Delivering Profitable Projects on Time and on Budget
The construction industry has rapidly changed over the past few decades. With an increase in job complexity and new technology to aid with building projects,construction businesses have new opportunities for growth and increased profitability.
Unfortunately, many companies still face the same challenges they’ve always faced like accurately allocating resources and managing the budget.
An increase in project complexity, minimizing productivity and increasing construction timelines:
- Difficulty planning and storing machines and materials
- Inaccurate project cost and timeline estimation
- Difficulty planning for equipment maintenance which can delay projects and
cost you business
- Minimizing downtime between jobs to ensure profitability
Do any of these challenges resonate with your company? If so, you may want to consider the sources of these challenges, and what tools can help you alleviate them. For example, carefully managing your cash flow is a priority, as you still want to cover costs in between jobs. However, the use of spreadsheets and outdated budgeting tools doesn’t make sense anymore as jobs grow more complex.
Managing the cash flow and resources for a multi-million-dollar project is nearly impossible unless you have an advanced tool like Prophix. Here are some of the key tasks made easier by Prophix’s corporate performance management solution for construction companies.
Table of Contents
accurately allocate resources in a way that ensures all projects are profitable and none suffer. The first place to start your journey toward improved resource allocation is with accurate visibility into your resources. Prophix can help you in three key areas:
Personnel planning is simplified with Prophix. Creating and assigning project teams can seem impossible when you don’t have visibility into who is already assigned to which projects. With Prophix’s personnel management capabilities, you gain insight into which team members are available, where employees have been assigned, who has upcoming vacation, and more. You can also automate your entire payroll process, making it easier to manage payment for both hourly and salaried employees. This allows you to make the best use of your resourc es and ensure profitability for every project.
In addition to managing personnel, you also need visibility into your other project resources, like equipment and materials. A huge cost construction companies face is the storage and upkeep of equipment. Every project can be im pacted if a vital piece of equipment requires maintenance. In the same vein, storing equipment and materials can cost your business a lot of money. To better plan for how and where
equipment is used, you need Prophix’s project planning capabilities. You’ll have visibility into the location of all your equipment, an idea of which project needs the equipment next, and how allocate these resources for increased profitability.
With constantly overlapping and interdependent projects, it may seem like an uphill battle to accurately project and complete projects on time. Prophix, however, gives you visibility into current projects, so you’re making accurate decisions about resource
allocation. You also have access to a whole new data set to hel p you with project estimation. You can easily view automated reports on past projects to get a better idea of how long a future project may take to complete. Accurate resource management can benefit your business both when managing current projects and projecting future ones.
5 Financial Data Visibility
One of the greatest benefits a cutting-edge corporate performance management solution like Prophix offers is greater visibility into key data points. Accurate, realtime data can empower you to make the best decisions for your c ompany. Prophix provides interactive, customizable dashboards, where you have access to all key data points that impact your business. You can better track KPIs, keep an eye on project costs, and identify and mitigate risk.
This also gives you a competitive advantage, as you can ensure your own profitability, while offering potential clients the best cost. You can monitor and predict cost on a granular level, tracking daily progress with real-time visual analytics. This enables you to compare actuals to budgets by any dimension, such as hours w orked, raw material usage, or total costs by work order.
A direct result of greater financial visibility into your business operations is the ability to accurately project budgets. You can create accurate budgets at the companywide level and at the project level. Plus, with the increased fi nancial viability and the accurate data sets, your budgets will be more comprehensive and precise.
Prophix also gives you the power to run “what-if” scenarios, evaluating the impact of different factors on project cost and timeline, and eliminating the unknown from every budget. This exceptional capability makes it possible to run different scenarios,
creating the most accurate budgets possible, and it can be highly beneficial when creating project proposals. You can show clients exactly what to expect in terms of cost, and how different factors may impact project budgets.
A cloud-based corporate performance management software like Pr ophix can enhance collaboration among your teams both in the office and in the field. With cloud applications, you can work together no matter where your teams are, as project managers on a site have access to the same real-time da ta that your inoffice team can access.
Through customizable dashboards, you can automate report distribution, ensuring all project stakeholders are up to date on project progress. Te am members can work together to create budgets and outline project plans using a single, unified resource. Because Prophix can act as your singular source for d ata, getting everyone on the same page has never been easier.
“We often recommend Prophix to companies in our industry. I typically focus on time savings, which relate to our corporate strategy of always want to operate leaner. The cost savings based on adoption are also exceptional.Implementation is fairly smooth and fast, which makes the learning curve manageable. The centralized data integration with our ERP is really important as well. It’s very slick. I don’t even think about it because it’s just so easy.””