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With the spread of COVID-19, the construction industry has gone through drastic situations with the continuous loss of business and the suspension of projects. Considering these difficult times, the construction authorities and the government have imposed strict control regulations even for the construction declared essential.
Since the situation developed, it has framed the office and field teams under restricted space, this has made many construction firms and contractors suffer financial fallback. However, the need to maintain the financial control demands coordination between the office and field teams. The communication between office and field teams allows office teams to have a complete track of resources and field data. On the other hand, it enables the field teams to work in a safer environment and get paid on time.
Overall, such an arrangement makes it very convenient for both office and field teams to work efficiently. Also, a well-defined process that makes field and office teams make it easier to have greater insights into the project progress.
Though a large section of the industry has moved towards construction project management and accounting software technology, there are still many construction firms that rely on emails, excel sheets, fax, phone calls, and text messages to carry their routine operations.
When it comes to advanced construction management technology, it is one of the significant reasons behind the connected teams. Such an arrangement not only helps in preventing uncertainties but also brings the advantage of technology like cloud computing which enhances productivity with better access to information.
The construction firms and contractors who have moved to construction management platforms have confirmed improved ease with data access for both their field and office teams. Moreover, technology has also streamlined the process of data transition among teams, project managers, subcontractors, contractors, and project owners as well.
Moving with The Technology Advantage
An integrated ERP and Accounting Software that comes with the Project Management capabilities could prove to be a boon for all the construction project stakeholders. The improved access to information among the different field and office teams makes it easier to process real-time data adding value to construction and financial decisions. Also, the technology works as a necessity to the construction firm when it needs to control budget and business health for any unexpected situations.
Besides this, budget, change orders, invoices, and other important project related components that affect the financial status of the project could be easily determined and updated using construction management technology. Also, integrated technology like Microsoft ERP solutions enables the project teams to work on budget forecasts improving the accounting process with features like Business Intelligence.
Either it is the present scenario of COVID-19 or any other unlikely situation, the delays made with the updates could cost the loss of operations and productivity. This means lack of an established communication system could directly affect the coordination between accounting teams and project teams causing greater lag to the fieldwork and revenue.
However, the use of integrated construction accounting and project management technology simplifies the process of saving time on field tasks and accounting goals. Also, such simplification of the project operations adds to the value and reputation of the business in the longer terms while safeguarding the business against sudden ups and downs.
Integrated Construction Management Technology: The Essence of Futuristic Construction
Considering the competition and growing needs of the construction firms, the use of integrated technology has proven to be the strategic approach for the business good. With essential capabilities like Accounting, ERP, CRM, and construction project management technology serves as a platform to enhanced communication with greater coherence among project teams.
Though the future seems unpredictable now, the need for connections and integrations to support continued development is well served with the advanced construction project management and accounting software technology. It adds to the ways industry deals with its requirements related to business coordination and connected environment.
Final Thoughts
All in all, the shifting of the construction industry towards technology is just beginning, if not instantaneous. The changeover made to the advanced accounting, budgeting, finance, and project management has made the industry budge towards progressive opportunities and success. This is the reason why all construction firms which were running on their conservative practices have started to explore the possibilities with the technology that not only aligns the competitive advantage but brings the agile benefits to the greater need of coordination.
Ed Williams, with years of experience, is a Microsoft Dynamics enthusiast focused on successful implementations of Dynamics NAV and D365 along with ProjectPro, delivering the best to the Construction and Project-Oriented industries.
