3 Benefits Delivered By Connected Construction
Connected Construction. Connecting Finance, Field Service Management and Projects.
For many growing construction companies finance, field service management and project data is not connected. Information flow between departments can take days or weeks and sometime is not shared at all. Data is often not easily accessible or visible and usually is held in multiple locations, including on individual devices. Adding to the complexity of the problem is the multiple locations of staff, who can be located in the office, in the field, or on the road.
Bringing all parts of the business together on a single electronic platform puts construction companies in a position to deliver more profitable projects. Connected construction joins finance, field service management and projects together, which provides multiple benefits to construction companies.
1.Improved Financial Performance
Profitability in a competitive market like construction can be difficult to maintain and is sometimes sacrificed to secure contracts. Positive cash flow is another measure of business success and inadequate cash flow has seen more construction businesses fail than lack of profitability.
Technology can help you to keep focused on financial performance and achieve cash flow positive and profitable projects. By electronically tracking all costs associated with projects, from forecasting to cost estimations and by viewing actual and potential cost overruns, construction managers can be proactive with any issues as they arise. Real time visibility and reporting allows you to view your current financial position. You can also predict and review future cash flow to assist with planning and control of cash in and out of your business.
2.Increased Efficiency and Compliance
Input and management of all data and documents electronically means that information is available to staff when and where they need it, which leads to improved coordination across all departments. Another benefit is the reduction of duplication of content, as well as the removal of manual data entry which leads to less errors in data input and processing.
Electronic processing of invoicing, purchasing, payroll, receipt of goods onsite and timesheet entry speeds up approval processes and enables the updating of business data in real time. Streamlined business processes also allow for more efficient and faster processing times of all business activity.
Achieve greater compliance with documentation securely stored and tracked and electronic alerts for required updates issued in advance to deadlines. User and project level security also ensures that data is accessible and actionable by the right staff.
3.Enhanced Visibility and Reporting
Access accurate information where and when it’s needed. Gain executive level insights via dashboards into real time financial and project data like cash on hand, project status updates, creditors, debtors, project profit and loss and project pipeline. Real time visibility allows for strategic planning and decision making in a timely manner, rather than days or weeks behind which is normal with manual processing.
Built in mobility means that data can be viewed and processes actioned in the office or onsite without delays.
Connected Construction Delivers More Profitable Projects
By moving your construction business to a fully integrated, single platform for financials, field service management and projects, you can transform to a connected and highly productive workforce.
With remote and real time visibility of your business information anywhere, anytime, you will be able to deliver more projects, more profitably.