Over the years, there has been a dynamic shift in the construction industry which has not only improved the process but has also raised the level of competitiveness. One of the primary reasons behind the rapid development of construction firms is the introduction of integrated software solutions such as construction accounting and project management software.
The importance of construction technology is increasingly felt in the ongoing pandemic and to embrace the next normal construction players need to deploy technological solutions. It provides a systematic approach to manage ongoing projects and ensures everything goes well.
Other than that, the construction business has a lot of moving parts. With the help of integrated software, construction professionals can manage every aspect of the job. Whether it is resource management, project delivery or document management, construction technology’s positive impacts can be felt in all facets of construction.
Apart from this, technological advancements in construction will help you face challenges as the complexities of projects increase over time. Integrated data can easily be accessed with help of cloud-based construction accounting software and helps you with better planning. Hence, in the era of digitization make sure that your construction business has what it takes to succeed.
According to a report from OKTA, large construction companies tend to deploy around 163 software applications to streamline their business and operations while the number of deployments was found to be 99 for small scale businesses.
Moreover, a similar report introduced in 2019 stated that 30 percent of construction firms rely on five or more applications in day to day activities, apart from the software technology such as cloud or on-premise solutions. With all these statistics in place, the construction industry is expected to grow up to $2.71 billion by the year 2023.
Also, the reports from Market Research Future have found that improved productivity, business efficiency, service quality, and integrations are certain factors that have given a boon to the construction software market at the Global stage.
What has made construction firms move towards technology?
The rapid adoption of technology by construction firms has happened because of one prominent reason: the capacity to generate productivity while saving costs and time. This could be easily understood with an example of accounting in construction.
A few years back, construction accounting was a manual process that not only required skilled accountants to perform the task but was also very time-consuming to keep track of all credits and debits. However, the introduction of technology has made things easier since any data related to expenses could be easily recorded using project management and accounting software.
The cloud-based solutions such as Dynamics 365 Business Central technology have made it easier to access and store business data while construction activities could be continued with no need to run for any documents as they are easily obtainable within the software.
The adoption of software in the construction industry has made things more seamless but it has led to the significant challenge of data security along with other issues such as lack of integrated data that relates to each other. This may appear as a counterproductive issue since project managers may need to work on double entries which may involve the chance of errors.
The introduction of such challenges has made construction firms move towards technology with better integrations or a unified solution that can manage all the things within. This has paved the way for intelligent software solutions like ProjectPro that are designed on a fully-integrated system that can manage tasks related to project management, ERP, CRM, and more.
Moreover, these integrated construction project management software solutions could help in retaining the data flow for construction projects without causing any duplication, error, or wrong entries. Ultimately, this will help the construction firms to gain better control over the business and improve the overall project lifecycle even when managing one or more projects.
Some of the common examples for which construction agencies could adopt project management and accounting software could be listed as:
- Sharing data related to project resources and creating billings.
- Keep track of job data, change orders, contracts, and material planning, etc.
- Measuring performance indicators that can define the project progress.
- Quick access to job quote templates that can be used to check the scope of work, take off segments, etc.
- To have a record of all the data related to expenses, equipment, job material, etc.
By implementing construction technology, you can ensure that the project will proceed according to the plan. It will also promote brand awareness and you can strive to stay ahead of the competition by focusing on the strategy of your firm. Also, you can easily keep an eye on all expenditures and will have records and methodical ways of dealing with collected data.
Improve your overall effectiveness by embracing automated software solutions that improve communication and increase profit margins. To combat decline in productivity and predict project profitability, say yes to automating repeatable tasks. This way you can drive efficiency, take smarter decisions and ensure profitable outcomes in the construction ecosystem.
Concluding it all…
The potential factors such as operational efficiency make it compelling for construction firms to integrate for IT needs. With the idea of saving costs makes it a better option to adopt, construction accounting software also adds cost efficiency and improved support options as a bonus. Adopting cloud-based software for construction business should involve prior checks for:
- The range of services available with the software that can benefit the construction process.
- Ease of integrations for any business-specific needs that can affect business.
- The technology which your solution provider is using and its scope in the future.
Construction projects are complex functions that involve multiple jobs and activities. Therefore, the software solution they adopt must be a one-stop solution for all the project and business requirements.
Other than that, integrated construction accounting software can help you stay updated and stay on track by monitoring project progress. It saves you from financial crisis as it allows transparency and enables you to maintain visibility over all project operations. Moreover it also allows staff to quickly access data and helps you make decisions faster.
To stay profitable and efficient, you need to embrace construction technology. Also, an integrated software that connects the backoffice with the field team will streamline your construction operations. For those who believe in driving efficiency and wish to work out the complexities that crop up with each project should opt for integrated software.
In addition to this, embracing an integrated software technology will help in preventing data silos, increase team efficiency and enhance your ability to act quickly when changes related to projects occur. This will also eliminate the need for manual data entry that is prone to errors as the team will now have a single source of truth at all times.
ProjectPro with Business Central provides payroll integration and with the help of integrated data, construction managers can make good business decisions. It has added capabilities and can perform accounting, project management, and also provide ERP and CRM solutions for construction businesses.
Streamline your workflow and save time by implementing integrated software technology best suited for your business.This way you can take data driven construction decisions and empower construction professionals who are working remotely in a COVID impacted world.
Need a connected software solution that can drive better productivity and business efficiency for your construction firm? Schedule a free demo with our experts at ProjectPro and find your way to business excellence with a competitive advantage in construction.