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Choose the best construction project cost control software for your project team
Discover what criteria project managers should consider when choosing construction project cost control software.
THE IMPORTANCE OF CHOOSING THE RIGHT CONSTRUCTION PROJECT COST CONTROL SOFTWARE
Construction projects, ranging from small-scale to megaprojects, operate within a set budget. Project teams must stay within this budget to optimise project outcomes. However, cost overruns are not uncommon, particularly in large-scale projects.
Research by McKinsey indicates that large-scale projects across various asset classes exceed their budgets by 80%. So, how can construction companies and project teams prevent this from happening? Cost overruns can lead to dissatisfied stakeholders and, in the worst-case scenario, result in legal disputes.
Successfully navigating the challenges of construction projects, particularly in terms of budget adherence, requires more than just an effective project plan. Project managers should utilise construction project software to implement robust cost control measures. With this in mind, the selection of the best software to manage project costs comes down to several different criteria, which we will explore below.
IMPORTANT CRITERIA FOR CHOOSING THE BEST CONSTRUCTION PROJECT COST CONTROL SOFTWARE
ACCURATE COST ESTIMATION
It’s common for the actual cost of a construction project to exceed the planned value. To minimise the discrepancy between these two values and stay within budget, the ideal cost control software should utilise algorithms and historical data from past projects to provide accurate cost estimates. This ensures that budgets are realistic and can be relied upon for project planning.
REAL-TIME MONITORING AND REPORTING
Project managers should look for project software that allows for real-time monitoring of project costs and the generation of comprehensive reports. With these capabilities, project managers can compare current project costs against their planned value. This ability to access up-to-date information is crucial for implementing decisions to keep project costs under control.
ENHANCED RESOURCE ALLOCATION
Project managers should consider optimised resource allocation features when selecting project control software. This provides insights into where resources are needed most, preventing unnecessary expenses and ensuring that resources are allocated efficiently. Mismanagement or shortage of resources could lead to cost overruns, which are not ideal for construction project outcomes.
EARLY DETECTION AND PREVENTION OF RISKS
Project risks are inevitable in large-scale construction projects. By investing in project control software, project managers can leverage its features to detect issues early on and take appropriate measures to mitigate or eliminate them completely. This helps prevent exceeding the original budget set for executing the necessary project requirements and ensures budget adherence.
MAXIMISE YOUR PROJECT BUDGET BY WORKING WITH COMPASS CONSULT
Construction projects often face the risk of delays, which can result in project teams exceeding their allocated budget.
At Compass Consult, we’re dedicated to assisting project teams in managing their costs to optimise project outcomes. Through meticulous planning, execution, and strategic management at every stage of a project, we ensure a seamless project lifecycle and stakeholder satisfaction with the final outcome.
Our sophisticated construction project management software, coupled with our team of expert consultants, is designed with your best interests in mind. We’re here to help you manage your construction projects seamlessly.
If you’re in search of a reputable project controls consultancy, contact Compass Consult today for ongoing support to enhance your project outcomes.
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“We got our Primavera P6 EPPM software and Installation done through Compass Consult. The solution that was given was a good fit for our company size and compliant for the types of projects that we do. One thing that I admire a lot is the customer service team who were very quick in resolving any queries we had and gave us full clarity of the process. I recommend Compass Consult to any company looking for a genuine solution to their Project Management needs.”
“We found Compass Consult through an online search and got competitive pricing from them on Primavera P6 implementation and consultancy. We found their delivery team easy to deal with and it was a smooth process overall with a great hassle-free experience. I would highly recommend working with Compass Consult for setting up your project controls systems and processes.”
"Compass has bent over backwards to meet the needs of WBHO. They have been patient as we went through the process of reviewing and approving the equipment. Equipment was then delivered promptly to the location we requested. The project does not start until the new year, but given the excellent service thus far, I am highly confident it will not have any issues with the network connectivity setup."
"The training session led by Sam was very interactive and informative. The sessions were easy to follow despite having no previous experience with P6. I enjoyed completing all the exercises used to help teach us the software's capabilities, and props for using relatable industry examples. Thanks for a great training session!"
Cost control software provides precise cost estimates, tracks actual expenses in real-time, and generates reports for enhanced visibility into project finances.
Cost control software automates and streamlines many aspects of cost control. It offers real-time monitoring, integration with project planning tools, and data-driven insights, providing a more efficient approach to cost control compared to traditional methods.
The ROI for cost control software can vary, but it’s generally measured in terms of reduced errors, improved efficiency, better decision-making, and the successful completion of a project. The ROI is significantly enhanced by avoiding cost overruns and adhering to the budget.
Want to improve project budget management? Contact Compass Consult today.
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