An HSBC study shows that 51% of parents in India yearn for their child to build a successful career after they graduate. But socio-economic mobility being comparatively restricted here, education takes on a greater significance. And if the education given to your child is of the best quality, their chance of having a better future is likelier.
Parents have the same aspiration when it comes to their child’s wedding. They want the wedding to be held with much pomp and fanfare. But all this requires money – in fact, a pot of money.
Both your child’s education and wedding are expensive affairs. If you look at the inflationary trends of the last two decades, you should expect the costs to spiral further. However, this is not to dither you or make you jumpy about the future. There is still ample time for you to rack up an enviable kitty to ensure good things happen to your child. One of the ways in which you can fortify your child’s future is by investing in a Systematic Investment Plan [SIP].
In this article, let’s see how you can make your child’s [and your] dreams come true through the process of investing.
Did you know that the cost of nursery education can range anywhere between Rs. 60,000 to Rs. 3 Lakh? And the price escalation does not stop here. Parents in India spend an average of Rs. 12.25 Lakh on their child’s education. But if your child wants to go abroad for a higher degree, this could cost you around Rs. 1 crore.
As for weddings, here is a statistic that will paint the entire picture. The Indian wedding industry accounts for more than Rs. 1 Lakh crore, according to a report by Reliance Money. And this number is fast increasing at the rate of 25~30% per year.
Invest and relax
There is no point looking at these numbers and working up a brainstorm. If you have time on your side, all you need to do is to set yourself a long-term financial plan. Once you do that, you decide to invest. That’s because keeping your money in a bank account does very little for you or your children. The money just sits there all day long, earning very little interest. In fact, the 3.5~4% interest you earn is lesser than the rate of inflation. That means you would actually lose money in the long run if it remains idle in your bank account.
Instead, it is better to invest in mutual funds. Equity funds offer returns anywhere between 10~15% per annum. In fact, the returns on some funds can be even higher. By investing for the long term through Systematic Investment Plans [SIP], you can amass a substantial corpus of money. You can use any online SIP calculator to identify how much you need to invest each month in order to reach your specific financial goals.
Many mutual fund houses offer special child plans that are designed to help parents meet the various requirements at different stages of their child’s life. Once you identify a particular plan, you should invest regularly without fail. Over time, the small investments you make turn into a big corpus. That’s why experts suggest that parents should start investing for their child’s future from a very early age. This allows you to create a large corpus without putting a strain on your monthly budget.
Consider the following example- By investing just Rs. 10,000 per month in a mutual fund, you can create a sum of Rs. 1 crore in 20 years, assuming the rate of return is 12% per annum.
However, if you have just 10 years time to create the same amount, you would have to invest more than Rs. 40,000 per month! This can put a tremendous pressure on your finances.
A common tip for road trips is – start early, drive slowly and reach safely. The same can be said for investments. Think of it this way – the moment your child is born, you have exactly 18 years to come up with a graduation gift for your child. So, start investing today!
The investment will help us achieve expansion, approvals and launch of our first line of bone graft substitute products in the market, together with further development and testing on our patented bone graft product line.
The company’s flagship products – SynOst and PoroSyn are synthetic bone graft substitute products made from bio-active glass materials. Both products are used in dental and orthopedic surgeries as implantable materials for repair and regeneration of bone that is lost or damaged due to disease, injuries or congenital deformities.
SynThera is an innovative bio-material sciences company, with patented technology, which we believe can address a global opportunity through an array of technology lead products. 1Crowd seeks to invest in ventures that are at the cusp of knowledge and technology, and SynThera is a fine example of that. With investments in over 17 startups, 1Crowd has built an ecosystem, that startups such as SynThera can leverage, which includes an investor community, a mentorship panel and industry connects.
Dr. Premnath, Director, Venture Center, the incubator that supports SynThera Biomedical, said
BIRAC’s SEED – Sustainable Entrepreneurship and Enterprise Development – scheme was set up to support life sciences start-ups, with a funding of up to Rs. 30 Lakh. The investments raised by Venture Center’s incubatee company SynThera will enable it to move faster towards regulatory approvals, production and sales. SynThera has unique technology capabilities and intellectual property, and will be the first bio-active glass company from India. It will be uniquely positioned to provide valuable bio-material solutions to dental and orthopedic surgeons.
About Venture Center
Venture Center is India’s leading inventive enterprises incubator. It won the National Award for Technology Business Incubators from the President of India in May 2016. The Venture Center is hosted by CSIR-National Chemical Laboratory, Pune. For more information, please visit The Venture Center.
