There are numerous places that you are probably losing money, and if you have the ability to look across the organization for detailed information, you can eliminate them.
Payroll, for example, impacts your bottom line. If the team in the field is keeping up with their time using paper and pen and filling out timesheets only once a week, mistakes are bound to occur. If time is tracked daily and made available to managers, you know in advance when overtime might occur, and can put in place systems to avoid it. This is an expense saver.
With the right software, project managers have access to all project information at any time. Specification manuals and drawings are at their fingertips. Another time saver and money-maker. These savings are amplified by going paperless (or near paperless). Digital plans and virtual binders eliminate the need for expensive blueprints and large job binders and filing cabinets full of outdated paperwork to be carried around the office and jobsite.
Identifying waste can increase your revenue, but most construction business owners don’t have time to find areas of overspending. Software that easily itemizes money that is going out will help you recognize where contracts should be renegotiated, or vendors changed.
Maybe you are spending too much on storage or parts of your inventory. Maybe you are paying for more telephone lines than you need in the office, or for unneeded equipment maintenance. A holistic approach provides you the opportunity to take stock of spending throughout your organization.
Even insurance expenses can be reduced with the right integrated software platform. Reports that show all your insurances costs, from workers compensation to cost of construction to general liability, your finance department can see where you are spending too much. Breaking the information down to the basics show areas where you can save.
When you save, you lower costs, and everyone benefits.