What is the problem?
The cost of construction materials can be highly unpredictable and volatile, leading to significant financial risks for contractors. For instance, in 2022, there was a sudden spike in steel bar prices, which surged by 40% in just two weeks, catching many contractors off guard.
Such price fluctuations can cause significant budget overruns and can even make some construction projects financially unfeasible.
Furthermore, the current procurement process in the construction industry is often complex, time-consuming, and inefficient, which adds to the overall cost and burden of contractors. The traditional procurement process involves a lot of paperwork, manual bidding, and negotiation, which can be time-consuming and prone to errors. This can lead to delays in project timelines, increased costs, and a lack of accountability.
What are the causes of volatility?
Gas Prices
Economic Instability
Wars
Supply and Demand Movement
What is our solution?
Buildit streamlines construction procurement by connecting contractors with a vast network of suppliers through our digital platform, providing a cost-effective and efficient solution to access the materials they need. Our platform offers contractors the unique ability to receive multiple quotations from multiple suppliers in just 5 seconds, eliminating the need for time- consuming processes and allowing them to make informed purchasing decisions quickly.
Mission
Buildit aims to revolutionize the construction process by leveraging digital technology. Our goal is to make construction accessible to everyone, regardless of their level of expertise, by innovating the tools and resources they need at their fingertips.
Vision
Our vision is a future where construction is as effortless as cooking a meal. Our digital platform leverages the latest technology, and soon including artificial intelligence, to provide all necessary ingredients to build, creating a more streamlined and efficient construction process.
Our Story
Our founder Jasen Ngo, was born into a world of construction. At a young age, he was exposed to and helped out in the construction supply business owned by his parents. He had a deep passion for the industry, and after earning his engineering degree from Mapua Institute of Technology, he established his own construction company, successfully completing over
30,000 square meters of residential and commercial projects.
Through his experience, Jasen learned that construction can be a highly stressful industry. He jokingly blames it for his hair loss! But he also saw the potential for change and innovation. He believed that with the right tools and resources, construction could be made easy and accessible to everyone.
Driven by this vision, Jasen founded Buildit. Our platform leverages the latest in digital technology to revolutionize the construction process, and hoping to harness the power of artificial intelligence in the near future.
History of BuildIt
2020
Launching of Cost Control Software
2023
2023 – Launching of Procurement Marketplace
