3 Reasons Why Your Construction Company Needs an ERP Solution
The Irish construction industry is set to grow by 14%, to €19.5 billion this year, according to forecasts from engineering multinational Aecom, yet tight profit margins and industry uncertainty remain a reality for many Irish construction firms.
A single unforeseen event or situation has the potential to throw a thin margin project into a tailspin, converting deadlines into elastic concepts and impacting on revenue flow across the organisation.
To capture the opportunities for growth, companies involved in the construction and engineering sector must adopt a data-driven approach to decision making to streamline operational processes. Companies who have already invested in a dedicated Construction Enterprise Resource Planning (ERP) solution, have gained a significant competitive advantage over their industry counterparts.
Here are 3 key benefits of ERP within the construction industry
1. Improved Cost Control
Each time a construction company bids on a project they must provide cost estimates to which they must adhere, therefore, ensuring the accuracy of these estimations is critical to avoid project delay and safeguard profit margins. Providing data required to accurately forecast project costs, and providing a real-time bird’s-eye view of project expenses, ERP software makes managing budgets and adjusting to unexpected costs easier than ever before.
2. Increased Productivity
Integrating essential business functions and streamlining the flow of data across departments, ERP software offers considerable time savings on day to day operations. The elimination of data silos reduces duplication of data entry and provides your team with instant access to the data required to drive business decisions.
3. Enhanced Compliance
As the construction sector continues to grow, so too does the scale and complexity of construction projects. Managers must carefully balance project requirements with regulatory compliance, insurance requirements and employment legislation. Improving visibility and transparency across the organisation, integrated software solutions such as ERP for construction can streamlined compliance management, ensuring everyone from the back office to those working in the field have access to the real-time information they need.
With a tailored Construction ERP solution in operation, your contractors and managers are equipped with the tools they need to succeed, such as bid management, accounting, profitability tracking and payroll tools.
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