8 Benefits of Construction Management Software
Construction management software has become an essential tool for contractors to remain competitive in the construction industry, as the industry catches up rapidly in terms of technology to embrace the Future of Work. In this digital era, the use of Construction Management Software such as ContractX by IFCA Software can help organise resources, streamline project management and communication, besides improving productivity, efficiency, and profitability. Reinforced by these benefits, it is easier for construction companies to stay ahead of the competition.
1. Real-time Communication and Collaboration
The most significant benefit of construction management software is its ability to provide real-time communication and collaboration among the stakeholders in the construction business ecosystems, including the Contractor, Client, Sub-Contractors, Suppliers and Site Personnel. Seamless communication and collaboration between stakeholders is crucial for any project to be successful. With ContractX, internal and external stakeholders can connect and work together in real-time. It forms the digital collaborative platform featuring various essential tools that enables team members to coordinate better and improve planning and field operations.
2. More Accurate Budgeting
Budgeting is one of the top priorities of any construction company. An incorrect budget estimate can cause a project to overshoot its schedule or remain incomplete, ultimately ending up failing its contractual obligations – damaging its reputation or going bankrupt. Construction management software can help companies minimise costs and maximise profits through better budget management. It offers capabilities like automating material and labour cost calculation, storing and integrating previous project costs, bids, as well as the profit/loss ratios so that companies can improve their estimating processes. Similarly, it can also generate more accurate bids for Contractors to participate in tenders, thus securing more projects to keep the company afloat for years to come.
3. Efficient Project Management
ContractX makes adoption of efficient and systematic project management a walk in the park. An easy-to-use system helps managers instantly share valuable information, track the project budget, and create all the necessary processes, such as requests for information, business letters, amendments to designs, and more. This can help improve project delivery, reduce costs, and increase efficiency.
4. Accounting Simplified
The ContractX Accounting system simplifies the accounting of individual subcontracts, thus enhancing the visibility of contract details. By storing all documents in a unified digital repository, it facilitates comprehensive reporting and maximum compliance. By consolidating the accounting database, it is easier to control the spending and prevent cost overrun.
Every transaction will be processed and the cost will be instantly updated once accepted and approved, hence saving time and money. ContractX provides comprehensive real-time analysis reporting on project costing, cash flow, project cost performance, as well as profit and loss.
With Client accounts, Subcontractor accounts, Supplier accounts and project accounts displayed clearly, generating financial reports that comply with MFRS 15 (Revenue from Contracts with Customers) has never been this easy.
5. Process Organisation
One of the most significant benefits of construction management software is its ability to rapidly and effectively organise processes across the company. From storing information and making it easily accessible to tracking expenses, contracts, and budgets, having a seamless organisation system means team members across the company can access what they need, when they need it, without undue delay. This underscores the ability of ContractX to improve productivity and efficiency while reducing the risk of errors.
6. Resources Coordination
Construction management software helps align all the resources and tools utilised in construction and coordinate their application across project timelines. By analysing the data properly, managers can better optimise the tools and resources to match their initial project bids and estimates. The software enables the efficient management of resources involved in the construction project. Inventory and equipment, skill and knowledge, and labour are among the resources needed to get the job done. With ContractX, the resource usage can be tracked, analysed, and organised, enabling project managers to optimise resource allocation for future projects.
7. Document Safekeeping and Sharing
Construction companies handle a vast amount of important documentation, from Contracts to Bids, Invoices, Goods Received Notes, to Work Orders, Safety Reports and more, therefore it is crucial to store and manage them securely. By integrating document management into the construction management software, companies create an archive for all their essential documents that can be easily accessed by authorised personnel while those unauthorised are kept out.
For instance, Subcontractors and Suppliers may access ContractX via the SubContractor and Supplier Apps respectively, through whichever device of their choice, mobile or desktop.
Take procurement of building materials as example, the Purchase Orders can be sent digitally, and received instantly by the Supplier. Once the materials are shipped out, the Supplier can issue his Invoice the same way, and that procurement will be processed by ContractX. The amount will automatically be captured by ContractX, so the Contractors will know the balance to spend as estimated by the budget, and be alerted when committed costs exceed budgeted costs. With all documents organised orderly in ContractX, a more accurate and dependable decision-making process can be facilitated.
8. Greater Convenience
Construction managers often have to do a lot of manual processes daily, like contacting contractors for discussions and updates, reviewing project timelines, and coordinating employee workload. With the adoption of ContractX, the cutting-edge construction management software, the project team will be able to digitalise most of these processes, and gain valuable time to focus on the more pressing tasks, to ensure that projects are delivered efficiently.
By expediting contractors’ transition to the Future of Work, ContractX has revolutionised the way construction projects are managed, planned and executed. The benefits of embracing ContractX are plenty, and Contractors can leverage them to streamline their operations, minimise risks and costs, and maximise profits, ultimately achieving business sustainability in the long run.
ContractX allows Contractors to manage multiple projects across different locations in a single dashboard. ContractX provides 24/7 visibility into project performance, from financial progress to resources utilisation and risk identification. With over 30 years of experience in the construction industry and hundreds of installations regionwide, ContractX will surely take your construction business to the next level. operations, minimise risks and costs, and maximise profits, ultimately achieving business sustainability in the long run.
To digitally transform your construction business with ContractX, feel free to contact us for a Discovery Call today!