Five Signs Your Construction Reporting is Costing You Money…
If you have spent any time in construction management, then you know how valuable information is to your entire operation. One corner cut can turn around and cost you a winning bid, or worse yet a dramatically wrong estimate on a bid you have already won. Here are five signs to look for in your current construction reporting that you are losing money.
- You have three or four different systems to track information.
Most construction firms have an accounting software, a bid and estimating system, a labor management system and on and on. None of these systems talk to each other so the information integration is done by hand, which means mistakes are likely.
- Historical Data is not dynamic or readily available.
During the bid and estimation process historical data is essential to accurately anticipating labor, time and resources needed to complete a project. Most companies do not have ready access to historical data within their estimating software to be able to quickly and accurately build a reliable projection. This can be devastating to a business because of overruns in labor, weather delays or materials. A single project can destroy a small to mid-size business.
- Not all Costs are tracked in real time.
If the only time you know the cost of a project is after it is completed it is impossible to be proactive in controlling it. Seems obvious right? Yet most companies are lacking a centralized tracking system where labor, materials and equipment are managed in real time with full visibility to the Project Manager.
- No Compliance reporting is available.
What if what you don’t know can hurt you more than what you do know? When it comes to compliance issues, not knowing could destroy you. If your system is not helping you to track compliance in a real time environment, then you are leaving yourself exposed to potentially huge losses.
- You are not using Pronovos for Dynamic Business Intelligence.
Pronovos integrates dynamic, in-the-moment reporting to give Project Managers and field personnel all of the information that they need to make great decision in real time, not after the money and time have already been spent. Inventory, labor, compliance and historical data, including weather trends are all readily available to give you the insights and intelligence you need to win bids and make a greater profit on each project.
Bruce Orr is the Founder and President of Pronovos