5 Ways Technology Can Help Construction Businesses Effectively Manage Cost

Originally published by: Raken on June 21th, 2021

5 Ways Technology Can Help Construction Businesses Effectively Manage Cost
The COVID-19 pandemic has reiterated the importance of effective cost management and resource planning for businesses in every industry. For the construction sector, this could not have been a timelier reminder. A report by KPMG found that, in the last three years, more than two-thirds of construction projects missed their budget estimate by more than 10%.

Despite effective job costing and cost management being a basic requirement for construction projects, many managers struggle to keep projects within budget due to constantly changing project requirements, a dynamic business environment, and ineffective data collection practices.

In this article, Tom Stemm – Founder/CEO of Ryvit – discusses the benefits of:

  1. Predicting the financial requirements for a project before even going on site
  2. Responding effectively to changes in project scope
  3. Updating cost plans to compensate for market fluctuations
  4. Improving decision making through effective data collection
  5. Increasing on-site efficiency with automation and connected technologies
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