Solutions for the Construction & Engineering Industries

The Construction and Engineering industry includes companies involved with the engineering, construction/refurbishment and maintenance of facilities and/or infrastructure. Companies may be involved with all aspects of a construction project or have a more focused business model. Regardless of the size of organization and their particular focus construction and engineering companies need to manage risk and control projects. Project complexity and contractor expertise can lead to cost overruns and delays. The nature of projects (i.e. fixed-price or cost-plus contracts) can play a critical role in reducing risks and increasing margin. As well, revenue diversification (i.e. geographic, customer, sector or business) can provide more stable financial performance and minimize volatile earnings.

To minimize project risk and to deliver on promises, construction and engineering companies need a process to simplify the project lifecycle while still exceeding project expectations and running the operations of the business. An innovative performance management solution is essential to help run your key operations, from initial project identification through contract closeout.

Why Prophix for Construction & Engineering

Construction and Engineering companies have used Prophix for over 20 plus years to meet the complex needs of the industry. Prophix’s complete, integrated set of solutions provides access to information and tools to anticipate changing market conditions with the flexibility to respond to them effectively.

Construction & Engineering organizations use Prophix Performance Management software and services to:

Manage cash flow [+]

• Plan for uneven revenue and expenses with integrated accounts receivable, inventory and general ledger data updates
• Minimize slow periods and the downturn in revenue by analyzing alternative streams of revenue
• Reduce the effect of higher raw materials costs by creating pro-forma financial statements

Plan for seasonal labour [+]

• Plan for new hires as demand increases and labour shortages occur
• Create detailed personnel plans including permanent and part-time staff with varying pay ranges and benefits
• Directly integrate personnel changes into the annual budget and plan to understand the direct effect on margins

Minimize cost overruns [+]

• Manage the ratio of fixed-price and cost-plus contracts to reduce the risks associated with cost overruns
• Create best, worst and base case scenarios  on raw materials costs, economic conditions and other known delays to understand the effect on gross margin
• Adjust project timelines when necessary to diminish the risk of any cost changes

Precisely forecast business development [+]

• Leverage historical data to provide realistic sales plans and better predict project wins
• Analyze opportunities to determine how to meet sales targets
• Utilize key drivers to give precision  to the forecasting process
• Launch integrated workflow to enhance buy-in throughout the planning cycle

Manage the project lifecycle [+]

• Develop comprehensive workflows to enable all stakeholders throughout the project stages; plan, design and procure
• Analyze audit trails and logs when outcomes, decisions are questionable
• Monitor the complete value chain during the project lifecycle with inherent analytical tools and direct ODBC connection to external databases

Streamline business management [+]

• Effectively plan for the successful execution of a project with detailed budgeting, forecasting, planning, reporting and analysis
• Align corporate strategy to tactical plans with up to the date KPI reports and analysis
• View up to date financial statements including pro-form statements directly integrated to the GL system
• Create management dashboards, scorecards and exception reports to identify outliers and potential risks

Construction Resource Center

Construction & Engineering companies who have selected Prophix: