The role of construction project cost control software

Discover how construction cost control software can streamline construction project delivery and contract management.

Why is streamlining construction project delivery and contract management important?

According to KPMG Global Construction Survey 2023, 87% of survey respondents stated that project performance was a continuous issue. This meant that project teams were unable to keep up with the expected project deadlines and stay within the estimated budget of their baseline project plan. Another finding from the survey also revealed that only 50% of project owners were able to complete construction projects on time.

Construction projects are notorious for their financial complexities, with project costs often deviating from the baseline budget due to project delays. Contract management also plays a vital role in keeping projects within the stipulated budget, as sudden changes to the project due to client requests can derail project progress. Change management should factor in the impact of these sudden changes on project costs and schedules.

In order for project teams to overcome common challenges in construction project management, project managers should turn to construction project cost control software. This software provides a comprehensive platform for managing construction projects.

Let’s explore 4 ways cost control software can ensure on-time project delivery and fulfil contractual obligations.

The role of construction project cost control software for project delivery and contract management

project visibility and risk mitigation

Enhanced project visibility and risk mitigation

Gain a comprehensive view of project finances. Cost control software provides real-time insights into project costs, resource allocation, and potential budget variances. This empowers project managers to proactively identify and mitigate risks before they escalate. This can lead to improved project visibility and a more controlled delivery process.

Streamlined change order management

It is important that all project stakeholders abide by their signed construction project contracts. Should they wish to make last-minute changes, this software can be utilised to ensure efficient change order handling. It allows for transparent communication of cost implications and approval workflows and tracks the impact on overall project budgets.

order management
Improved contractual compliance

Improved contractual compliance and dispute resolution

Ensure adherence to contractual agreements!  Cost control software acts as a central repository for all project contracts, specifications, and cost data. This facilitates easy access to contractual details and provides a clear audit trail for cost changes, promoting better compliance and streamlining potential dispute resolution processes effectively.

Simplified project budgeting and forecasting

Develop accurate budgets and forecasts. Project cost control software streamlines the budgeting process by providing industry benchmarks and historical cost data. It allows for the creation of accurate cost estimates and facilitates scenario planning for potential cost variances, enabling more reliable project forecasts and improved financial planning.

project budgeting

Collaborate with Compass Consult to exercise control over construction project budgeting

At Compass Consult, we are committed to helping project management teams in the construction industry improve their cost control and budgeting efforts to ensure optimal project outcomes.

With our Oracle Primavera Unifier software implementation services, expert consultants, and your best interests at heart, we can help you manage your construction projects seamlessly, regardless of how complex your portfolio of projects is.  

Contact Compass Consult today and get ongoing support to enhance your project management capabilities.

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Does cost control software require a large and expensive IT team to manage?

Many cost control software are cloud-based, eliminating the need for extensive IT infrastructure. Solutions like Oracle Primavera Unifier are designed for ease of use, with minimal IT expertise required for operation.

Can construction project cost control software help identify areas for cost savings on future projects?

Yes, the software provides comprehensive project reports that track actual costs against budget estimates. By analysing these reports, project managers can identify areas where costs exceed expectations. This valuable data allows for informed decision-making and process improvement for future projects, leading to better cost optimisation.

Are there any ongoing costs associated with using cost-control software?

Beyond the initial software purchase or subscription fee, there might be additional costs for ongoing maintenance and support. However, some vendors offer these services as part of their subscription package.

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