Better revenue forecasting in construction – with ProNovos
The latest ProNovos financial workflow, our Revenue Forecasting Tool, makes it even easier for construction contractors to create financial projections based on their pipeline and backlog.
The latest ProNovos financial workflow, our Revenue Forecasting Tool, makes it even easier for construction contractors to create financial projections based on their pipeline and backlog.
In our well-attended June 7 webinar, “How Construction Businesses Can Master Their Revenue Projections,” ProNovos CEO Bruce Orr and Product Manager Kevin Bright demonstrated both project- and company-level features of the new tool.
It automatically pulls data from your ERP to accomplish a variety of important tasks, including…
streamlining the financial-projection process
providing real-time insights into your backlog and prospective projects
generating a high-level summary of your progress toward revenue targets
allowing you to quickly and easily update your projections
offering new ways to run “what-if” scenarios and see their cascading effects
“This automated approach to construction financial forecasting is a much-needed addition, not only to our technology stack, but also to the industry,” Orr noted. “Typically, this kind of data is not readily available.”
Indeed, many of today’s contractors continue to feel uncomfortable about the amount of guesswork involved in their revenue and cash-flow forecasting. More often than not, they put their forecasts together in a tedious, manual process that relies on older reports about quarterly or monthly revenues and profits.
Construction, however, is a highly cyclical and fast-changing industry, which makes it even more important to have updated, real-time views into what’s happening with projects and the company.
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This automated approach to construction financial forecasting is a much-needed addition, not only to our technology stack, but also to the industry. Typically, this kind of data is not readily available.
Bruce Orr
CEO at ProNovos
“It’s difficult if not impossible to make timely decisions when looking in a rearview mirror,” Orr said. “Our new tool for revenue forecasting in construction gives you information that you can act on with confidence.”
Well-executed construction financial forecasting allows contractors to hit their targets by putting in place the right bonding capacity, field and office teams, and equipment and other resources. “It’s about making sure your organization is structured and set up to meet your financial objectives for the year,” Bright said.
The webinar snippets below highlight different approaches to revenue forecasting in construction, and how to gain an edge with the new ProNovos tool.
“
It’s difficult if not impossible to make timely decisions when looking in a rearview mirror. Our new tool for revenue forecasting in construction gives you information that you can act on with confidence.
Bruce Orr
CEO at ProNovos
Basic overview of Revenue Forecasting Tool with descriptions of…
ProNovos forecasting KPIs
Precise definition of ‘backlog’
Setting and tracking revenue targets, with data visualizations
How to drill into and update actual jobs covers…
Transition from summary-level view to jobs section of the tool
How ProNovos pulls directly from your ERP to improve efficiency
The tool’s ability to show both linear and S-curve projections
How to update percent-complete as projects move forward
Working with prospective jobs is a quick, high-level overview of…
How to add new prospective jobs
Setting the distribution curve
Adding and removing project data from totals
Viewing the revenue forecast and existing backlog