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