OpenSpace, a global leader in reality capture, has announced a partnership with Nedbank, the largest commercial property financier in South Africa.
Through this partnership, OpenSpace provides Nedbank’s clients with the ability to track site progress and improves communication across key stakeholders on the project. Additionally, Nedbank is also able to use this information to reduce its risk profile, leading to time and money savings. As Nedbank scales the use of OpenSpace across its portfolio, IT currently has 25 active sites across Africa.
“OpenSpace is an incredible tool that allows us to monitor construction risks proactively,” said Genevieve Naidoo, Divisional Executive for Property Finance PM, Valuations and Sustainability Nedbank CIB.
“Initially, we were concerned about the additional cost of the platform since property development projects are sensitive to extra costs. But the benefits of OpenSpace far outweigh the cost of the technology in terms of saving time for teams. Being able to pay our clients quicker creates a huge benefit for them as well and allows them to manage their cash flow cycles.”
Nedbank began offering OpenSpace’s platform as a solution during the COVID-19 pandemic to clients in Kenya, Morocco and Mauritius. Nedbank’s clients can monitor jobsite conditions from any location and communicate using OpenSpace’s core functionalities, including the Field Notes feature.
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