Construction Project Management Software is typically a software which has the construction activities and accounting activities linked with your project management activities. As such it can be said that a project management software does not have anything to do with construction software and why to have an integrated one.
But yes, there are some unique benefits that you can derive from this arrangement. construction project management software can easily integrate all 3 components Construction, project management, and accounting at one place
Major benefits of having a construction integrated project management software are listed below:
Project Management: Construction Project Management Software will be an integrated one, which will make it a good choice. At the same time will be fully integrated with all phases of construction activities.
Accounting integration: All accounting related information is auto-created from the software itself. The major advantage is that now you will be able to track your costs in relation to project phases. Assuming you have a procurement to be done in the third week of the project start. This software will help you record the procurement plan and raise PO with the suppliers, on its own. This integration feature makes it a good deal to look at dedicated construction project management software.
Document management: It tracks RFQ’s, RFP’s, project meetings, architecture diagrams, layouts, Bill of materials, procurement, negotiations, project documents, contract documents, purchase orders etc. This system will help to map your project life cycle and project management life cycle in the software. At all stages, you will be able to upload documents on the system. This makes the process much more integrated since now you have one single repository to look for all your documents. This saves time for you to have to spend hours to search documents related to your projects. This is important from the archive, lessons learned and future reference perspective as well.
Budgets and projections: Since now the software will have both information related to the project as well as procurement and planning, you will be able to create accurate cost projections from the software. It will also help in keeping a tab on input costs, raw material costs, costs spent, budget planning, vendor management and target achieved for profitability.
Track and reduce costs: It will help you track down costs to the lowest level and will generate dashboard and MIS for the senior management. Cost control becomes a big deliverable from the software. Dashboard and status reports can get the cost related data at once without having to collate this information from multiple sources and systems.
Sub-contractor and providers integration: This software will be able to integrate with your providers as well. They will be able to get access to the system over their remote sites and be able to view and update status on their own. Sub-contractors update will be timely because they can be assigned tasks and be given a delivery date directly in the construction project management system. It also enables your organization to delay’s etc by the provider and induce SLA penalties in case they do not meet the deadlines. This can also work as a good risk management tool since if one provider fails to meet your need, the same tasks can be assigned to an alternate provider.
Integration with quotations for RFI’s: It will be able to set-up pages where providers can view and respond to RFI’s documents, pictures and another sub-contractor job-related information. This feature will help you to track the bidding process as well. Which means you will be able to save all critical documents related to your project from day one till the completion of the project. This enables almost real-time collaboration with internal and external stakeholders.
Auto submission of orders to sub-contractors: On detecting any scope change or budgetary changes or allocation changes or strategic changes, the construction project management software can send out orders or actionable to sub-contractors automatically. This helps in reducing turnaround time and minimize losses due to delay in communication. Also optimizes the procurement process, since it is now aligned to the needs of the project.