The global construction market is expected to grow at $15 billion by 2022 and $22 billion by 2026. The market is filled with intense competition, local and abroad, so you must step up your game if you want to stand out to clients.
In this industry, reputation is your currency. How you maintain your client relationships can determine how relevant your business will be. This puts pressure on your company, requiring you to be innovative as administrative business demands become overwhelming. To do this, you must get rid of communication issues, paper-based processes, and manual workflows.
Creating innovative changes sounds daunting, but applying them is easier than you think. Cloud-based technology like enterprise resource planning (ERP) software allows these advancements to happen. ERP solutions can support every aspect of your business, from project control to planning.
You can reap great benefits when your company optimizes the use of material resources and flexible project management, and ERP software can help you with that.
Here are some of the advantages of ERP account management for your construction company.
1. Single source of truth
Operating your construction company in full force means working with multiple clients and contractors. Juggling them all is challenging, and so does keeping track of each of their contracts, schedules, change orders, and budgets.
You can easily monitor and manage your company operations with a customer relationship management (CRM) platform that allows you to view all details on one screen. For example, if you need to monitor specific change orders and check pending tasks simultaneously, you can do so.
Plus, with all these data in one place, you can get insights better and forecast future performance and project timelines more accurately.
2. Accurate real-time information
An ERP solution, like Acumatica, is built on the world’s best cloud and mobile technology. As such, you can manage your company’s contacts and projects wherever you are, as long as you have a compatible internet-connected device. Whether you’re onsite or on the road, everyone can access an accurate, real-time view of subcontractor updates, job site visitors, issue and change tracking, and even job site weather updates.
3. Faster response and decisive actions
Giving your team access to real-time data makes it easier for them to take decisive actions that can solve any potential problems. Documentation is a breeze too, as ERP software can move client contracts much quicker through the approval process.
For example, you can route important documents easily because the information on the ERP system is up-to-date and centralized, making the data easily accessible for the signatories.
4. Reduces chances of building conflict
ERPs like Acumatica have a CRM platform built into their software. A CRM platform stores all customer information in one central location, which can then be used by the company’s client-facing departments when dealing with customers.
Since all the data is in one place, teams won’t accidentally duplicate tasks and leave some incomplete. They have access to all the information they need, allowing them to work on individual tasks more efficiently and get results quicker.
Fewer issues can arise between your team and the client since contract details and tasks in the project plan are linked. So, suppose the customer initiates change orders. In that case, everyone on your team can oversee the changes to the budgeted costs, project revenue budget, and commitments, keeping everybody involved on the same page.
5. Better communication with clients
When everything is in-line with your internal teams, you can communicate and collaborate with your clients better. Since everyone can find all company and project data on the ERP system, your team can receive real-time bulletins, updates, and notices.
By streamlining communication, you can move along projects more efficiently, eliminate costs and delays, identify issues before they grow, and cascade information to clients faster.
6. Makes proper documentation easy
Collaboration is easy with an ERP system due to the platform’s proper documentation functionality. Within the system, you can store critical documentation, like change orders, RFIs, and daily field reports, all in one place. If any internal or external users want to look for a document, whether drawings or photos, they can easily locate the needed document.
7. Efficient budget monitoring
You must deliver a project on time and within budget—this is key to increasing client satisfaction. Without proper planning and budget monitoring, sustaining your company may be a challenge. Your projects can get delayed, leading to low profits and a tarnished reputation.
With an ERP system’s efficient real-time budget monitoring, you can channel your resources better and use raw materials, workforce, schedules, and architectural designs more strategically. The platform directly links the budget to the project plan, contracts, and accounting in real-time. Any adjustments or changes will immediately reflect, allowing you to quickly move forward with the project.
Grow Your Business with ERP
The progress of the construction industry progresses puts immense pressure on companies to innovate. Times are changing, and more and more businesses are adopting cutting-edge technology into their operations. Your firm should embrace new strategies and technologies to stay ahead of the game.
An ERP solution can help you execute account management best practices, as it allows you to monitor deals easily and strengthen your relationships with clients and contractors. Incorporating it into your system may bring you the numerous benefits mentioned above.
Yondu is Acumatica’s partner in the Philippines. Your construction company doesn’t need to worry about relevant platform specifications, as Acumatica ERP has a construction management module that is fully integrated within its system.
Apart from Acumatica ERP, Yondu also develops customized construction management software that can fit your business model and process. Get in touch with Yondu’s ERP experts and schedule a consultation today.