The building business is one of the world’s most prosperous spending industries. According to stats, the business spent around $12 trillion globally in a financial year. Following the lifting of the lockup limitation, the sector is predicted to grow to over $12.9 trillion in spending.
While these figures are impressive, it’s worth noting that rework accounts for about a third of all project costs in the construction business. Any construction company’s loss is exacerbated by inefficient use of labor, materials, and other resources management. The bulk of industry leaders, consultants, and analysts attribute this to a lack of technology advancements. Missing out on a trend raises concerns about the company’s long-term viability. Deal with Build Macro construction management software now to digitize your construction firm.
So, what are the parts of a construction project that we overlook?
Let’s take a quick look at what the industry is missing out on in terms of cost control and how technology might help solve those problems.
- Stakeholder communication and visibility are lacking
Reports are the means by which a project’s status or progress is communicated. The data collection procedure has already been made easier by technology, so there’s no reason to continue using old data collection and maintenance methods. Various report formats can be confusing and call into question the data’s trustworthiness. This also presents difficulties for the team in terms of comprehending and converting the data. The way a project grasps its reports affects the relationship between our leaders and stakeholders.We require construction management software with complete report production capabilities to maintain successful communication and relationships with stakeholders. A construction management software with adequate dashboard access and the ability to generate reports at any administrative level is preferred. The foundation of a project’s cost is estimation. As a result, having integrated estimating and construction management software can provide more trustworthy data and cost control. Build Macro allows estimating and management features along with the pre-formatted templates for various stages of construction projects.
Keep Reading: A surprising tool that reduces error while construction cost estimation
- There isn’t a work split structure in place
The work breakdown structure is a method for categorizing the project’s objectives and scope. The entire project is divided into smaller jobs that may demand different levels of attention and approaches. These classifications have a tendency to influence the overall project costs. A construction management software can conduct the work split structure within seconds. As a result, a strong hierarchical classification is created. This also makes reporting, analytics, and integrating with other cost-related papers possible. The construction management software can also assist in the creation of a multi-breakdown structure inside a single estimate. - Failure to plan and maintain time and budget
With careful preparation, budget delays and overruns can be effectively avoided. As previously stated, information is crucial when it comes to planning. This burden can be carried by construction management software, which eliminates any underestimate. They can also assist project managers in learning about the project’s progress and making decisions on scope changes. Adopting a cost control system might help you stick to your plan and stay within your budget.Also Check: What Are The Key Features & Pros Of Construction Management Software?
- A dedicated project management tool isn’t available
Spreadsheets are no longer in the building industry’s bucket. The reason for this is that files are not easily readable and to begin with. If the project scope changes or the execution team changes, making significant changes and transferring knowledge becomes incredibly difficult. It’s not enough to simply collect data; you also need to be able to retrieve it quickly whenever you need it.
Benefits of such construction management software include data security, change and progress management, predefined KPIs, accessibility from anywhere, and ease of use.
- Not having integrated construction management software
A construction project entails collaboration between several departments. In their implementation, parallel smooth functioning is envisaged, but in fact, most aspects operate individually and lack coordination. Construction management software is the best way to complete a project.An integrated control architecture underpins construction management software like Build Macro. This enables the project’s various components to work together. The successful installation of such an integrated software platform can assure that your project is consistent and profitable.
These are the five key obstacles that any construction firm has, and construction management software like Build Macro that fills the gap in these critical areas can improve the company’s performance and help them save a significant amount of money. Schedule a free 1:1 demo now to know more about construction management software.