1Crowd is an early stage investor and startup ecosystem with a unique co-investment lead equity crowdfunding platform and seed & early stage Fund. Launched in 2015 by a team of experienced bankers, with two offices in Mumbai and Bengaluru, the platform has invested in over 17 ventures, with over Rs. 40 crores in AUM. Recently, 1Crowd announced the first close of its seed & early stage Fund. For more information, please visit 1Crowd.
According to data from Indeed, the world’s No. 1 job site, there has been an increase of 186% in the number of job seekers looking for work opportunities in the robotics sector in India between May 2015 and May 2018. During the same period, job postings in the sector grew by 191%.
Growth of robotics in India
The rising interest among job seekers for jobs in robotics as seen in the past year by far outstrips the growth witnessed by the sector in the previous years, while the number of job postings in the sector, on the other hand, has slowed after the initial boom, during which growth was far more rapid.
It appears that while job seekers are increasingly looking at working in the robotics sector, companies within the sector are slowing down in terms of hiring. Following the initial spurt in growth in 2015, driven by the government’s investment of $13 billion USD in robotics under its Make in India initiative, hiring for robotics profiles has slowed considerably.
Top regions for robotics jobs in India
The data further indicates that Maharashtra is the leading state in India for those seeking job opportunities in the robotics sector. Home to large technology centers like Pune and Mumbai, it comes as no surprise that the region leads the trend. It is followed by Karnataka, which houses India’s Silicon Valley Bengaluru, and Telangana, of which upcoming technology hub Hyderabad is a part, making up the top three regions in India for job opportunities in the robotics sector. According to a previous study by Indeed, the leading cities in India for jobs in the technology space are also predominantly from the states that lead in terms of robotics job openings.
Sectors leading the robotics boom
Surgery is one area where robots are making a breakthrough, with the sector expected to grow at a rate much higher than the global average. India’s surgical robotics market is estimated to grow at a rate (CAGR) of 20% between 2017 and 2025, as compared to the global rate of 12%. Another sector that is seeing increasing reliance on robots is the construction industry, given the thrust of government initiatives such as Make in India and Digital India. With a market of for close to one thousand robots annually, the sector offers huge potential for experimentation.
Commenting on the subject, Sashi Kumar, Managing Director, Indeed, said
Robotics is one of the most exciting sectors emerging in India today. Sectors like construction, manufacturing and healthcare are boosting the demand for robotics talent, and there is enormous scope for the application of the technology across an even wider array of industries. As access to internet connectivity and open source platforms improves, a favorable environment for the sector’s growth and development is being created. Even as people fear that automation will take away jobs, robotics is creating new job opportunities for skilled resources.
More people find jobs on Indeed than anywhere else. Indeed is the #1 job site in the world and allows job seekers to search millions of jobs on the web or mobile in over 60 countries and 28 languages. More than 200 million people each month search for jobs, post resumes, and research companies on Indeed, and Indeed is the #1 source of external hires for thousands of companies.
After months of small scale rollouts, WebEngage has been roped in by OTA major Goibibo to power the brand’s User & Partner engagement strategy and execution. The Mumbai based SaaS company is touted as one of the leading Marketing Automation platforms to come out of India, having over 40k businesses around the world under their belt. Esteemed brands such as Flipkart, Ebay, Avaya, Sendgrid, Pluralsight, Souq trust WebEngage with their user engagement.
As India’s leading online travel brand, millions of Goibibo customers frequent their platform to book flights, train tickets, hotels and outstation cab rides every month. They identified the need for an engagement platform to enhance the overall user experience and increase the number of bookings using Personalization and Contextual cross-channel Communication.
We at Goibibo are strong believers in the power of creating an unparalleled user experience. Giving users a brand experience that helps them solve a problem and creates value for them is the end goal. For that reason, we identified WebEngage as the right platform that will help us get to the goal. Their Journey Designer tool has been a revelation, helping us create lifecycle marketing campaigns at scale while maintaining contextual relevance with hyper-personalization capabilities.
Partnering with one of the leaders of the OTA industry is a huge positive validation of our platform, and its capabilities. We are happy to learn that Indian marketers have advanced in the maturity scale, and are embracing innovative tools like the Journey Designer to create beautiful and highly effective marketing strategies that resonate directly with the end user. This partnership recognizes the need for Marketing Automation in the industry, and how our positioning is perfectly poised to cater to that need diligently.
