requirements, thereby significantly reducing risk.
In the past, this problem was solved by…
Manpower! Using current systems the construction industry relies on an army of administrators, all earning, on average, six-figure salaries; fumbling about with Excel spreadsheets, chasing up missing paperwork, interpreting and correcting inaccurate information, endless phone calls, e-mails back and forth, arguments, denials, claim and counter-claim and, ultimately, litigation. Average wages in the construction industry are second only to the mining sector.
Its predecessors/competitors include…
Licensed enterprise systems (such as Cheops, Jobpac and Timberline) and online document management services (including Aconex). All these systems are prohibitively expensive for the 98% of construction industry participants that have an annual turnover of less than $2 million.
It is made for…
All parties to construction contracts, including developers, head contractors, subcontractors and consultants, and all types of construction, large and small. Whilst the initial focus is Australia, the service will appeal to a global market, which is currently $7 trillion in size and forecast to grow to $12 trillion by 2020. Small-to-medium-sized customers are an important focus. These businesses represent 98% of the total market by participating entity.
It is available for sale through…
www.progressclaim.com, utilising a Software as a Service model, with delivery by subscription over the Internet. The application can be accessed via desktop, smart phone and tablet.
Our marketing strategy is to…
Build relationships within the industry, with project successes shared by word of mouth, supported by web-based activities including testimonials. We are also conducting a PR campaign to gain awareness.
Small-to-medium-sized customers are an important focus. By including smaller companies in our target market, we intend to capture the business of subcontracting enterprises, which make up 76% of the total construction market.
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