capital project management

How to Choose a Capital Project Management Software Right for Your Business

Capital project management software can be the right tool for your business. But every day there seem to be more programs available. Choosing the right software for your capital project management reduces long-term frustration and the amount of time needed in the back office.

capital project management
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What is a Capital Project?

A capital project is a project that a government asked for or funds. These projects are often called infrastructure projects. Capital construction projects include new construction, improvements, replacements, and more. New construction can include additions to buildings and new buildings. However, a large part of capital construction projects is improvements. Improvements are repairs, alterations, remodels, replacement, and emergency work. Some states categorize capital construction projects into preservation projects and programmatic projects. Preservation projects are similar to replacement and parts of improvement projects, they extend a building or structure’s life. Programmatic projects have a specific goal or program that needs a space. So the capital project will help build that space. Capital construction projects build needed pieces of infrastructure for the average citizen.

How Is Capital Project Management Software Different from Project Management Software?

Since capital construction projects are city, state, or federal projects they have different paperwork needs and requirements. Capital projects often use grant funding which requires strict documentation. Otherwise, they lose funding. This can make these projects take a while to get started. Since there are often certain requirements outside of the state laws that the project must fulfill, projects can be slow. Projects and companies suffer when documents are turned in late. Subcontractors must handle all documents appropriately to ensure funding.

Because of all the stipulations and regulations on capital projects, subcontractors benefit greater from capital project management software. Project management software is often created for one specific type of project or job. While capital project management software is meant to help subcontractors or contractors manage capital construction projects. It will hold the correct templates and help subcontractors and contractors determine if their documents have been read and approved or not.

capital project management
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Choosing the Right Capital Project Management Software

Choosing the right capital project management software is important to ensuring a smoother project process. The right capital project management software will help your business grow and flourish without being too much of a hassle or too complicated. These are key features to look for in capital project management software.

Document Management

Document management is one of the more crucial elements of capital project management. You must keep all paperwork in order, especially when a working on a capital project. In case of an audit or a misunderstanding, having all documents pertaining to the project in one central location is key. By having all of those documents in the cloud, it saves you time and energy since you can easily search related documents from any location.

Ease of Use

While it’s important for the software to manage documents, it’s more important to be able to use it. Software that is difficult to use or hard to figure out can be a major deterrent when learning the software. If your business doesn’t use a purchase it isn’t worth the money or time. And with technology especially, if something is difficult it will deter people from using it.

Business Needs and Project Types

Your business and it’s potential growth is an important factor when you look at capital project management software. Software that is only suitable for larger projects or specific types of projects might not be the most effective for your dollar. Within technology and software, scalability is a big factor in whether your business will benefit from a certain solution.

Technology and software can often be very flashy. However, a company’s reputation and its history in the construction industry is a good indicator of whether or not it will work. Companies that only recently started making construction capital project management software might not understand the crucial features you need to run your business. Capital project management software can be helpful in managing capital projects.