Relentless Execution Focus
1. Share with us your company profiling and latest technological advances in your products, projects and services in brief?
Build Supply is a very distinctive and an innovative SaaS enabled platform that is the most advanced and comprehensive end to end ERP solution available for the Real Estate and Construction Industry. We provide solutions for intractable problems in Real Estate and Construction process management. We have created a transparent, efficient, seamless management and purchasing experience for the construction industry offering best practices, standardized specifications and a comprehensive database of line items and associated rate analysis.
Our product “Cost Manager” was commercially launched in January 2017. This is a cost management and procurment software specifically designed for real estate and construction projects in India. We created a standardized database of line items, which is now upto 13 million line items and is helpful to be used across all asset classes like residential.commercial, hospitality etc. The product has modules for creating Cost Plans, developing BoQ’s, Procurement, E-tendering, Billing and Invoicing, Vendor Management, Material Store and Planning in the system. These modules enable an owner to track project expenditure, helps them scale up their operations, project time lines efficiently and increase profits by monitoring costs, material procurement and time schedules. There are detailed system generated reports pertaining to Project Summary, Cost comparison, Package Costs, Bid Comparison, Cost Component, Resource plan and a lot more in real time. Therefore, you can not only maximize profits, but also save a lot of time.
Today, we are working with some of the largest and most prominent real estate developers in India like Godrej, Vatika, and Puravankara. We have around 50 million sq.ft of projects, that will be developed with the support of our ERP systems.
2. Give us your opinion on the construction sector using concepts of technology for better, smart and efficient launches to deliver promising growth potentials?
Well…being the second largest employer in the nation, the sector is much under penetrated in terms of technological adoption and automation. But this is changing fast with stricter government policies and RERA being implemented. The developers currently are under much more pressure than ever before to speed up work and be more transparent in their execution. These factors have led to huge increase in the demand for tech intervention including digitizing work flows, data backed decision making and predictive analytics.
Digitizing workflows has substantial benefits – One of the key advantages of digitization is for project managers to be able to receive real-time notifications of movements in KPIs wherever they are at a site, en-route, etc., so they can take immediate action when necessary. Digitizing work flows offers real estate and construction companies a fast and efficient way to achieve visibility into real-time profitability and project management, as well as an easy way to enhance productivity, project delivery, and improved practices.
Also, Project billing takes place at specific milestones, real-time tracking of labour, petty cash, and equipment usage is the best way to protect against budget creep and inaccurate reporting. Digitizing these workflows enables real time tracking and eliminates the need for manual data entry.
Hence, Investing in the most advanced technologies for tracking project costs and monitoring project timelines has become essential, and it’s marking a turning point for an industry that has often been considered slow to change.
3. Discuss your future business plans and strategies, related to the use of technology in the company in various practices?
We are getting a great response from the market in terms of SaaS adoption and penetration of our SaaS product. As I mentioned earlier we have close to 50 Million square feet on the sytem now. Further, we are planning to increase the range of our services with the launch of a reverse auction module in the next couple of months. This feature as the name suggest will be like a conventional auction but in reverse. The vendors will bid their services and products on a live real time platform to be awarded by the developer based on matched terms and conditions. In the long term, we are projecting our business to evolve as full-fledged marketplace where the developers can procure the required services and material directly from our systems skipping various steps and associated margins in the supply chain. This will be a very interesting development for the proptech sector and our customers would be the one getting maximum benefit out of this.
We also currently have close to 10,000 vendors on our system. Most of these are SME’s that have limited access to financial products and services. We are looking at creating a marketplace of financial services for this group as well. This will enable the SMEs facing a financial crunch to manage their balance sheets more effectively and will help them grow their businesses. We will also roll out additional credit services offerings for this group.
4. What are your views on the budget announced for the industry and give us a few details on the related financial ambitions as a key player?
The Industry has witnessed revolutionary changes with the RERA Act since late 2016 and with the government’s focus on affordable housing in this budget, the future will belong to companies that work trasparently and can create scale in their businesses.
The finance minister has said that the government will create a dedicated Affordable Housing Fund (AHF) in the National Housing Bank, funded from priority sector lending shortfall and fully serviced bonds authorised by the government of India. He also added that in line with the government’s “Housing for all by 2022” program, more than one crore houses will be built in rural areas under the Pradhan Mantri Awas Yojana (PMAY) Scheme.
None of this will be possible without the ample use of technology so we feel this opens up a great market for us. There are 12000 developers registered with CREDAI pan-india. I think they all are potential clients for us.
Therefore, we see it as a balanced one with the government focusing on affordable housing being great for a grwoth push but it will take a couple of years for it to come to fruition as the companies will have build up their team and infra to execute on this scale.
5. Is there is anything that you would like to share with your audience at large – the motives and principals of the company to remain competitive in near future?
According to me, market driven products and customers-first approach are the key components for any business to remain profitable and competitive in the long term. BuildSupply was created to fill a very major gap in the industry that no one was addressing. And to do a good job of servicing our customers we need happy employees. No matter how big your company is or how much funding you have, your customers are your only ‘true investors’ and the employees of a company are the ‘true partners’. Tying these principles back with a focus on relentless execution is our mantra for success. These core principals will help keep us competitive for a very long time and become market leaders.