2024 marks 40 years since the creation of Excel, which was officially launched to the public in 1985—a tool that’s been around longer than most project managers and construction CFOs have been in their careers. Four decades ago, Excel was revolutionary, offering businesses a way to organize data like never before. But let’s be honest: in 40 years, the world of construction has changed dramatically, and so have the demands on your financial management processes.
Yet, here we are, nearing the end of 2024, and many construction companies still rely on Excel for critical tasks like Work-in-Progress (WIP) reports, cash flow forecasting, and revenue projections. The question is, why?