Colliers leads AI revolution in construction with remote monitoring tool, CoGence
GURGAON, India, Oct. 4, 2023 /PRNewswire/ — Trusted real estate advisor, Colliers, has been carving a niche in the tech space with its AI-enabled platform, CoGence. Designed to detect anomalies at construction sites and generate a high precision quality report, the tool is widely being applied at several of the firm’s projects. The latest evaluation of the platform recorded 79% reduced project delays, 91% early defect detection, and 91% savings on on-site visits and monitoring.
With 99.9% accuracy, the AI tool is a gamechanger for the construction industry. Users can download as-builts in 2D and 3D and manage them on Autodesk products like AutoCAD and Revit. Optimizing time better than its counterparts, CoGence has the ability to scan 50,000 sq.ft. base built or 20,000 sq.ft. fitted out space of floor plate in 30 minutes.
The firm has been investing 5% of EBITDA into the development of new tech platforms to better serve real estate stakeholders including developers and investors. The precise automated quantification and tracking of quantities against BoQs and schedules is one of the platform’s key features that is significantly enhancing the efficiency of construction projects.
“At Colliers, we recognize that technology is the key to the future of the construction industry. CoGence is the result of the innovative spirit that lies at our core. By combining strategy, technology and human capabilities, we believe we can deliver significant business impact for our stakeholders. Fueled by the drive to minimize risk and maximize outcomes, our experts have harnessed the latest tech to provide customized and productive solutions,” says Argenio Antao, Chief Operating Officer, Colliers India.
Indian real estate is headed towards a paradigm shift; global investors are pivoting towards the Indian market, given the high demand for several asset classes including residential, commercial, industrial, data centers, retail, and hospitality, among others. This scaling demand has given birth to the need for higher efficiency and turnarounds in the construction realm.
Keeping up with the pace of advancement in the global real estate landscape, the well-known project management firm is committed to investing in talent and technology that will scale its India business and contribute to the sector’s growth. Recently, the firm was awarded the ‘Most Innovative Best Practice in Digital Transformation’ title at the CII DX Awards 2023.
About Colliers
Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 65 countries, our 18,000 enterprising professionals work collaboratively to provide expert real estate and investment advice to clients. For more than 28 years, our experienced leadership with significant inside ownership has delivered compound annual investment returns of approximately 20% for shareholders. With annual revenues of $4.5 billion and $99 billion of assets under management, Colliers maximizes the potential of property and real assets to accelerate the success of our clients, our investors and our people. Learn more at corporate.colliers.com, Twitter @Colliers or LinkedIn.
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