This year new FIA Technology Partner, the Up-Family, have been paving the way for major change in the construction industry, by reinventing reporting.
Before CEO Annalisa Fox explains how, she'd like to share the 'why'. Bookkeeping or accounting was one of the first business practices formalised during the revolution back in the 18th Century. While accounting software was introduced in the 70's the past 30 years have seen basic features stay the same.
In 2006, Xero, a new player in accounting software, changed the industry. Xero was the first cloud accounting software to introduce back feeds, linking back transaction data to business owners so they could monitor their own bank activity. The feature was a hit - customers could login to Xero, reconcile their transactions and immediately update their financial records. Bank feeds are now a prerequisite for accounting software and optimise daily workflow allowing businesses to see their transactions in real time.
Now, if we can do this with financial reporting, why can't we implement it in other industries where lag in reconciled data causes discrepancies - Iike construction?
Construction tech is slowly taking over manual paperwork in the industry. Subcontractors are now tasked to use multiple software platforms with different functions to receive tenders, subscribe to safety systems and manage staff and compliance. Despite the emergence of softwares, there is not one for improved progress reporting.
The builder is responsible for this, but the industry sees human errors in data entry, reporting lags, monthly updates to construction programs and an average of 20% of large projects running behind the scheduled time.
And that's why we, The Up-Family, are proud to introduce Project-Up in 2021. We are flipping construction reporting on its head and teaching the industry a new way to verify the data they rely on.
Using a suite of apps designed for every stakeholder involved in the project, we are empowering teams and individuals to report on their own work, in real-time, creating transparency and efficiency in the way we share information about a project.
Watch this space for more info and in the meantime have a wonderful Christmas break.
Annalisa Fox
CEO and Co-Founder
