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As construction continues to face financial pressures, cloud-based solutions are a salve for decision-making woes. A cloud-based solution like a financial automation platform enables early planning via data stream connections and improved collaboration. Best-in-class solutions converge in financial forecasting, predictive analytics, and data-driven insights. Choosing the right software can give you a significant automation boost.
Construction is a notoriously slow-moving and last-to-change industry. According to McKinsey, labor-productivity growth in construction has averaged 1% over the last decade compared to vertical industries that have averaged upwards of 3.6%. Something has to give. In an industry where cost overruns and time delays are the norm, operating under intense financial pressures and chaotic productivity cycles is frustrating and headache-inducing.
Increased use of tech aimed at solving operational and financial woes could boost growth and revenue in the construction industry in the United States. End-to-end technology suites that sit atop of your current systems, are connected to them, and are the entry point to all business information could be the answer. And it all starts with increased decision-making efficacy.
Financial planning: Finding velocity in the storm
By now, many construction players are well aware of the value of prediction and analytics. It’s not a new game but the technology is. Contractors and finance professionals have long been using their knowledge of past projects to predict future outcomes but it’s been based on a mix of cumbersome reports, out-of-date—or sometimes incorrect—figures, and gut instinct. The technology which can supercharge the outcomes is what’s new to the industry and it’s much needed, despite the industry’s hesitation to take it on board.
The facts are simple though. Many construction projects go over budget due to productivity issues, supply and demand, labor shortages, and so on. The list of reasons is a long one. Early planning and access to solid data from past performances which can allow for robust scenario planning can help alleviate these issues by ensuring contractors are well prepared for different outcomes. Access to real-time data allows them to pivot quickly to a new plan if something does go awry.
Intelligent early-stage planning filled with rich, predictive analytics and smart forecasting accelerates the project in a way that improves overall time-to-completion, accuracy, and budgetary alignment when compared to rapid jump-starts. A cloud-based financial automation platform that connects universally to other software allows for great collaboration by connecting people, processes, and programs. All this communication gives construction players the insight and foresight they need to successfully plan projects. Not only does the financial automation platform act as an end-to-end risk analysis and quantitative cost forecaster, but it converges data to uncover tangible truths in early-stage planning.
Forecasting against chaos
In a construction environment drenched in uncertainty, hyper-competitive bid structures, and volatile material prices, maneuvering through the web of interconnected points to find your string is growing increasingly difficult. A financial automation platform is the solution to that. According to the 2021 KPMG Global Construction Survey, 83 percent of construction leaders believe that their organization will be data-driven within the next five years — with 62 percent noting that real-time risk modeling and adaptive analytics are also in their playbook.
Such a platform provides financial forecasting, predictive analytics, and deep insights into projects, they connect critical information from multiple departments to improve reactions, speed, and decision-making across nearly every layer of your firm. While it's easy to get lost in the menagerie of construction technologies at your fingertips, financial automation isn't a point solution: it's the core of your digital strategy.
Embracing the fast-track to automation
It’s easy to see why implementing a financial automation platform makes sense. It’s connecting to your other systems and pushing and pulling critical information to and from all of them automatically. There’s less room for human error, and teams have more time to use the data at their fingertips, rather than searching for it.
Briq is a financial automation platform that provides a solution in the form of data entry and workflow automation, as well as a single viewpoint for automated data to deliver drill-down insights. Briq looks and acts like Excel but offers extended functionality and intelligent predictive abilities. Your teams can continue using the software they are comfortable with but connected to Briq, so when it comes to planning, strategy, and forecasting Briq has all the information from your business across all departments.
With these features, embracing a financial automation platform like Briq puts you on the fast track to profitability, and in an ever-changing market, the fast track is a good one to be on. Schedule a demo and see for yourself.
