Planning and Forecasting

Construction use cases for Briq: Forecasting

Learn how Briq can help you build a better, faster forecast for your construction company.

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Forecasts are essential to business health. Whether it’s projecting labor and equipment costs or predicting profit from an upcoming project, these reports form a map of the company's future. They inform key strategic decisions as well as where resources and improvements need to be focused. These important forecasts can be done with greater speed, accuracy, and efficiency than ever before with Briq. 

Briq is a financial automation platform built to help construction companies run their business. We can connect to your systems, automate your forecasts, and even create custom curves based on the data you want to see. Briq gives you the power to acquire and visualize your data easier than ever before.

Let’s go over the three key ways Briq can evolve your forecasting process for better, faster results. 

Automate your data flow 

Forecasting requires data in order to get done. The precision of your information is directly tied to the accuracy and quality of your forecasting. However, getting information out of your software and staff can be a challenging, time-consuming process. Even if you’re an expert at navigating your systems and everyone on the team is responding right away, it’s still going to take a great deal of time and effort to move all the numbers around. How much faster could you turn around a forecast if all of that could be done instantly?

Briq can move and collect all of that data for you. Briq can connect to all of your software, and extract the data needed for forecasting. Whether it’s an ERP or CRM, Briq has a variety of tools it can use to log in to almost any software and get at the information needed. Better yet, once it has that information, it can immediately transfer it into the right spreadsheet to instantly generate a forecast for you within the platform. You can even set the software up to refresh the information daily, so it’s always pulling the most up-to-date data. With Briq, you’ll only ever need to log in to one platform in order to complete a forecast.

Plan for every scenario

One of the challenges in forecasting is planning for different scenarios. While it’s useful to understand what finances may look like with or without a project, each new forecast creates a cascade of data entry and work to complete. Navigating and extracting data from your CRM isn’t always easy. Due to the work involved, some companies forego those projections entirely, which can throw off planning depending on what bids are awarded.

Briq can help you plan for every possibility with ease. We’ve already gone over how Briq can extract data from your CRM and bring it into a spreadsheet, but we can take it a step further. Our platform has specialized forecasting tools that allow you to instantly include or exclude any data from a forecast in just a few clicks. Construction companies will be able to get an automatic forecast for every scenario, from viewing a report that only shows guaranteed projects to one for every possible project acquisition at once. This gives construction companies a big strategic advantage. It will allow your business to know the best steps to take no matter the situation so that your company is always making the most profitable, effective decisions. 

Customize your projections to your needs

The standard curves used in forecasting are important. Everyone in construction finance understands what they’re looking at when they see a front-end, back-end, or bell curve. However, this information isn’t as high resolution as it can be. It often requires additional extrapolation and analysis to understand what these graphs mean for your business in particular. To make the best use of your data, it needs to be customized.

Our financial automation platform comes equipped with powerful analytics tools built for construction. Briq can create custom curves based on your historical data. For example, if you’d like to create a curve that represents the profitability over time of a certain market, like Healthcare, Briq can build it. By providing Briq with historical, periodic profit numbers for your Healthcare projects, Briq can create a custom curve that fits those historical trends. This custom curve can then be applied to your current Healthcare projects to help you accurately forecast them. This gives your business even more clarity into specific areas of your performance. It allows companies to focus on exact categories of projects and information instead of having to extrapolate that data from a larger data set. This opens up a whole new domain of strategic decision-making and can even allow you to create more tangible, exact goals for the business. 

Adopting a better, faster way to forecast

With Briq, the speed, depth, and precision of your reporting can reach brand new levels. From automated forecasts to scenario testing with custom curves, if there’s a projection your business can think of, Briq will build it and automate it for you.

Briq accomplishes this by combining the most modern technology available, and hundreds of years of construction experience into our data analysis models. Briq joins your financial and operational data into one platform, empowering you to make more informed decisions, faster. Contact us here to speak with our experts and see how Briq can help you improve your business.