Cost overruns happen to be a painful ordeal when it comes to construction projects. Walking in the shoes of a project manager, you would be on the hunt for a robust cost tracking tool. This way, you can successfully manage your workflow and costs. Given the high cost of building delays, having the correct software on hand makes sense. The meaning of cost overrun can be understood as the event of actual costs exceeding the projected costs.
Successful property builders, contractors, and subcontractors largely deploy these tools to schedule resources, communicate progress at the site, and track their budget. Check out the key reasons leading to cost overrun in construction projects here https://gobridgit.com/blog/10-reasons-for-cost-overruns-in-construction-projects/. With the right construction cost tracking tools, you can prevent cost overhauls and manage costs well.
Why Do Successful Brands Use Construction Management Tools?
Loads of data pour in from a plethora of sources in the construction sector. Without a dedicated software to manage the information, cost overrun becomes inevitable. With invoices stacking up and information cluttering around, chances of errors significantly rise. As you know, errors in the construction sector can cost you a fortune!
Even if you are dealing with one or two projects, it makes sense to think beyond Excel. Successful builders and contractors are ditching these functional spreadsheets and embracing sophisticated construction management tools. Integrating several departments like accounting, HR, and inventory, these tools can help you stay on budget.
Some of the most advanced tools come with features like analytics and reporting, bidding, budget allocation, managing expenses, invoicing, and RFIs. Automating certain processes construction management tools significantly minimize costs.
Moreover, these tools help in proper cost estimations to avoid overruns. After all, estimates should become more accurate as time progresses.
Best Tools For Construction Managers To Avoid Cost Overhauls
Here are some of the best tools to manage construction costs:
Realtracker is currently one of the best construction management tools in the market. It encompasses every discipline, including field management to pre-bid and bidding projects. Using this tool, you can proficiently manage construction processes, personnel, projects, paperwork, performance, and profit.
The software runs on the cloud system, and there is no upper limit on the number of persons who can access each account.
Therefore, if you are willing to have a single comprehensive software to manage multiple projects, this tool would fit your requirements. The software is affordable, with a minimal base price.
2. EZ Office Inventory
This tool has gained immense popularity among construction project managers as it comes with a free trial for 15 days. Construction managers can seamlessly scan RFID tags, schedule maintenance, track equipment and tools using this software. Eventually, you would be saving significant resources from wastage.
EZ Office Inventory couples up as a complete asset management system. With this tool, you can manage inventory, draft Pos, and develop service tickets. The software also features actionable reports for service and location histories. Therefore, you would be able to track loss and theft, thereby saving costs.
Leading construction firms are using BuildSmart to manage projects and overall costs. This powerful enterprise management system offers industry-oriented information to these firms, integrating segments like accounting and costing. This enables project managers to curtail costs, thanks to effective project management features and real-time analysis.
Using BuildSmart, you can explore different modules, including payroll, accounting, store and yard management, business intelligence, subcontract management, attendance, time, and HR. This implies that you would be using a single robust tool to prevent cost overrun.
Currently, some of the largest construction companies in the world are using Smartsheet as their construction cost management tool. Thanks to the multiplicity of features, project managers can seamlessly communicate with remote teams, process documents, and stay productive. This tool significantly streamlines communication, facilitating accountability and project efficiency.
Downloading the easy-to-use mobile app, managers can centralize their resources, automate repetitive tasks, and prevent duplicating work. At the same time, stakeholders can remain updated on the performance through the app.
VisiLean is another popular construction cost management tool that significantly leverages team performance and collaboration. Defining realistic plans, this software enables project managers to coordinate teams better. With dedicated mobile app support and BIM integration, you can benefit from visualization in real-time, along with live data availability. This would help you manage the cost of your construction projects, besides saving valuable time. In the end, every construction firm strives to stay productive, which is exactly what this software helps you with.
Procore continues to be one of the most comprehensive tools for construction cost tracking and management. With a stellar customer reputation, it ensures seamless finance management for projects. Its easily navigable interface gives it an edge over other software. Moreover, project managers benefit from ongoing technical support, training, and service.
Although this software is meant for general contractors, construction managers and subcontractors also find the features relevant. It is possible to customize the tool during purchase, choosing the features you need. If your construction business has been generating a revenue of more than $5 million annually, this tool would be best suited for you.
Buildertrend has been around for the last 15 years and is known for its brilliant customer service. This software for construction project management is ideal for remodelers. Compared to other tools, it comes at a relatively lower cost.
The software boasts excellent features explicitly customized for remodelers, property builders, and clients. It also has a client portal and communication features to ease the tasks.
The features include financial management, span presales, and customer relationship management as well. Therefore, apart from managing your projects, you can carry out allied activities using this tool.
In case you are yet to switch to the best construction management software or a cost tracking tool, it’s time to get one. This would significantly minimize human errors while streamlining tasks like scheduling, budgeting, resource allocating, and cost tracking. Choosing the right tool is a strategic decision, and you might consider seeking expert support in this aspect.
Successful construction firms closely work with professionals to capitalize on their valuable advice. You, too, can partner with one of the established companies around for dedicated support. This would help you prevent construction cost overruns and manage your budget competitively.