WebEngage was founded by Avlesh Singh and Ankit Utreja in 2011. It is a full-stack marketing automation platform that helps B2C companies drive more revenue from their existing customers and anonymous users.
It is a cross-channel user engagement platform which intelligently automates communication across users’ life-cycle. It enables companies to enhance their brand experience with contextual, personalised user engagement via In-App Messages, Push Notifications, Emails and Text Messages and Web Messages [notification, survey and feedback].
How many of you find this sight familiar – You have moved to a new city e.g. Bengaluru and you are very ecstatic to move to the Silicon Valley of India on a very good pay-package. You enjoy your early days in the company provided accommodation, but your real test would start when you go out in search for a rental accommodation. You get entangled in the ‘Broker Menace’ on the assurance that he would provide you with the best rental accommodation, keeping all your requirements intact. If you are lucky enough, you would get a good house, by paying him 1~2 months’ rent [as brokerage and other over-head costs] or the vicious cycle continues.
The founders of Bengaluru based NoBroker had gone through a similar situation when they were searching for an accommodation while working in Mumbai and this horrendous experience prompted them to take the entrepreneurial plunge to ‘solve this problem at scale‘.
NoBroker.com is a disruptive brokerage-free property search portal that connects house owners & seekers directly by eliminating the middleman/broker. NoBroker is revolutionizing the real-estate space not just by eliminating the brokerage but also by making it convenient & hassle-free experience with its services.
Though there are many portals in the online-real sector, most of them operate in the traditional classifieds model. With the evolution of Machine Learning [ML], Artificial Intelligence [AI], Augmented Reality [AR], Virtual Reality [VR] and initiatives like RERA, Housing For All, PMAY, etc. by the central & state governments, many of these portals are moving from the traditional model to more comprehensive transaction enabling models, with technology and analytics driving property discovery and financing [Source]. Though technology has been an enabler, customers still have to pay a hefty amount to the middlemen as brokerage.
The primary reason the intermediation existed was that there was a huge information asymmetry in the market. NoBroker removes this information asymmetry and provides a marketplace for the free exchange of information that earlier used to cost as much as 1~2 months of rent as brokerage! The portal works on the backbone of algorithms built on latest cutting-edge technologies that identifies & restricts brokers from the portal and is the only platform in the C2C [Customer-to-Customer] space. NoBroker has been in business since 2016 and is co-founded by IIT & IIM alumni Akhil Gupta, Amit Kumar Agarwal, and Saurabh Garg.
We had a chance to catch-up with Akhil Gupta, Co-Founder & CTO of NoBroker at their office in Bengaluru where they showcased some of the latest tech innovations at NoBroker, how they
are leveraging Machine Learning, Artificial Intelligence and Analytics to make their platform better, how using Google AMP has resulted in more conversion ratio and much more. Apart from technology, one of the other advantages that NoBroker has over other real-estate portals is that they follow a very frugal approach and ‘completely rely’ on technology for solving the problem [without any offline resources for handling sales/deal closure].
Akhil shared an interesting anecdote when they were approaching VC’s for institutional funding and spoke about their first-mover advantage with the following one-liner
Not every solution should be copied from the West and implemented in the East.
Some of the notable insights shared about NoBroker platform are below:
Only tech-enabled real-estate C2C platform in the market that focuses on transactions, rather than listings.
Extensive use of Machine Learning [ML]/Artificial Intelligence [AI] to solve problems using machines instead of humans.
1.05 Lakh transactions logged in FY 2017~18 and close to Rs. 650 crore of brokerage saved in the last Financial Year.
NoBroker: Improving Property Discovery & Property Recommendations using Collaborative Filtering
NoBroker is a very transparent platform and property owners signed-up on the platform get real-time alerts about the number of views that the property has received, the performance of the property over a period of time and other analytics that can be transcribed to demand.
NoBroker improves as well as eases the overall property discovery process using Machine Learning to sort, select & list properties. The properties listed on the platform are ranked & listed on the following parameters
Quality Score, Liveability Score and Commutability Score of the property.
Decay Algorithm ensures only fresh and available properties are shown to the user.
One of the major hurdles that any property owner faces is ‘renting out’ the property to the right set of people so that the property is well-maintained [after renting out] and the owner receives the best-possible rent for that property. In most cases, the property owner would publish the requirement on any of the real-estate portals [that follow the classifieds model], but they would be on the mercy of brokers for finding the right tenants.
