Efficiency is essential for any type or scale of construction project. Any deviations from the expected level of performance by workers or in the project overall lead directly to financial losses for the company. It can derail the entire project if you’re not careful. Construction management software, carefully selected and properly used, alleviates a great deal of frustration. In fact, it’s a game changer for efficiency for a number of reasons.
Data reported by Construction Dive indicates that, in 2022, construction companies and contractors lost $30 billion to $40 billion in inefficiencies. These inefficiencies, whether in the area of labor, timelines, project layout, or other delays, are financially taxing occurrences.
But, thankfully, construction management software offers a potential level of relief.
Centralize Project Documentation and Collaboration
The investment in construction management software can significantly reduce the overall burden of “finding” or connecting with people or information. Since project documentation is so vital to efficiencies in the construction process, having a centralized, real-time, and accessible method for maintaining those documents is key. The software enables real-time updates to keep projects always moving forward.
It also allows anyone who needs to have access to that information to do so. Cloud-based software programs allow for the management of data across the landscape from the office to the job site.
Real-time Tracking of Project Progress and Costs
Within any company, proper accounting of costs and time investments can make or break a project. With construction management software, it’s possible to have a real-time view of any project’s progress. Workers and leaders can check in on where they are, what challenges they are facing, and how they are excelling, keeping the project on target.
Additionally, this allows for better management of overall costs. Having a constant eye on the price allows for adjustments to be made sooner, reducing overages that could derail a project.
Streamlined Change Order Management
Whether it’s a massive change, like the move to sustainable construction materials over inferior products, or a simple delivery update, it is critical that construction crews have the most information available to them as possible when it comes to changes. Changes impact every facet of the business, from when you need equipment onsite to when you call out the inspector.
With construction management software, it’s possible to improve this level of understanding. When a change order rolls in, it’s possible for you to address it faster, reducing costs and delays along the way.
Improved Accuracy in Estimating and Bidding
Financial reporting for small businesses is hard. As the company grows, that becomes even more challenging. Where this financial struggle often starts is with a lack of accurate estimating and bidding on projects. There are many costly bidding mistakes, from inaccurately pricing materials to not utilizing the correct metrics to analyze product need.
These losses hit profit margins quickly and painfully. Construction management software helps to improve this by offering a better level of accuracy. Embedded bidding tools can help to alleviate many of the financial oversights that often lead to these types of inaccuracies.
Enhanced Visibility and Transparency for Stakeholders
Another benefit that this type of construction software brings to the table is confidence. When in place, it provides a tangible tool that allows all stakeholders in the project to see the improvements, growth, limitations, and challenges the project is facing in real-time. This opens the door for better communication and eliminates unexpected bad news.
With improved visibility and transparency for stakeholders, overruns and budget concerns can be addressed sooner, too. This may allow for better overall communication and, in some situations, better relationships that foster additional opportunities down the road. People like information and trust builds when that information is up-to-date, accurate, and easily accessible.
Takeaway
Utilizing construction management software can revolutionize project workflows and drive productivity gains. For most companies, it helps alleviate financial problems while also providing a method for building confidence in every member of the team. Selecting the best type of software, implementing it, training employees on its use, and then mastering it allows companies to see remarkable improvements across the construction management process. At MRINetwork, we are here to help our clients have the talent and insights they need to drive efficiency in their business. Contact us to learn more about our MRI experts.