The use of data can help secure better construction project results. Construction is a complex process. Managing each project well requires access to large amounts of information. Smart leaders know exactly what kinds of data they need so they can see what is working and what is not. They know how to capture that data and analyze it, in pieces and as an integrated whole. They share that data with the appropriate decision-makers across the business. Armed with that knowledge, those decision-makers can take action to fix problems and get each project back on the path to optimal profitability.
Even as many contractors embrace the power of data, others remain stuck in the past. For example, these firms use manual, paper-based activities to track project governance and risk controls. This approach does not provide analysis and reporting in real-time. Each project may only be reviewed retrospectively, or after the fact.
The three greatest barriers to profitability in construction are financial difficulties, insufficient labor productivity, and improper planning. All three of these issues can be effectively addressed when firms implement and leverage analytics technology. Firms that invest in this technology can stay on top of each project in real-time, enabling leaders to react, course-correct, and achieve utmost profitability.
Here are a few of the benefits you can reap when you learn to create, store and integrate data:
Want to learn more about how to gain more insight into your operations and deliver your best financial results? An investment in the right technology is the first step. Sage Intacct Construction software is a flexible financial management solution that adapts to your workflows and reporting requirements. It gives you real-time visibility with built-in and adaptable dashboards, reports, graphs, and charts. Multidimensional reporting and dashboards provide faster and deeper insights into accounts, helping your teams work faster and smarter.
You’re welcome to complete Aktion’s Contact Us form to have an industry expert reach out to learn more about the right technology for your construction business.
Greg Kirshe, Senior Sales Consultant, CRE Division, understands the Construction industry and the challenges owners face to stay competitive and grow their business. Greg provides strategic direction to customers focused on improving business operations through the use of advanced, next generation technology and cloud-based software created specifically for general contractors, real estate developers, specialty contractors and service operations.