How to Save Big with Construction Management Software

How to Save Big with Construction Management Software

Running a successful construction company requires a lot of hard work, organization, and coordination. Your team is relying on you to communicate plans, your client is relying on you to communicate issues that may arise, and you are juggling multiple schedules, budgets, timelines, (personalities…), and maintaining a safe work environment. Before we head into the new year, it’s important to reevaluate your current workflow and determine how effectively your team is working. Remember, inefficient project management equals lost revenue.

What’s the real value of construction project management software?

A new market study published by market research company Global Industry Analysts Inc. (GIA), released its report to summarize the global market outlook for the next few years. The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace. The global market for Construction Management Software estimated at $1.4 Billion in the year 2020, is projected to reach a revised size of $2.9 Billion by 2026. The U.S. market is estimated at $426 million in 2021, while China is forecast to reach $625.2 million by 2026.

What can construction project management software accomplish for your company?

Construction project management software is collaborative technology that allows the parties involved in a construction project to find, share, and update information related to the project. Common functions of these tools handle various aspects of the project such as scheduling, contract and permit management, quality assurance, and safety. While selecting a specific program is extremely personal and preferential depending on your business strengths and weaknesses, we want to mention ten of the key features that most construction project management software will include, as outlined by the research team at Construction Coverage where you can also find a list of their top 2021 software picks.

  • Document Storage & Management
  • Submittals
  • RFIs
  • Change Orders
  • Instant & Remote Syncing:
  • Daily Logs
  • Digital Plan Markup
  • Punch Lists
  • Reporting
  • Integrations

What are examples of how you can save big with construction project management software?

  • Save on employee wages by getting teammates up to speed faster than traditional methods
  • Stop wasting money searching for project files or documents with software that keeps everything organized and easy to find quickly
  • Cut traditional training costs by allowing new employees to understand your workflow through the software, instead of lengthy one-on-one employee training sessions
  • Fewer mistakes equal more savings! Integrating management software will eliminate costly human errors that waste time and money for your company

Many construction management tools take care of documents exchange between the contractor and the owner, their subcontractors, suppliers, or other involved parties with storage and collaboration capabilities for project plans, subcontractor contracts, receipts, and other important documents. Taking advantage of this technology can streamline your daily operation, allowing your team to have access to organized reports that summarize things like project progress, budget, and spending information. Additionally in the increasingly remote-heavy working world, working offsite won’t be a problem with cloud-based products. At a time when you and your team need to access information instantly, this software is a game-changer. Do you want to make sure you are operating at peak financial efficiency? Our professional RBT team that specializes in construction clients is here to help, contact us today.

Sources: Yahoo Finance, Construction Coverage