InEight Control adds time-phased budget and forecast feature
InEight Inc has introduced a time-phased budget and forecasting feature to InEight Control, that will provide project teams with enhanced connected insights to help ensure construction projects stay on schedule and under budget.
With a time-phased approach to budget and forecast, project stakeholders can proactively take control of financials with real-time data, rather than using traditional monthly processes that can deliver out of date information. Ultimately, project teams will be able to more accurately and efficiently track and predict costs, allowing them to mitigate risk, reduce manual data entry and the need for disparate systems, and receive timely payment.
“Until now, gaining greater granularity of a capital project’s budget or forecast has been a considerable challenge. This new feature further elevates the capabilities of project managers versus traditional ERP system offerings, allowing key project stakeholders to gain real-time insights into the project’s percent complete, revenue, budget and forecast, while creating numerous possibilities for earned value management.
“Not only will the feature allow for more detailed analysis such as comparing forecasted value, earned value, and actual value for any period, it will also allow project teams to understand where to focus resources on improvement efforts, where the project is excelling, and whether forecasting efforts are accurate or need attention.
“We believe that this added functionality makes InEight Control the most flexible and functionally complete project cost management solution in the world,” said Rick Deans, Executive Vice President, industry engagement at InEight.
InEight Control’s new time-phased feature will allow budget to be aligned and tracked in any defined fiscal period to match required reporting.
Project managers will be able to define budget distribution patterns using standard patterns or by creating custom cost curves, allowing the contractor improved visibility in specifying to the client when costs are incurred.
The same monthly granularity will also be available for creating time-phased forecast values which can then be pushed over to the live forecast, adding to the already robust set of methods provided to users to arrive at their forecasted values in InEight Control. Live forecast snapshots will be available on a monthly basis to review project performance.
By acting as a single source of truth for time-phased budget and forecast information, and with full external ERP system integration, project teams will no longer need to maintain separate systems or spreadsheets. Data will be automatically connected and kept up to date, removing the need to manually re-perform calculations or update data come fiscal closing.
Lockdowns, labour shortages, and supply-chain disruptions driven by material shortages have set construction programs back by months. The prospect of a long, uncertain period of recovery is forcing companies to rethink future project plans - around 80% of business owners surveyed by CHAS said they have had to cancel or postpone projects.
At the root of the sector’s unenviable record is a project-delivery model that has remained largely unchanged for a quarter of a century or more, according to McKinsey.
"It is a model plagued by issues and inefficiencies: a lack of integrated systems thinking; prioritising short-term cost management over long-term outcomes; poor communication between stakeholders; and bespoke projects and rigid planning systems that struggle to identify or adapt to changing demands," it states.
XYZ Reality receives £20m to develop Assisted Reality
Founded in 2017, XYZ Reality aims to "revolutionise" the construction sector with its Engineering-Grade Augmented Reality (AR) solution, Holosite.
Designed to enable an on time and on budget delivery of construction projects, by eliminating building errors, HoloSite has been available to select customers through an early access programme and has already been used on projects totalling a value of over £1.5bn in the last year.
With approximately 98% of construction megaprojects facing cost overruns or delays and 7-11% of project costs being spent on correcting errors, XYZ Reality’s purpose-built integrated AR solution directly addresses these issues.
With its safety certified AR hardhat, cloud platform and in-built proprietary software, Holosite accurately positions high fidelity 3D design models on construction sites, enabling teams to build it right, first time. The technology system has been used on complex construction projects including data centres, pharmaceutical facilities and airports.
This funding will be used to accelerate the company’s ambition of transforming projects by preparing for HoloSite’s commercial launch in the USA and continuing investment in strengthening research and development. The company is also growing its London team to include key hires across technology, manufacturing, sales and marketing.
David Mitchell, Founder and CEO of XYZ Reality, said developing its engineering-Grade AR solution helping construction teams identify errors in real-time is just the start.
"The next phase is Assisted Reality, where our spatial computing technology will have the intelligence to automatically detect and report issues in the field. And ultimately, the goal is builders building from holograms. Our vision of developing world changing products aligns with Octopus Ventures’ mission of investing in companies that are powering the next industrial revolution. We look forward to building history.”
The latest round of funding is led by Octopus Ventures, one of the largest and most active venture investors in Europe, known for its commitment of investing in companies and founders that are changing the world. Octopus Ventures has a strong track record, spanning investment in health, fintech, consumer, B2B software, and deep tech. This includes WaveOptics, one of Octopus Ventures’ early investments in Augmented Reality, which was recently acquired by Snap Inc.
Rebecca Hunt, early-stage investor at Octopus Ventures, said: "We’ve always invested in entrepreneurs leading industry change and XYZ is doing just that. It's solving a massive problem that costs the construction industry billions every year, using its Engineering-Grade Augmented Reality solution to spearhead a shift in the sector’s approach. The founding team of David, Umar and Murray have deep domain and technical expertise, which we believe makes XYZ uniquely placed to drive this transformation.”
XYZ Reality also announces a new partnership with Mace, for the construction of a hyper-scale data centre in Europe. With speed to market being particularly essential for mission critical builds, HoloSite’s AR technology will have a significant role in supporting an accurate and time effective build for Mace, which last week appointed Jon McElroy its new Managing Director for International Technology.
Mace Technical Director, Stephen Henley, said: “Mace has built a reputation of redefining the boundaries of ambition, always bringing efficiency, innovation and responsibility to our projects. With the implementation of XYZ’s groundbreaking AR system, we continue to be committed to delivering projects faster, safer and better than ever before.”
Five years ago, Heather Bellini of Goldman Sachs Research expected virtual and augmented reality to become an $80 billion market by 2025.
But according to new research by global tech market advisory firm ABI Research, nearly 28 million augmented and mixed reality smart glasses will ship in 2026, while the total global AR/MR market will surpass $175 billion in the same year.
"Major tech players across hardware, software, and services look familiar in the consumer space, contributing to strong and consistent overall growth," says Eric Abbruzzese, Research Director for ABI Research. "Those big tech names, with active investment and product ranging from already available, to announced, to all-but-announced, are creating a consumer AR market that will be dynamic and welcoming rather than struggling and immature."