It’s one thing to consider your business best-in-class when it comes to financial performance; it’s quite another to see if the numbers back up that assumption. Financial performance is just one key performance indicator every construction company must pay attention to, but you may be wondering whether your current dashboard is giving you the data you need to accurately forecast whether this year’s results will meet expectations.
While the finish quality of construction projects and employee satisfaction are important criteria for determining a company’s health, financial performance is extremely important for assessing how well a firm is managed. The bottom line will tell the tale in terms of how successfully – or poorly – a company is functioning.
Organizations like the Construction Financial Management Association, or CFMA, provide bench-marking tools that help construction companies compare their financial performance against peers. This is critical for getting an accurate picture of a company’s financial health, as just measuring against year-over-year numbers doesn’t address whether your company’s performance is in line with your competitors.
Before you can begin measuring one company against its peers, however, you need a grip on your financial health and other key performance indicators that reflect overall performance. Let’s look at some resources that can make capturing these insights a breeze.
Using Business Intelligence Tools to a Competitive Advantage
Business intelligence is key to making the best decisions possible both on the jobsite and in the home office. Without an accurate lens into your company’s financial performance, your team may be making decisions based on inaccurate or incomplete data. Fortunately, business intelligence software solutions give teams the flexibility to create their own custom reports or use standardized reporting templates, and ultimately generate important insights into financial performance.
Intelligence takes other forms, too, beyond measuring the bottom line. Knowing how every aspect of a job is performing, from estimating to close-out, provides teams with the intelligence they need to get projects wrapped up as efficiently and profitably as possible. Whether that’s achieved by more actively managing contracts and change orders or securing electronic signatures for faster approvals, cloud-based construction collaboration software provides teams with business intelligence in real-time throughout every phase of the job.
Of course, with the advent of the cloud, it is now possible to integrate cloud-based modules that reflect a specific business need. These applications can integrate with existing construction project management software to provide deeper insights into specific categories, such as modules for time sheets and daily logs. Overall, whether your company needs a business intelligence solution, collaboration tool, or task-specific module to drive deeper insights, construction software now exists to help your teams become more informed than ever before.
Cloud Tech Helps Construction Industry Measure Better
While business may still be done with a handshake in some cases, most construction companies know they need the technology tools with the capability to help their business win more – more work, more relationships, more profitability. Fortunately, now is an exciting time to take advantage of scalable, affordable cloud-based construction technology platforms that make business intelligence and bench-marking a snap.
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