The Big Lift for Construction - Automation and Business Intelligence
Many firms don’t have up-to-date and integrated data from every element of their business to identify areas that are profitable and where they are bleeding costs. This article outlines some of the key ways analytics and reporting, along with a complete ERP solution, designed with specific construction industry needs in mind, can change the life of your business.
The construction industry is known for its hands-on processes and paperwork. But in today’s digital age, that just won’t cut it. Custom reports and live dashboards, in particular, offer improved accuracy and compliance to enhance decision-making and cost savings. Let’s take a look at how.
Business Intelligence and Reporting
If you’re not using Business Intelligence (BI), you need to. It’s a lifesaver in the sea of data that construction companies are swimming (or drowning) in. When it comes to advanced and user-friendly BI tools, one ERP solution stands out among the rest. Acumatica’s Construction Edition, puts industry professionals in the driving seat by giving them the power to harness their data and use it to make precise decisions.
It’s all about having the right information at the right time – like having a crystal ball that reveals insights about your projects, tasks, and financials, helping you identify trends, spot potential issues, and make data-driven decisions. And the best part? All this information is available in Acumatica, at your fingertips, anytime, anywhere.
Imagine being able to track project performance, monitor costs, view labor productivity, and more, all from an easy-to-understand dashboard. That’s the power of Acumatica’s business reporting and analytics tools for the construction industry. It’s not just about saving time or reducing paperwork – it’s about giving your business the resources to soar to new heights of success.
Improved Reporting and Analysis
Automated reporting tools can generate comprehensive financial statements, project-specific reports, and customized dashboards, allowing stakeholders to monitor project performance, identify trends, and make informed decisions. With real-time access to accurate financial data, financial teams can focus on analysis, forecasting, and providing valuable insights to drive growth.
Cost & Time Savings via Automation
Automation can also reduce manual errors, replace paper-based processes, and integrate with accounting systems, thereby decreasing processing time, improving accuracy, and enabling better control over project budgets. With streamlined workflows, automated approvals, and spending policies, organizations can reduce costs of review and approvals, prevent penalties or delays for contract expiries and vendor payments, and save time.
Compliance with regulatory requirements and risk management are a headache. With built-in compliance controls, and automated tracking, your system can monitor transactions for anomalies, generate audit trails for accountability, and ensure adherence to regulations, reducing the risk of noncompliance. By centralizing and automating compliance-related activities, construction companies can mitigate risks, avoid penalties, and maintain a strong reputation in the industry.
Get on a Path to Easy Street
Purpose-built cloud ERP like Acumatica is a game-changer for construction companies – revolutionizing their financial operations, and enabling them to achieve higher efficiency, accuracy, and profitability. From improving financial reporting and analysis to simplifying financial operations, Acumatica can help companies increase productivity and reduce costs. Compliance, risk management, and vendor/contract management can all be streamlined through automation.
Learn more about how you can use automation tools to improve your business.
Download our free PDF: Analytics & Reporting for Construction Businesses