Maximising ROI with construction project execution software

In today’s construction industry, the success of your projects hinges on investing in the right digital and technological solutions. Such solutions play a vital role in different phases and areas of construction, including on-site coordination, execution, safety, communication, etc.

During any project, the execution stage is usually the most important — it determines the trajectory and timelines of the entire project. Getting your project off on the right foot can minimize bottlenecks and breakdowns down the road and ensure successful deliverables.

To that end, project managers need to invest in the right construction project execution software to oversee the entire phase, track progress, and coordinate teams. This tool can provide visibility into your workflow and boost productivity, maximising your ROI.

Free eBook: Quick guide to Lean practices for construction professionals

The benefits of using construction project execution software in maximising ROI

The project execution phase is the most delicate stage — it lays the foundation for the actual work and sits at the heart of the process. With the use of a construction project execution software solution, teams can reap different benefits to ensure on-time completion.

Real-time communication

Communication between teams and workers is essential, and the software allows project managers to centralise all project communications. This makes it easy to keep all parties on the same page, regarding project details, changes, requirements, etc. Some tools offer real-time communication to ensure timely updates.

Proper budgeting

Budgeting requires the most attention to ensure on-budget projects. Poor budgets can lead to delays or even incomplete projects. With the software, you can automate labour and material costs, standardise bids, and get accurate estimations based on previous costs and bids. This allows you to work within the budget.

More to read: Why construction should stop thinking of software as a cost

Effective collaboration

Several teams are involved in construction project execution, including contractors, project managers, consultants, and clients. Successful execution depends on the collaboration of these parties, and the software provides a centralised platform for effective collaboration throughout the phase.

Efficient document management

Regardless of the size of the project, the phase involves sharing different documents between teams. This includes blueprints, legal contracts, building codes, budget documents, proposals, bids, etc. The software offers a document management feature, which ensures accessibility to crucial documents anytime and anywhere.

Key features of construction project execution software

Digital transformation in construction can cut costs by up to 6%. As such, it’s vital to pick a solution that offers the ideal features that support your workflows and processes. Here are the key features to consider:

• Scheduling: Every project requires a schedule to ensure every task is completed on time. A scheduling feature is vital to prioritize tasks and stay in control of the project.
• Integration: A good solution must support integration with the tools you use, such as CRM, mobile apps, and other IT systems, to enhance functionality and data transfer.
• Real-time reporting: The software must provide project data and analytics reports to support decision-making, improve risk identification, and monitor progress.
• File management: It should also offer the ability to manage documents, including blueprints, proposals, reports, etc. This can boost productivity and secure your data.
• Cost management: The solution should offer integrated financials like bids, budgets, payroll, invoicing, billing, and cash flow to manage every cost of the project.
• Communication: Teams must be able to communicate through the software, making it easy for them to share comments, messages, and reports in real time.

When looking at features, you need to strike a balance between features and cost. In some cases, it’s possible to pay for features you don’t need. As a result, it’s vital to pick a scalable solution that allows you to upgrade or downgrade as needed.

Further reading: The most important construction KPIs to improve profits and productivity

Picking the right project execution software

With up to 72% of construction firms investing in digitization, project managers need to pick the right solution that supports their processes and expected outcomes. To that end, there are several key factors to consider, including:

Features

Identify a solution that offers the features that are useful to your operation, such as scheduling, reporting, budgeting tracking, project planning, document control, etc. Compare tools based on their features and pricing to pick the ideal solution.

Scalability

Business needs are bound to change, so you need a solution that can keep up when your demands increase. Basically, you want a solution that you can scale alongside your business to ensure predictable costs and operational agility.

Cost

The issue of cost is usually relative, given their multiple pricing tiers and structures. When reviewing software options, be sure to consider the cost of staff training and implementation, in addition to the subscription fees and add-ons.

Ease of use

Adopting a new solution comes with new challenges, such as complicated implementation and difficulty in use. Aim to pick a solution that doesn’t require a complete overhaul of your process and extensive training of your team to implement.

Pain points

Your everyday challenges should inform your decision. For instance, you might have problems communicating or collaborating with your team. Your pick must address such challenges and connect your teams.

When exploring your options, sign up for free trials or demos to understand each solution before making your decision. You need a solution that will easily integrate into your current workflows and processes. More importantly, make comparisons between different solutions to determine the option that delivers the most value for your firm.

Grow your ROI with project execution software

The success of construction projects depends on the collaboration of teams and stakeholders to complete tasks on time and within budget. Traditional paper-based processes are inefficient, ineffective, and prone to error, impacting the profitability of construction firms.

If you want to grow your ROI, investing in construction project execution software can ensure effective project management and provide insight into every process and task. It can streamline your collaboration, communication, file sharing, budgeting, and project planning.

If you’re looking for construction management software, LetsBuild delivers products that let you build safer, faster and smarter for optimal ROI. Book a demo or test our solution for free to discover how our products can deliver value to your firm.