Construction project budgets notoriously go over budget; whether that’s because of construction technology, unforeseen challenges, or poor planning. Better estimates and better budget management are the driving force in the creation and perfection of a construction project budget. As Matti Siemiatycki points out in his study, Cost Overruns on Infrastructure Projects: Patterns, Causes, and Cures, that […]
Category: ROI
6 Best Construction KPIs for Improving Operational Efficiency and Boosting Profits
6 Construction KPIs for Improving Operational Efficiency and Boosting Profits There are many ways to use construction KPIs to measure whether a project has been successful. While many contractors choose to focus on tangible indicators like financials because they are easy to measure, there are several other very important measurement metrics to help improve operational […]
Construction Costs and Standardization in Enterprise Construction
Standardization was first used to improve efficiency with Henry Ford’s creation of the Model T in 1908. Ford was able to reduce assembly time, increase total production output, and minimize reworking errors with his pioneering of the concept of an assembly line. While it has long since been common practice in the manufacturing industry, standardization in […]
9 Construction Job Costing Tips for Improved Budget Tracking
America thrives on the entrepreneurial spirit of its citizens. However, half of all businesses no longer exist after five years. Construction companies have it even worse. Only 36.4% reach the fifth year of business. One of the major reasons is the inability to protect their profits. In order to accurately track and sustain project profitability, the company […]
Improve Commercial Construction Planning By Empowering Field Workers to Drive Profits
Commercial construction planning for projects large or small, requires an attention to detail and practice. The availability of materials and resources are influenced by many factors that must be taken into consideration. Deadlines are vitally important to many construction projects, where time means money and delayed projects result in significant fines. The back office shouldn’t […]
5 Ways Virtual Design and Construction Improves Business Performance Objectives
If you’re a construction project manager, you’ve probably heard about the great benefits of VDC and how fantastic it is to be able to construct a three-dimensional, visual model of your project before you ever break ground. The trouble with new technology isn’t always finding the benefits though – it’s making the business case for […]
Why You Should Choose Web Based Construction Management Software
From purchasing to maintenance, construction management software incurred a high cost of ownership. Only large-sized companies with a dedicated IT department could maintain such a solution. Web-based construction management software leveled the playing field. No smaller and medium-sized companies could benefit from the efficiencies of construction management software without the high initial investment and ongoing […]
Why Large Construction Companies Need Employee Time Tracking Software
Employee time tracking software isn’t a fad. It’s a tool that large companies can use to increase their productivity and decrease costs substantially. Large construction companies lose hundreds of thousands of dollars every year in payroll and accounting expenses and errors. Below are a few reasons why large construction companies benefit from employee time tracking […]
Reasons to Switch to a Time Card App for Multiple Employees
Switching to a time card app for employees might seem like a giant expense. However, the American Payroll Association estimates that buddy punching accounts for 2.2% of payroll with other payroll errors counting for 1.2%. That’s 3.4% of payroll spent on mistakes and misinformation which adds up over the year. If that isn’t reason enough […]
Mobile Construction Management: The Solution to Avoidable Delays
Mobile Construction Management: The Solution to Avoidable Delays The McKinsey Global Institute released a report early this year detailing how the construction industry is missing out on an additional 1.6 trillion dollars a year because of productivity performance and industrial evolution. They also outline how construction-sector productivity can catch up to the productivity of the […]
Create a Resource Management Plan for Your Construction Company
Create a Resource Management Plan for Your Construction Company A resource management plan provides a comprehensive outline of all the resources needed for a particular project, as well as the cost of those resources and any potential risks. This plan adapts and changes over the course of a project as resource needs and project requirements […]
5 Pitfalls of Construction Timesheets
Despite the technological revolution of the last few decades, the construction industry has lagged behind many others, including agriculture and manufacturing, when it comes to increasing productivity. For most analysts, this is because the construction business has been slow to adopt automation as part of its core business practices – most construction tasks are being […]
5 Ways to Improve Profits with Construction Job Costing Software
In today’s construction business, there are two types of contractors: those using construction job costing software to provide more accurate estimates, understand the intricacies of each project, and maximize profits, and those going out of business. In a highly competitive global market valued at over $10 trillion, most firms operate at razor-thin profit margins and […]
Why You Should Adopt Mobile Construction Time Clocks
Whether you’re a large construction firm with simultaneous contracts and employees spread out across multiple projects or a small contractor with your own crew, it’s crucial that you find ways to maximize your profits. In such a competitive industry, any edge you can get against the competition helps you stay in business, and even small […]
Building a Football Stadium and its Impact on a City
Americans love professional sports. Whether it’s the NBA, the NHL, Major League Baseball, or the immensely popular National Football League, people flock to stadiums around the country to watch games, cheer on their favorite athletes, and enjoy the food, entertainment, and atmosphere that stadiums provide. From time to time, however, our professional sports leagues […]