Why construction budget software is a must-have for project planners
No matter the size of your organisation, budgets are an inescapable part of working in almost every industry. In the construction industry, where budgets tend to run over often, a solid budget management structure can make a significant difference when it comes to keeping projects on track in the face of unforeseen challenges.
As digitalisation continues to become increasingly prevalent, investing in technology that saves teams valuable time and money is essential when it comes to staying ahead of the competition. Enterprise management solutions (ERPs), such as construction budget software, are powerful tools that provide project planners with clarity, transparency, and the ability to forecast.
What does construction budget software do?
Construction budget software is an industry-specific tool that goes beyond the functionality of typical ERPs, providing efficient management of cost estimates, bill of quantities, and specifications that bring clarity to existing and future projects. Managing all costs centrally with this type of software offers a transparent overview of projects for everyone with access rights, from project managers to asset owners, making it easy to spot trends and bridge the gap between budget and forecasting.
Why do you need construction budget software?
Using a cost control tool has many advantages for construction project managers, including transparent budgeting and contingency management. Standardising software usage for all relevant stakeholders and having the construction costs clearly displayed prevents deviations and discrepancies, ensuring complete cost transparency regardless of project size. With a real-time overview of all budgets associated with projects at hand, project planners will find it easier to adjust if unexpected situations arise, ensuring that projects stay on track in the long run. Project managers and controllers can also avoid delays by using construction budget software to manage cash flow planning and billing runs, create cost forecasts and access critical evaluations immediately.
High-quality construction budget software also makes it possible to automate lengthy administrative processes, saving valuable time. This automation process also reduces the risk of errors by reducing the need for manual administration via static spreadsheets. When it comes to construction, mistakes in budgeting and forecasting can be costly and have the potential to derail projects. Construction budget software provides project managers with peace of mind by ensuring that they’re proactively prepared when it comes to mitigating potential risks.
What to look for in a construction budget software?
To reap the full benefits of construction budget software, project planners need a tool that is accessible, easy to use, compliant, secure, and provides real-time insights. As every construction project is different, a level of customization is also key so that the system can be tailored to meet different requirements and adapt to unique processes.
Attempting to navigate multiple tools can be time-consuming and increases the risk for error. That’s why it’s important to opt for a solution that combines the central financial functions managed by ERP with forecasting, risk management, cost management, cost capture, and cost estimation. Additionally, using software that interfaces with contract management and other ERP solutions bridges the gap between the project and other departments, ensuring seamless processes and workflows without compromising security.
While most of these functions will be standard for many budget management tools, choosing construction budget software from a trusted industry leader will ensure that you’re investing in a solution that will meet the particular needs of your projects. This is also key when it comes to receiving ongoing and trusted support from your software provider.
Interested in learning more about construction budget software and how it can benefit construction project planners? Read more on Thinkproject’s budget and forecasting solutions.