Construction Cost Management With Synchronized Invoice And Budget Data
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Solution Overview
Problem
Real estate development and construction companies face challenges with data harmonization, synchronization, and error management, leading to duplicate data entries and administrative burdens, as existing tools like spreadsheets and on-premise accounting software lack project management intelligence and require manual verification.
Innovation Solution
A cloud-based system and method for aggregating, synchronizing, and modeling data from invoices, commitments, and budget transactions to generate real-time reports, identify and correct errors, and support multiple users, using machine learning and artificial intelligence to streamline decision-making.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Device complexity
If basic tools like spreadsheets and on-premise accounting software are used, then device complexity is reduced, but data harmonization and synchronization capabilities deteriorate, leading to duplicate data entries and errors
Solution Approach 1:
The patent merges multiple discrete data entry points (invoices, commitments, budget transactions) into a single centralized cloud-based system with a unified data model. This consolidation eliminates duplicate data entries and ensures data harmonization across all functional groups while maintaining manageable system complexity through standardized interfaces.
Solution Approach 2:
The system implements a universal data model that serves multiple functions: it handles invoicing, commitments, budget transactions, and reporting within a single framework. This multi-functional approach improves data accuracy by ensuring consistent data structures across all operations while avoiding the need for multiple separate tools.
2Ease of operation
If on-premise accounting software is used, then ease of operation is improved, but the need for high-wage accountants or consultants to verify entries increases, leading to loss of time and reduced productivity
Solution Approach 1:
The system implements automated data verification and error correction capabilities that allow the software to self-validate entries without requiring high-wage accountants or consultants. The system automatically reconciles data across invoices, commitments, and budget transactions, eliminating the need for manual verification while maintaining ease of operation.
Solution Approach 2:
The system provides real-time feedback on data consistency and automatically identifies and corrects errors. This feedback mechanism enables the system to self-correct accounting entries without human intervention, significantly improving productivity while keeping the interface easy to operate.
3Ease of operation
If manual data collection and analysis are used, then ease of operation is maintained, but decision-making speed deteriorates due to delayed access to relevant data
Solution Approach 1:
The system continuously synchronizes data across all functional groups in real-time, ensuring that decision-makers always have access to the most current information. This continuous data updates mechanism eliminates the delays associated with manual data collection while maintaining system simplicity through automated processes.
Solution Approach 2:
The system pre-processes and organizes data from invoices, commitments, and budget transactions as they are entered, making relevant information immediately available for decision-making. This preliminary data preparation eliminates the need for manual analysis and provides instant insights when needed.
4Device complexity
If discrete tools are used for different purposes, then device complexity is reduced, but data synchronization capability deteriorates, leading to duplicate data entries and errors
Solution Approach 1:
The patent combines multiple discrete data management functions into a single cloud-based system with a unified data model. This merging ensures that invoices, commitments, and budget transactions are all managed within the same system, eliminating data inconsistency while keeping the system architecture manageable through standardized components.
Solution Approach 2:
The system implements a standardized data model with consistent parameters across all functional areas. By changing the approach to data structuring and enforcing uniform parameters throughout the system, the patent achieves stable and consistent data composition while maintaining reasonable system complexity.
Data Source
AI summary
A real estate development and construction cost and risk management system is disclosed. The real estate development and construction cost and risk management system has a real estate development and construction cost and risk management module, comprising computer-executable code stored in non-volatile memory, a processor, and a communication device. The real estate development and construction cost and risk management module, the processor, and the communication device are configured to receive an invoice data flow, receive a commitments data flow, receive a budget transactions data flow, extract data from the invoice data flow, the commitments data flow, and the budget transactions data flow, update a data set using the data extracted from the invoice data flow, the commitments data flow, and the budget transactions data flow, and generate a plurality of reports based on the updated data set.