According to leading construction economist Anirban Basu via a ConstructionDive article, supply chain issues are expected to stick around for years, while interest rate hikes, with an eye towards counteracting rising prices, may result in a recession in 2023. Sounds dire, especially as the construction industry—along with every other industry—is also struggling with labor shortages. However, some reports indicate that nonresidential recovery through the Infrastructure Investment and Jobs Act (IIJA) and continued residential segment growth point to a bright future.
Even so, construction businesses may want to consider ways they can save money as we enter uncharted waters. One way to save money is by becoming a connected construction business through the implementation of cloud construction management software within a modern Cloud ERP solution.
Saving Money with Cloud Construction Management Software
NexTec’s new, complimentary guide, “How to Save (and Make) Money with Connected Construction,” discusses the importance of connecting today’s construction business end-to-end. It also looks at how becoming a connected business can save money.
Managing construction operations with disconnected solutions and manual, paper-based processes cause team members, whether in the office or in the field, to work harder than necessary. They’re unable to communicate effectively, which hinders their ability to collaborate. This lack of collaboration results in project disfunction and customer dissatisfaction. And project disfunction and customer dissatisfaction leads to higher costs as the business attempts to fix the issues.
This situation is obviously counterproductive for construction businesses looking to succeed in today’s marketplace. The solution? Utilize connected construction technologies—specifically, construction management ERP software—to bring all processes, technology, and people onto a single platform.
“Just the idea of bringing every aspect of the business under a single umbrella is exciting, but the reality is even more so,” the guide notes. “Construction ERP software allows front-office, back-office, and field team members to access job costing, project management, contract, budget, commitment, subcontract, compliance, payroll and workflow information from a centralized solution using any web-enabled device.”
Web-enabled devices offer construction businesses critical mobility, allowing employees access to the solution from any location, at any time. This at-all-times connection is just one of many business-enhancing benefits. Other benefits include:
- Increased collaboration
- Real-time updates on business and projects
- Reduction in costly delays
Altogether, these benefits highlight why construction professionals should be jumping on board the modern construction technology train. However, the guide cautions them to not rush in without doing their homework. There are plenty of cloud construction management software options on the market, but they need to choose the right cloud construction management software:
The right solution is one that automates workflows, eliminates delays, trims costs, encourages collaboration and establishes a single source of truth. It must connect every department and functionality, from finance, accounting, job costing and project management to field service management, inventory and supply chain management and purchasing. It must also connect contract management, estimating, customer management, compliance, billing and payroll functionalities.
To help simplify the process, the guide reveals which construction management ERP software is the right one: Acumatica Construction Edition.
Why Acumatica is the Right ERP Software for Construction Businesses
Built for the cloud, Acumatica construction software offers the critical features of a connected Cloud ERP, including Accounting, Project Management, Field Management, CRM and Mobile, connecting every department within a comprehensive solution. Costs associated with lost time, inefficient processes, double-data entry (and human error) and project mistakes that come with outdated, disconnected systems are eliminated with one solution.
Carlson-LaVine, a general contracting company located in Minneapolis, Minnesota, implemented Acumatica’s cloud-based ERP construction software, replacing Sage 300 CRE. Executive Director Matthew Shamp says, “With Acumatica, I’m giving employees an ultra-efficient tool they need to do their jobs correctly and allowing them to do things easier. I’m handing them a smartphone versus a rotary phone. They are more well-equipped to do their jobs, which produces good outcomes for customers and helps us grow our business.”Such positive outcomes are by design. Download NexTec’s new guide, “How to Save (and Make) Money with Connected Construction,” to learn more about Acumatica Cloud ERP, its benefits and why it’s the right choice for progressive construction businesses in today’s digital economy. And contact NexTec experts with any questions or to schedule a demonstration. We’d love to chat.