A day on the modern job-site is filled with unexpected circumstances. From on-site injury and bad weather, to last-minute change orders and inaccurate budgeting. Are companies doing everything they can to mitigate these risks?
Intech on Risk Management explains that the “cost of risk is a concept many construction companies have never thought about, despite the fact that it is one of the largest expense items.” Companies who standardize procedures and plan ahead for potential risks improve productivity and their reputation with customers.
You can never eliminate risk from the construction industry, but you can be prepared for anything with the right processes and equipment. A smart, unified software solution helps you avoid risks before they happen and deal with them when they do:
1. Improved Visibility
At-a-glance data gives executives the information they need to make strong decisions with the benefit of foresight. Advanced solutions combine folders on a single database and provide advanced reports and analytics features.
2. Stronger Customer Collaboration
Mobile technology allows contractors in the field to stay connected with customers and in-office staff from anywhere. Standardized reports and offline sync provide the most accurate, timely reporting to assure that project deliverables are always on-track.
3. Maximized Competitive Advantage
Is your financial software as advanced as that of your competitors? Contractors with outdated software lose out on potential customers when they refuse to upgrade to a faster and more effective solution.
4. Superior Control & Budgeting
One botched renovation can have a lasting impact on a contractor’s reputation and bottom line. Advanced financial and mobile software gives supervisors unmatched control over budgeting—standardized reporting from the field and streamlined financial analytics provide a bird’s eye view of project deliverables and resource allocation.
5. Specialized IT Security
Modern construction software can bolster security in a number of ways. Ideally, critical company data should only be viewable on a need-to-know basis. Specialized interfaces built for individual executives, contractors and other key players let you minimize the chance of a breach by controlling the flow of company information.
Intech concludes: “Construction companies that manage risk effectively and efficiently enjoy financial savings, and greater productivity, improved success rates of new projects and better decision making.” We couldn’t have said it better ourselves.