Today, the construction industry has become more challenging and competitive. All construction firms are in search of any means to boost productivity, accomplish integration, and stain competitiveness. Enterprise Resource Planning (ERP) system is an Information Technology (IT) business solution that enables construction companies and their contractors to manage capital projects effectively and efficiently throughout the project lifecycle.
Enterprise Resource Planning can allow companies to enhance their business processes and allows for necessary management. That’s why ERP can be said a business management system software that can integrate numeral activities in a project & deliver a simultaneous result for bettering performance, reducing cost, and increasing profits.
Construction ERP software provides cost optimization, incorporates design changes, consistent quality conformance, Reliable, Faster, and on-time delivery, incorporates value engineering, a Collaborative work environment, and a team tracking facility.
When evaluating your potential solution, you will need to understand how the functions will integrate and benefit you but there are 3 core elements that you must ensure are provided.
Features for Construction Management:
- Procurement and controls
- Specialized Cost Ledgers
- Payroll and Labor Costing
- Plant and Equipment Costing
- Contract Cost Reporting
- Business Intelligence
- Document Management
- Time and Attendance Systems
- Human Resource Management
- Enterprise Accounting
Top 3 key Elements your construction ERP Must Have:
Planning & Estimation
Be prepared for unforeseen changes by analyzing previous reports to realize the repetitive constraints. Mark your budget limits with timely alerts on exceeding limits. Ensures a project is achievable, measurable, specific, relevant, and within the bound of time. Share the planning and ideas with customized groups in a centralized system making it a more Accountable and Consortium system.
Contract management is the management of contracts made with customers, vendors, or partners. The strange challenge for a construction ERP is to manage a scope of work that can be fluid relating to a complex asset and maintain a list of contractors and track the progress. Contract management needs to go for multiple changes and be structured to handle workflow approvals, contract changes, and revisions.
A construction ERP must be able to handle such diverse elements as resource allocation, payments on milestones, sub-contractor costs, and plant and equipment. The time at which major cost savings can be achieved is during the planning and design of the project. The date reports, business intelligence, and revision of the project will assist in maintaining control of costs and, of course, margin.
Nway ERP software for the construction industry are used across all industries but the ones that are built for the unique needs of construction companies help manage contractors, financials, and service operation.