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What’s Your Company’s Crisis Plan?

Submitted by cdp-inc on October 7, 2019 - 10:02am

Article written by Andy Holtmann on the Viewpoint blog

When disaster strikes, having the right technology and a solid plan in place can ensure limited business disruption

Hurricane Dorian, like so many before it, left a swath of destruction from the Bahamas to the east coast of the United States. Whether a hurricane, fire, flood or other disaster of any type, the communities impacted often rely on construction companies to quickly get things moving in a positive direction. To ensure your construction firm can immediately get to the business of helping its community it’s vital to have a meticulous crisis plan — and the right technology — in place.

Project Managers Driving Demand for Better, Faster Construction Data

Submitted by cdp-inc on October 4, 2019 - 10:52am

Article written by Kati Viscaino on the Viewpoint blog

Construction projects today produce a mountain of data. From job costs to materials quantities to equipment usage to labor and production stats, data drives how successful a project will be. The most successful projects — and contractors — are able to accurately collect all available data and analytically dig deep into it to better understand projects. But that’s easier said than done.

Ask virtually any project manager, for instance, and they’ll tell you they’re consistently behind — swamped with work and buried in a mountain of paperwork. Their body of work is judged by four words: “on time” and “on budget.” But if getting there means using a mix of manual processes and outdated, non-connected software systems, then they’re not working as efficiently as they could be.

The Impact of Technology on Construction Data

Submitted by cdp-inc on September 9, 2019 - 1:48pm

Article written by Matt Harris on the Viewpoint blog

Viewpoint Teamed with Dodge Data & Analytics to Produce Industry Report on the Digital Transformation of the Construction Industry

As construction work becomes more complex, and as technology continues to transform the way we work, contractors are under increasing pressure to be smarter and more efficient about project delivery. Accomplishing this in a high-risk, low-margin environment means data-driven decision making becomes that much more important for contractors who hope to maintain a competitive edge. The better the business intelligence, the greater that edge, and building intelligence begins with a solid foundation of business data.

How Real-Time Job Costing Elevates Construction Management

Submitted by cdp-inc on September 9, 2019 - 12:34pm

Article written by Andy Holtmann on the Viewpoint blog

Contractors that manage multiple construction projects have their hands full corralling people, materials and work across multiple jobsites — each with their own unique sets of contractual and environmental challenges. Since contractors often operate with razor-thin profit margins and unsteady cash flows, having an accurate understanding of job costs is vital to success.

Unfortunately, the construction industry has been slower to embrace modern technologies that streamline job costs, meaning that many contractors today are still using manual processes and outdated solutions to track them. The information they’re gleaning from their projects could be days, weeks, even months old by the time managers have time to analyze the data. And by the time issues are spotted, work could already be past stages where simple corrections can be made, which leads to costly rework.

How Improved Project Management Leads to Real Cost Savings

Submitted by cdp-inc on July 8, 2019 - 1:56pm

Article written by Alan Littman for Construction Executive

While the construction industry is slowly adopting technology in its daily operations, many firms are still supported by disparate, non-integrated systems that often require the use of manual forms or spreadsheets to capture and document work performed.

This leads to, among other things, serious deficiencies in the ability to communicate necessary information in a timely manner, users having to access multiple systems to perform and document their work and no opportunity to manage work efficiently “in the moment,” which can have significant consequences—especially in the area of safety.

If that isn’t bad enough, it also dramatically impacts profitability in the form of inaccurate costs estimates that lead to major cost overruns and can introduce significant risk into operations.

How to Simplify Construction Data Collection from the Field

Submitted by cdp-inc on June 10, 2019 - 4:18pm

Article written by Andy Holtmann on the Viewpoint blog

It’s a special thing when you can see just how your construction organization is driving success — especially when you have a deep understanding into the activities that happen out in the field. However, pulling that data together in ways that are meaningful and timely has been a consistent challenge in the construction industry. Reliance on manual processes and/or different disconnected software programs has meant that oftentimes data from the field is incomplete, inaccurate or just too outdated to properly assess and take action from by the time it actually gets reviewed.

The Role of Construction Software Technology in Mitigating Risk

Submitted by cdp-inc on June 10, 2019 - 3:06pm

Article written by Natalie RItchie on the Viewpoint blog

If you do a little digging, you may notice that many industries utilize development and maintenance processes that are often repetitive and standardised across the scope of their operations. This may work for them. However, within the construction sector there are multiple aspects which require different approaches, meaning a one-size fits all approach is not appropriate. Each project requires a distinctive output, may be run by various departments, and may be undertaken under a unique set of circumstances. It is akin to a large machine with multiple moving parts and it is because of these multiple parts and unique approaches that there can be a tendency for miscommunication, teamwork issues, and conflicts.

Redefining Construction Document Management

Submitted by cdp-inc on April 16, 2019 - 2:52pm

Article written by Andy Holtmann for the Viewpoint blog

Modern Technologies are Letting Contractors Manage Documents; Markup and Share Construction Drawings in Real Time

The one constant on any construction project is change. The end result of a completed building, roadway or other structure is almost never exactly how it was drawn up in the beginning. Once building begins, plans, specs and drawings are tweaked as efficiencies are noted, errors are corrected or work gets completed throughout the process.

That’s why effectively managing these changes is crucial to contractors’ success. When different team members are using different sets of drawings, mistakes or execution errors are likely to occur, and when these do happen the entire project could be delayed while the issues are sorted out or, worse yet, costly rework has to be done.

These mistakes and delays can have a significant impact on your bottom line as a contractor — and leave your clients unimpressed with your teams’ abilities to manage projects.

3 Cash Flow Forecasting Tips for Your Next Big Construction Project

Submitted by cdp-inc on March 8, 2019 - 9:20am

Article written by Natalie Ritchie on the Viewpoint blog

Managing cash flow for a large construction project is tricky — not just because you don’t get paid immediately, but also because you’re dealing with progress claim preparation, submission deadlines, varying substantiation requirements and variation and claim negotiations — all of which distract you from actually doing the work and finally getting payment.

Adding to the complexity are project durations (which can go from days to years), the broad scope of work, the logistical sequencing of tasks and any conditions tacked onto the contract.

Considering these complexities, it’s easy to understand why, throughout the life of a project, a variety of things can change — directly impacting the original cash flow forecast.

But when underlying project revenue and cost forecasts are inaccurate, even the largest company can tap out its cash reserves, resulting in a failure to meet payroll payments, supplier payments, subcontractor commitments and service payment obligations.

Season 2 — Episode 2: Construction Economics and the State of the Industry

Submitted by cdp-inc on March 8, 2019 - 8:59am

Anirban Basu, chairman and CEO at the Sage Policy Group, Inc., joins the podcast and discusses the economic trends and leading indicators that contractors need to watch in order to be successful. Basu, who serves as the chief economist for the Associated Builders and Contractors (ABC) and the Construction Financial Management Association (CFMA) notes that while the short-term outlook for the construction industry remains solid, overall indicators point to a potential slowdown over the next couple of years. Effective cash flow management is critical to enduring a recession, and Basu points to new technologies that maximize efficiencies, boost productivity and replace traditional processes. Hear why he doesn’t see a traditional way out of the skilled labor shortage and why a technological revolution is necessary to fill the gaps and keep contractors productive.

Podcast originally appeared on the Viewpoint blog

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