JTC Corporation and Glodon, a provider of digital building platforms and services, have signed a memorandum of understanding (MoU) to promote cooperation and the creation of a construction cost management system. The system’s goal is to combine cloud-based cost control software with building information modelling, a method for creating digital recreations of physical infrastructure. The system is expected to be completed by 2024.

The new system is expected to boost efficiency by about 30 per cent through changes such as reduced project time. It will eventually eliminate the need for paperwork throughout the construction process and allow for digital tracking of payment progress. It will enable all stakeholders in infrastructure projects to exchange and input data, allowing for better coordination.