Construction Cost Currency Management with User-Selected Exchange Rates

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Solution Overview

Problem

Existing construction management software lacks the ability to efficiently manage financial operations involving multiple currencies, requiring manual conversions and increasing accounting discrepancies and client dissatisfaction.

Innovation Solution

A software technology that allows customization of currency settings at the company and project levels, enabling selection of data object-specific currencies and exchange rates for seamless conversions between currencies.

Engineering Contradictions & Design Principles

VSEngineering Contradiction Analysis

1Adaptability or versatility

If manual currency conversions are performed in existing construction management software, then financial operations can be conducted across different currencies, but accounting discrepancies increase and client dissatisfaction rises

Engineering Contradiction:

Improvemulti-currency financial management capabilityVSAvoidaccuracy of financial operations

Core Design Contradiction:

Adaptability or versatilityVSReliability

Solution Approach 1:

The patent introduces an automated currency conversion module that acts as an intermediary between different currency systems. This module automatically retrieves exchange rates from financial data sources and performs conversions, eliminating manual intervention and reducing errors. The system mediates between multiple currencies by establishing a standardized conversion process that maintains accuracy across different monetary systems.

Inventive Principle:

Principle #24Intermediary (Mediator)

Solution Approach 2:

The patent replaces the mechanical manual conversion process with an automated electronic system. Instead of users manually calculating and converting currencies, the system automatically performs conversions using programmed algorithms that access real-time or historical exchange rate data. This substitution of manual mechanical operations with automated electronic processing eliminates human error and improves reliability.

Inventive Principle:

Principle #28Mechanics substitution (Replace mechanical system)

2Productivity

If existing construction management software is used without multi-currency support, then system complexity remains low, but financial management efficiency decreases and manual conversions are required

Engineering Contradiction:

Improvefinancial management efficiencyVSAvoidsoftware system complexity

Core Design Contradiction:

ProductivityVSDevice complexity

Solution Approach 1:

The patent segments the currency conversion functionality into a distinct, modular module within the construction management software. This segmentation allows the core financial management features to remain simple while adding multi-currency capability through a separate, self-contained component. The conversion module can be independently configured, maintained, and updated without affecting the rest of the system, thus managing complexity effectively.

Inventive Principle:

Principle #1Segmentation

Solution Approach 2:

The patent implements a universal currency conversion module that can handle multiple currencies and exchange rate scenarios through a single integrated system. This multi-functional approach allows the software to manage various currency pairs, conversion types, and data sources without requiring separate systems for each currency scenario. The universal module serves all financial management needs across different currencies, improving productivity without proportionally increasing complexity.

Inventive Principle:

Principle #6Universality (Multi-functionality)

3Loss of time

If automated currency conversion is implemented, then manual conversions are reduced and accuracy improves, but data processing requirements and system complexity increase

Engineering Contradiction:

Improvetime spent on manual currency conversionsVSAvoidautomation system complexity

Core Design Contradiction:

Loss of timeVSDevice complexity

Solution Approach 1:

The patent implements preliminary action by pre-configuring exchange rate data sources, conversion rules, and calculation parameters before actual currency conversions are needed. The system establishes connections to financial data sources, stores historical exchange rates, and sets up conversion algorithms in advance. This preliminary setup eliminates the need for manual configuration during each conversion operation, reducing time loss while keeping the automation complexity manageable through one-time configuration.

Inventive Principle:

Principle #10Preliminary action

Data Source

PatentUS12450657B2Software technology for managing a construction project involving multiple currencies

Publication Date: 2025.10.21 PROCORE TECHNOLOGIES INC

AI summary

A computing device facilitates selection of (i) a data-object currency for a data object of a construction project and (ii) an exchange rate for converting between the data-object currency and a project currency. Based on project-level currency settings and permissions information, currency options from which a given user is permitted to select a data-object currency for the data object are identified and presented for selection. After selection of the data-object currency, based on the permissions information and information about the data object, exchange rate options from which the given user is permitted to select an exchange rate for converting between the data-object currency and the project currency are identified and presented for selection. After selection of the exchange rate, cost values for line items of the data object are converted from the data-object currency to the project currency using the exchange rate and dynamically updated based on cost value modifications.