Unlike those portals, a platform like NoBroker uses various data points in association with a Property Age Calculator, an algorithm which figures out what is the optimal time for a property to let out. The other differentiating factor is that a customer would find one copy of a ‘particular’ property on NoBroker, whereas the other real-estate portals [operating on the typical classifieds model] can have ‘multiple copies’ of the same property thereby resulting in inflation of the overall inventory on the platform.
NoBroker provides Property Recommendations to its customers using Collaborative Filtering, details about which are below:
Property Recommendation algorithm, a hybrid collaborative filtering algorithm for recommending relevant properties to the customers.
Instant Property Alerts, when a new property is activated on the NoBroker platform.
Helping users to stay at the RIGHT Place: Travel Time Search, Liveability Score and much more
Indians spend a huge amount of time in commute, though this report is not latest, the facts & figures mentioned in it are still applicable even in 2018. About 60% of the city’s working population spends more than 30 minutes in commuting. As a matter of fact, travel woes have eased & worsened at the same time, with the advent of ride-hailing companies and increasing number vehicles entering on our roads. This not only hampers the productivity, but also increases the frustration levels in a person. That is why we all look at accessibility to our points of interest such as work location, kid’s school, grocery store, etc., while selecting a home. However, it is almost impossible to find the best location that meets all these requirements and this is one problem that NoBroker aims to solve using its proprietary solution – Travel Time.
Travel time feature displays properties based on customer’s search criterion of the point of interest and the commuting time you are willing to travel. The feature has made it possible for people to search for the right location according to their travel schedules. In a nutshell, Travel Time helps users stay at the right place filter properties based on the commute time. This also helps reduce the overall carbon footprint which is the primary event associated with climate change & global warming.
Travel time search uses APIs from ride-hailing companies like Uber, Ola, transport organizations [Metro], etc. to arrive at the approximate value [in time]. NoBroker technology team also uses many other parameters, which are specific to the city in order to compute Travel time.
TransitScore&Livability Score help users determine how well is the connectivity of a property to essential facilities, like hospitals, metro stations, bus stations, malls, etc. It is a known fact that the lesser you travel, more you save and you can lead a much happier life since you no longer have to go through the tiresome commute. This is what Life Score is all about. It is another innovative solution powered by Machine Learning & Artificial Intelligence which gives a savings report to calculate how much user can save by staying at the right place.
Rent Prediction and Seamless On-Boarding using ML & AI
When a flat-owner is looking to rent out his flat, he expects rent that is in line with the market condition and also expects that the property is rented to the right set of people so that less intervention is required from his side. This is where Rent-O-Meter from NoBroker is instrumental for the flat owners as well as the rentees. It is a machine learning algorithm to predict prevailing rent based on the attributes of the listing and historical data. Features like TransitScore, Livability Score, and Travel Time when used in conjunction with Rent-O-Meter brings out the best results for all the stakeholders involved in the buyer/seller ecosystem on NoBroker.
For seamless customer on-boarding, NoBroker uses AI and ML to ensure that the platform is free from brokers and to achieve the same, their team has developed Vigilante, an ML based algorithm so that only genuine buyers & sellers are present on the platform. During the interaction, Akhil Gupta mentioned that the algorithm is 99.9% accurate and based on user patterns [and many other data points], they are able to figure out whether a user is a buyer/seller or a broker [in which case, he is barred from the platform].
Before an actual visit is made to the flat, the buyer/rentee would have to solely depend on the images of the flat, amenities in the apartment, etc. in order to take the first leap. Hence it becomes very important that owners upload the best images of their flats and this is where NoBroker plays a pivotal role in ensuring that the best images of the flat are uploaded to their platform. In this case as well, it uses Machine Learning to sort the right property and identify rooms from images. It also weeds out objectionable images in the listings.
Closing the loop for Owners & Seekers: Geo-Fencing, Caller Id Cards
In order for the deal to reach the closure stage, it is very important that very less hurdles for the flat seeker to reach the owner. For any online real-estate portal, this stage is important but in case of NoBroker, it is very critical since there is no middlemen involved in the deal!.
NoBroker has come up with a simple yet effective solution to address the ‘communication’ problem. It has come up with Caller ID cards to help the owners & seekers get in touch. Since the buyer’s number is kept discrete on the NoBroker platform [for security concerns], this feature on the app is helpful for prospective buyers to reach the owners. In case, the owner of the house does not pick up the call, he will get a missed call alert from the NoBroker app and he can reach the seeker at his own convenience.
