For the past few decades, the construction industry has been slow in adopting technology to support its processes. But this is finally changing, and it shows in the global increase in the acquisition of construction software. Investment in construction technology (ConTech) reached over US$4.5 billion in 2021, which is triple the amount in 2020.
One of the technological applications for builders is construction management software. It is a suite of tools that supports construction companies in boosting their productivity and having greater control over their processes. It is the solution for business owners looking to better estimate their costs, track costs in real-time, organise teams, and monitor projects down to the task level.
Companies that were hesitant about integrating technology into their operations are now starting to look into what these modern tools can do for them. And many are already reaping the benefits of the solution in the improvement of their productivity, efficiency, and higher profitability.
Here are the other advantages of investing in a real-time management solution for construction projects.
One of the problems that the COVID-19 pandemic amplified was workforce management issues in the construction industry. But with the assistance of project management tools, companies can overcome the challenges in scheduling jobs, delegating tasks, and checking work progress.
Real-time construction management solutions allow project managers to perform their tasks even if they are not on the construction site. This is especially beneficial as the scale and complexity of construction projects grow.
Construction project software allows managers to assign tasks to employees and monitor task progress using job cards. They can view the status of work in real-time because it automatically updates using timesheet data. This allows them to know how much time has been spent on a task and determine whether it is about to become a problem for the team.
Improved Document Management
Construction is a document-intensive industry. Having construction management software is advantageous because it can serve as a central repository for all of the company’s documentation. With this document retention and maintenance ability, they can have quick access to items like safety training reports, certifications and licenses, and other records.
Enhance Budget Management
Construction software allows users to create an accurate budget and monitor project costs and resource rates in real-time. Stakeholders, executives, and managers will be able to see the budget and how it is being spent throughout the project. With a few clicks, users can track actual spending against projected expenditures with real-time dashboards. This allows them to make timely and well-informed decisions like resolving resource utilisation and budget issues as they arise.
Construction management software helps coordinate and optimise the use of all resources and tools across project schedules. Managers can use it to organise the day-to-day distribution of tools and equipment, and supplies, as well as track their use in real-time. For example, if a piece of equipment is required for the next stage, managers can easily assign it to the next activity from the application.
Furthermore, this project management software allows resources to be utilised efficiently and productively. The program updates as soon as resources become available, so it improves organisation and maximises the utility of the equipment.
Improve Cash Flow
Building companies can automate and optimise billings and costs more effectively by using construction management solutions. It also allows them to keep better track of their cash flows and balance their financials within a single application.
Project management software can create pay schedules that are linked to an invoicing system. In case of delays in receiving payment, the company can send follow-up notifications to speed up inflow. It can also automate reminders for vendor payments to prevent late penalties and interest.
Increased Communication and Collaboration
Because of the complicated nature of construction work, communication is critical to achieving project success. The ability to keep project participants linked throughout each task is one of the most significant capabilities construction management software can deliver.
The software provides a platform for all participants to communicate and collaborate with one another at all times. From the same application, managers can also get in touch with clients for matters like presenting the final quote and monitoring whether they accept or refuse.
Moreover, building projects can go different ways. It can go according to the plan or not. But dealing with curveballs is considerably easier when everyone can interact readily.
Construction management software is extremely adaptable. Because there is no standard or fixed pattern in how construction companies organise their processes, most software providers allow customisation in their products. This is to accommodate the demands of various entities. Having the flexibility to customise construction management software to the firm’s specific processes and requirements can lead to faster deployment and, eventually, faster company growth.
Project management tools save the company money by optimising operations and automating repetitive tasks. This means that the company only has to employ the appropriate level of workforce and equipment, so they avoid excessive spending on wages, machinery acquisition, and other costs.
Automation makes it simple to collect and evaluate vital data that might otherwise be unavailable if tasks were completed manually. When an organisation has good data, stakeholders can make well-informed plans, strategies, and judgments that can save them money.
Technological advancements are slowly changing the dynamics of the construction business. Today, businesses need innovative project management solutions to improve field productivity, corporate profitability, and resource management. Modern tools also help firms gain advantages in this extremely competitive market.
Bizprac is an Australian-owned and operated construction management system designed specifically to support the Australian construction industry. It is a fully integrated and constantly developing software system that offers comprehensive features like estimating, accounting, job costing, single-touch payroll, purchasing, builder retentions, etc. Bizprac is designed to ensure users make the maximum profit on each project. It is also backed by an industry-leading Australian-based support team that knows the industry inside and out.
Visit Bizprac Blog for more information about construction project management software and document management software. Request a free trial today or contact us at email@example.com to get in touch with one of our team members.