How to Optimize Your Construction Business with Management Software - Tips and Things to Consider
Construction project management software allows construction project managers to stay on top of every aspect of the project, from meetings to managing employees and resources and keeping clients and stakeholders happy.
Implementing the right software for construction business allows you to focus on more productive activities and reduce time wasted on researching, fixing errors, and resolving client complaints.
Tips to optimize your construction business using a management software
Construction firms worldwide understand the importance of software programs in ensuring project success. According to Statista, 68% of construction firms globally use project financial software while 58% use a project management application, as of 2019. Choosing the right construction management software, however, is just the beginning. The next step is ensuring that you make the most out of your selected software to optimize your construction business.
Here are some tips:
1. Ensure you have accurate job costing
Your construction project management application should allow you to estimate the total expenses associated with the project including labor costs, materials, and overheads.A built-in construction estimating software will help you make a realistic and accurate cost and profit estimate and track and compare actual costs versus estimates.
2. Nourish customer relationships
CRM is an important feature to have in a construction management software. Clients keep your business going, so it's vital to nourish relationships with them. In fact, 91 percent of businesses having more than 11 employees recognize the importance of CRM, using a construction management application now.
CRM is a vital tool to help you understand their needs, improve communication, and enhance the overall experience. A CRM tool allows your organization to collect or import customer-related information, automate notifications, and send reminders to clients, among other features.
3. Maintain an accurate employee timesheet
Another useful feature to have is employee timesheet tracking. Using this tool, you can accurately record and manage shifts and time spent by an employee on a project, including breaks and hours rendered for overtime.
4. Make informed financial decisions
Staying on top of project expenditures and other costs is crucial for a construction business. Your construction project management platform should provide construction accounting software functions including invoicing and billing. You should also be able to integrate it with other applications your company already uses to streamline data exchange and processing.
5. Ensure you have an efficient document management
Every organization needs an organized way of recording and storing information. A construction company is no exception, especially as it deals with tons of documentation, including technical documents, design documents, and contracts over the course of the project.
According to a study by Record Storage Systems, inefficient document management leads to a 21.3% productivity loss. You don’t want that happening in your construction business. Hence, take advantage of your construction project management application to store all information in a central location and securely share it with those who need access to it.
6. Avoid cost overruns
Every construction company should be able to effectively manage their construction materials or otherwise run the risk of a budget overrun. In the same token, project equipment is also a critical component of a construction project. You can prevent costly project delays when you can assure you have the right materials, tools and equipment in the job site. Hence, your construction project management platform should allow your company to track and allocate your resources, receive stock alerts and maintenance schedule reminders, and perform on-demand inventory audits.
7. Stay on top of your project status
Collecting and storing all the information for your construction projects will be all for naught if you cannot generate meaningful reports out of it. Your construction project management solution should be able to provide real-time reports, schedule when and to whom these reports will be delivered, and allow data exportation. These reports should also be customizable to allow managers to break down details, identify areas of concern, and better evaluate the project’s status.
Need an additional useful guide on how to choose the right software for your construction business? Finances Online prepared a guide on construction management software that you might want to check out.
Your team’s feedback matters
Lastly, have your team engage in software evaluation. If you want to use the features mentioned in this article, check out ProjectPro365. Contact us for a product demo, so your team can try it beforehand. Since they will be the ones who will use the software, it makes sense that you ask for their feedback and suggestions. Then you can make a well-informed and balanced decision.