No matter how good the flat and the amenities of an apartment look in a photograph, the deal cannot be sealed without a personal visit to the flat. In order to track the deal closure, NoBroker uses Geo-Fencing that would notify the owner when the customer is in the vicinity of the property. Once the deal is finalized, the owner can notify NoBroker team about the status via a missed call or by submitting the overall feedback about the property.
NoBroker: Premium Plans, Rental Agreement & other services
NoBroker follows freemium as well as paid-subscription pricing model and the customer has multiple plans he can choose from. For a tenant, the plan starts from Rs. 999/year and for Owners, the plan starts from Rs. 2999/year. As per Akhil, the money being spent on the plan is way lesser than what an owner/seeker would spend if he goes via the broker and that is the primary reason why many of NoBroker customers opt for the paid plans.
For NRI’s, they have a subscription plan that starts at Rs. 3000/month where there will one NoBroker sales associate who would play an active part in the entire sales process. NoBroker also helps its customers with creation of customized Rental Agreements and the same is delivered to their doorstep. NoBroker also assists its customers with moving-in to the house and it is first in the market to introduce instant quotation seeking Packers & Movers. They also have tie-ups with well-known furniture rental startups where you get the best quality furniture and appliances for rent.
Search Engine Optimization is the process by which web developers optimize a website so that a search engine such as Google or Bing can index it. Taking this a step further, SEO also helps a website rank higher in search engine results and thus gain more exposure and custom.
SEO is a complex and ever changing process, so web developers and SEO experts have to continually update their knowledge to keep track of how search engines such as Google are indexing and ranking websites.
The following are several important factors that can contribute to a website’s SEO
Keywords – Search engines look at common words and phrases known as keywords that a user might type in when searching for a particular thing. For example, if a user is searching for hotels in New York, a keyword phrase could be ‘Top quality hotels in New York‘ or ‘quality hotels in Manhattan‘. When considering SEO, you must research popular keywords and incorporate them into your website content.
Content quality and relevance – Content such as blogs, social media posts, and website text should be relevant, informative, and useful. By creating engaging and interesting content, your organic SEO should improve, which is incredibly important if you want to get more traffic. Seotribunal.com even states that 70 to 80 percent of people focus exclusively on organic search results, ignoring the ads altogether.
Page loading speeds – Loading speeds can play a role in SEO. If a website has really slow page loading speeds, this will put customers off and give them a bad experience. Search engines understand this and in their drive for providing quality results, they will give less weight and ranking to such websites.
Backlinks – A backlink is a link to your website from a third-party source. Search engines look at your catalogue of backlinks to help ascertain the quality and popularity of your website. It is important to build up a quality library of backlinks from reputable and relevant sources to help boost your SEO.
These are just a few factors and there are many more to consider. As stated, SEO requirements and techniques are constantly evolving to match search engine updates.
With a motto ‘The world needs science and science needs women’, L’Oréal India is inviting applications from women students who have completed class XII in India for the 16th edition of its For Young Women in Science Scholarship [FYWIS] Programme. L’Oréal India will award scholarships worth Rs. 2.5 Lakhs each to 50 promising but economically disadvantaged young women to help them complete their graduation in any scientific field from a recognized college/university in India.
Recognizing the importance of women in science, Snehhal Chitneni, Chief- Communications, Sustainability & Public Affairs at L’Oréal India said
L’Oréal strongly believes that science is the source of progress, and the contribution of women is vital. Our For Young Women in Science scholarship aims to provide aid and encouragement to young women who want to pursue an education and a career in science, but lack the means to do so. Entering our 16th year, we hope to reach out to many such deserving candidates in the future.
Since its inception in 2003, L’Oreal India has given over 300 scholarships to girls across India. This programme forms a stepping stone for these young talented women to follow their dreams and aspirations and make a remarkable progress in their overall development.
The L’Oréal India ‘For Young Women in Science’ Scholarship Programme is an extension of the international L’Oréal-UNESCO For Women in Science partnership. Last year, the Programme received more than 3000 entries from across the country. After a detailed evaluation process, 50 scholarships were awarded to the most deserving candidates
Eligibility criteria – Young women who have passed class XII exams from across India in the current academic year [ended March 2018], with a minimum of 85% in PCM/PCB and not over 19 years of age as on 31/05/2018, are eligible to apply for this scholarship.
