Are Your Construction Business Systems Future Proof?
1 Minute Read
June 2, 2022
Today’s modern construction projects are larger, more complex and more demanding than ever before. And in many cases, construction contracts can come with a bevy of increasingly demanding stipulations and compliance requirements–including the use of modern technologies and tools on the project.
Wondering if your construction firm is truly ready to tackle your next big project? Wonder no longer!
Take this five-minute quiz to determine if your construction company has the capability to handle the next challenging project.
Each of the eight answers below has a point value, so tally up your total, and at the end, you’ll see if your firm is ready or not!
A: Yes! It even results in auto-generated work-in-progress accounting entries (10pts)
B: We’re trying to make that happen (5pts)
C: What’s that? (1pt)
For your construction firm to be successful and grow, you need to effectively measure the value of work in progress. This measurement needs to be done as close to real-time as possible—a job facilitated by the integration of contract valuation. How can you do this? With connected accounting and project management software that fully connects your job costing and financial information in real time.
A: Yes, our integrated system gives us complete oversight over the profitability of each project. (10pts)
B: We have some understanding but I’m not convinced it’s 100% accurate. (5pts)
C: I don’t know, we’re still pulling together the data… (1 pt)
Unlimited, real-time access to data, including cash flow and project profitability, is key to completing projects on time and on budget. Plus, it allows you to use this data to better inform future projects and grow your business.
A: Yes, easily! (10pts)
B: It’s not exactly real-time but I have some understanding thanks to my historical reports. (5pts)
C: No, we don’t have this capability at this stage. (1pt)
Real-time data keeps projects on schedule and on budget. With specific types of data like job analysis and committed vs projected cost reports, construction firms can ensure teams are empowered to make the right decisions for business success.
A: Yes, we have real-time timesheet logging with GPS tracking. Our teams can enter their details from a mobile device. (10pts)
B: It’s not “easy.” We’re still relying on manual data entry at the end of the day. (5pts)
C: No, this isn’t something I can easily see. (1pt)
With live field data connected to the back office, construction managers can eliminate project inefficiencies. By capturing and analysing data as it happens, with streamlined processes and technology, not only is accountability increased, but project managers will have more time to focus on more impactful tasks.
A: Yes, we can track asset profitability and location, and we have complete control over repair and maintenance costing and billing. (10pts)
B: We can somewhat track our assets, but know we could do better at this. (5pts)
C: We don’t do this well. It’s a constant issue. (1pt)
Managing and monitoring your assets can be challenging but successful tracking can make a big difference to the running of your business operations. Asset tracking solutions, connected to your construction ERP, provide the real-time location of your assets and equipment, keeping them visible and secure. It also allows equipment managers to better track usage, maintenance and more to increase the life cycle (and profitability) of capital equipment assets.
A: Through our connected software which directly notifies the right person and/or creates a dedicated workflow, and enables them to get a quick response. (10pts)
B: They can call or email the project manager and we’ll get back to them once we have the right answer. (5pts)
C: They usually call or email someone in the office but we don’t have a set process for this. (1pt)
Working with subcontractors is vital to a project's success, but communication can be an issue. Everyone has their own ways of working but multiple meetings, phone calls and emails can be overwhelming, especially for project managers. Subcontractor management capabilities of a connected software suite—which can include online portals, real-time dashboards, automated workflows, and task alerts—can streamline communication and keep all team members up to date.
A: They can drop the assets into the dedicated client area on our system. Those with the right permissions can view it (10pts)
B: They email it to head office or upload it at the end of the day, or when they get a chance. (5pts)
C: I don’t know what they do with this information. (1pt)
Cloud-based construction software collects data, including photos, videos, plans and documents, from multiple sources and locations and makes it easily accessible for everyone on the project team no matter where they are. This gives you instant visibility into project health and provides collaborative tools to make informed decisions in real-time, mitigating project delays and reducing errors.
A: Easy because our system can show us all of the work and steps being taken. (10pts)
B: It can be tricky. We have some oversight but it can be a little hard to know who has done what and when. (5pts)
C: It’s hard. I can’t really see what’s happened, who was involved and what went wrong. (1pt)
A cloud-based, connected construction management suite provides your team with one central source of truth to manage construction tasks. Transparent and real-time task management data aids in accountability as well as planning.
Now, add up all of your As (10 points each), Bs (5 points each) and Cs (1 point each). When you have your final score, see where you place on the scale below.
You have all the processes in place to complete your next big project on-time, on-budget, and on-brief. Now go get that big fish!
40-65: KIND OF READY
You’re almost there, but you might want to have a look at more ways to integrate your existing systems before you accept any major projects. It will give you a lot more oversight in the long run.
0-40:-0 STILL SOME WORK TO DO
You may not be there just yet. We advise that you revisit your processes and see how they can be improved before you accept any major projects. The right systems will help you avoid scope creep, budget blowouts and under-delivering for that big fish!
Technology is driving a whole new way of working for today’s construction professionals by bringing solutions and data together in single, connected management suites. A connected construction management suite can help break down silos by creating a centralised workspace for all construction stakeholders, with real-time data and workflows, hosted data storage and protections, and the power to deliver the next-gen technologies like analytics, machine learning and more.
This helps contractors work smarter, quicker, and more efficiently. Unlike on-prem ERPs or disconnected software programs, connected construction suite users have easy access to, and sharing of, project information anytime, anywhere.
It’s time to embrace a new way of working. If you don't know what connected construction is, it's time to find out—because it could just be the future of your company.
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