Reducing Delays and Cost Overruns with Better Project Tracking

Managing a project is a hard task as several aspects need to be taken care of and not going over budget remains the major concern. According to statistics, 27% project has reported that they face overruns. Not only that there cost rise up by 200%. 

On other hand, only 34% project are able to do things under budget while 45% has to extend it. So, is there any solution for it? There is, and that is cloud-based construction management software. And 61% of users have said that it reduced error and controlled cost. 

In this article, I’ll mention how these management pieces of software can reduce delays and cost overruns. It’s the ultimate solution for better project tracking. 

The Reality of Project Management in Construction

Project management is construction is not an easy task and several challenges emerge, due to the decentralized nature. It’s been noted that companies are loosing over $1.80 trillion solely because of ineffective data management.

Individuals work in isolation, which makes communication difficult and project visibility is deeply effected when accounting and management teams operate separately. In the infographic below, you can see the top 5 changes faced by construction project managers. 

The Need for Digital Transformation

Sticking to the old school method result in several errors and is not that effective in this era. That’s why turning towards digital solution is essential now, even adding just one new technology can increase the revenue by 1.4% and profit by 1%. 

Companies that have integrated digital services have better visibility and time tracking over projects. Apart from that, communication and collaboration among teams, data security/compliance, cost management and budgeting has been streamlined. 

But it’s important that you teach your workers on how to use these tools, as 55% of frontline workers learn about them while working which can mess up the process, so educated them prior.

Essential Tools for Modern Construction Teams

Here are a few of the tools that modern construction teams need. This includes:

• Communication Tool: It’s the key for smooth work progression and task execution. Teams can collaborate and connect together to track process and see where changes need to be made. 

• Project Management Platform:  Individuals can start working on projects immediately with cloud based management platform. It makes it easier to make changes and adjust according to the business requirement. Go for platforms like Premier who are fully equipped with essentials.  
• Resource Management Software: Teams can allocate where to use labor, equipment and materials. It’s a systematic approach that cuts downs physical and mechanical working time. 

These are just some of the tools that construction teams can use. There are more, but these one are the most impactful. 

Streamlining Collaboration and File Management

In order to make a construct project success, It’s important to have effective collaboration and file manage is essential here. It has been reported that over 98% of the largest projects are met with cost overruns costing up to 30% more only because of poor collaboration. 

If you are opting to advanced document management softwares, you’ll get features like, access permissions, live collaboration, and mobile offline sync, allowing teams to securely share blueprints, schematics, and feedback even without internet access.

Cloud based platforms enable seamless collaboration with permission across different locations. If files are organized and in order, it will keep the project on track and reduce error and delays. 

Optimizing Resource Allocation

If resources are used properly it can cut project costs by 80%, hard to believe, but that’s true. Construction management software offers several tool to keep tabs on resources, labor and equipment. Along with that, it can suggest where to use them. 

Managers are able to make on time maintenance, so there is no machine breakdown and increase its life span. It can also help with managing inventory, schedule shipments, control cost, and improve storage. 

Since individuals are met with real time visibility, they can ensure that coordination is maintained on different sites and there are enough people to get the job done. 

PRO TIPThe project management global market is expected to hit $7.24 billion in 2025 and might reach $12.02 billion by 2030!

Final Words

Construction management softwares are very helpful and with it managers can save significant amount of money and time. It is equipped with all the latest tools that streamlines the entire process and ensure nothing goes to waste. 

Integrating it with the traditional methods will generate the perfect result. With its allocation and collaboration tools, it becomes easier to identify what is required and where more manpower can be used. 

So, if you are struggling with the current project, it’s time to invest in this digital revolution and see changes.

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