This scholarship is open for study in any field of science: medicine, engineering, information technology, pharmacy, biotechnology, and other graduate courses pertaining to science [B.Sc.].
How to apply – Students can apply online here OR download application forms from the website and courier them to L’Oréal India Scholarship Cell, C/O Buddy4Study, Stellar IT Park C-25, No.8,9 & 10 Tower-I, Ground floor, Sector-62, Noida, Uttar Pradesh, India 201301.
Deadline for submitting forms along with the relevant documents 16th July 2018.
Interview locations – Mumbai, Gurgaon, Bengaluru, Hyderabad, and Kolkata
Today we must learn to be fast, fair and slow, all at the same time. Project management professionals across geographies, are not immune from these changes. Traditional construction management methodologies are also being replaced or reinforced with new tools and technology.
In the last decade, there has been a tectonic shift in the way the real estate and construction industry is evolving in India. With the Indian construction market set to be the world’s third-largest construction market by 2021, it is imperative that Indian Construction and Design professionals up their ante in terms of delivering technologically advanced solutions.
The industry has seen sporadic improvements but in essence it largely remains a people-intensive industry as compared to the more developed parts of the world. Companies globally look at anywhere between 1~3% of project costs as the budget for software technologies to create cost and time efficiencies, which is a far cry for India.
While traditional project management models focused exclusively on the delivery of products and services, newer project management models are increasingly focusing on achieving results by interpreting the business strategy, providing effective risk assessment and deriving a solution. By embracing continuous innovation in technology, new age PMC firms are going digital by adopting ‘Cloud-based’ storage services and ‘end-to-end’ project management software solutions. Let’s look at some of the prominent technology tools which new-age PMC firms are using in India today.
Building Information Modelling
BIM is a 3D model-based process for creating and managing project information. The building information model is a digital description of every aspect of the build, and objects in the model can be linked to related information such as quantity, images, specifications or manuals. This technology benefits construction professionals by helping them create better plans, produce faster results, and stay within budget. BIM started slow in India. However with the advent of Smart cities, IoT, VR and AR gaining ground, BIM practice is witnessing a strong revival.
CCTV installation on-site is one of the best ways to protect a site from undue hazard. They help to track events across the site in more than one place at a time. CCTVs on-site also manage thefts and help to monitor employees at work. Client located offsite are now able to get a real-time view of their sites in the smartphones itself.
Unmanned Airborne Vehicles
Drones or UAVs are extensively used today to monitor the construction work for large and complex sites. They help the Construction management team to have visibility of the workforce operating at heights and keep the site EHS complaint. Analytic software in Drones can help to do thermal mapping and land surveying. It is still not that prevalent in India but will gain ground once the legalities of their usage is formalized.
Project Portfolio Management software
Web based cost effective Project management software is being used extensively to streamline the construction process and increase efficiency. Usually, most of the online software caters to requirements such as maintaining and creating construction schedules, resource allocations, monitoring usage and generating reports.
Cloud-based Document management software
Cloud-based document management system helps to keep all the project related documents in an easily accessible organized manner. It also makes collaborations between teams easier and there are chances of easier recovery of data if it is lost. Most importantly such software has the ability to track deliverables and make the users accountable with well-defined workflows.
Online Conferencing Applications
Considering the fact that large projects have stakeholders located in different geographies, these online conference tools are a boon to PMC firms to bring the team together at an agreed frequency to resolve open issues. Most of this software allows documents to be presented in various formats for quick reference. Virtual meetings are the new reality.
Procurement software contributes to automating the entire tendering process in a project. Such software nowadays is integrated with the Client ERP system and support e-bidding process flows. The workflows are well defined with the necessary checks and balances in place. It helps to maintain transparency and a clear audit trail behind for all orders released against a project.
Web-based Collaboration tools
In any project, collaboration is essential to ensure that all the teams head in the same direction and create an innovative environment. Collaboration tools with real time chats, posting features and group messaging options enable teams to communicate with each other, access information and increase efficiency rapidly.
The flow of real-time information to every team in a project is vital. Amongst the deluge of data, tools which control and analyze the information will become popular. Technology today can create algorithms which help us to take decisions. Every day we are witnessing newer applications and gadgets coming in the market to aid construction professionals. The key is to be aware about the latest advances in technology and adapt them in an innovative and effective manner.
About the Author
Arnab Ghosh is the Director at Synergy Property Development Services. You can find more about him here.