Business Intelligence’s role in Construction ERP Software
A construction project is a conglomeration of multiple factors that have to be monitored and integrated to work in tandem and with a certain level of synergy to effectively execute the task within time and with profit. This is where the role of construction ERP/Management software comes into play to digitize, streamline, and automate the construction workforce and operations. Construction project management software and ERP primarily optimizes the construction workflow cycle to simplify and minimize the role of contractors/project managers/site engineers, etc. thereby eliminating pilferage and reducing the overheads.
What is Business Intelligence in the context of construction project management?
Business Intelligence (BI) is a smart application that is similar to machine learning but on a lesser scale by processing multiple data from various sources simultaneously to help the end-users seamlessly integrate and optimize the business operations at low cost. In the context of the construction industry, the contractors for a long have been using a simple spreadsheet system of maintaining and analysing humongous volumes of data at various levels. The problem with this is its time-consuming, error-prone and no transparency in the data processing.
The Role of BI in Construction Management Software
BI has a multifaceted role and purpose in the construction ERP software that primarily assists the construction management software in addressing the pain-points faced by the contractors. The key role of BI in a construction project management system is to provide real-time data
about various slippages in the project schedule, cost overruns and utilization of critical resources like Labour, Plant and Machinery. A robust BI can auto-generate 120+ standard reports apart from other custom reports that help save time and effort in parallel processing and maintenance of data.
Features of a construction ERP software with inbuilt BI
Dynamic Dashboards – Unlike ordinary construction project management software, a BI powered construction management software can provide a graphical representation of information/data that is easy for decision-makers to understand at one look.
Customizable Reports – Gives the project managers a detailed and intuitive view of the actual happening in the organization.
Capsulized Data – Enables the assemblage of vital information in a simplified form on one digital platform for universal accessibility and convenience.
Transparency – Construction being predominantly a cash handling industry, the need for transparency is beyond debate. BI promotes transparency by keeping track of all employee work activities like approvals, task initiations, bill generations, etc sequentially.
Predictive Analytics – Construction ERP software for contractors, MEP and EPC companies play a vital role in assisting the stakeholders to make educated speculation on the future business adversaries and opportunities. Eg: Tactive construction management software in its Tendering & Estimation software for construction has the provision to analyse lost bids using the data gathered by the Tender and the site investigation team to help contractors make an educated choice in what line item and other factors the cost has to reduced to win a tender.
The advantages of BI in construction ERP/Management software for contractors
The benefit of having a BI built into the construction ERP software is to analyse multiple data from various sources simultaneously at one digital platform to make decision making and planning easy and accessible for all the stakeholders.
- Reduced Risk: Drill down reports to the last level makes it easy for the project managers to report risk and analyse the on-hand scenario using various tools like the DPR and JCR to steer clear of potential risks and losses.
- Minimized Error: As most processes are semi-automated and completely digitized, the need for human intervention is limited to only the point of entering inputs into the construction project management software. Digitization reduces data entry error, increases transparency and promotes the speedy transmission of data from point A to point B.
- Cost Control: BI is crucial when it comes to assisting the construction management software in controlling the cost of each project based on pre-planned budget and schedules by analysing project-wise profitability, progress and resource usage on each project.
- Third-Party Integration: Today’s business is run by advanced smart technologies like voice commands, IoT, etc. Also, contractors need to integrate their existing software like Tally, Sage, Primavera, and so on with the construction project management software & ERP to get additional benefits. Implementing the BI enabled construction ERP software helps easy integration with voice-over operations, IoT and many other software applications. For instance, the use of IoT can help with the attendance metrics of the workforce with merely their movement in and out of the site shall be captured and stored for future reference.
- Reduced Time: BI helps construction project management software to gather, store and process data efficiently and effectively. BI boosts the construction ERP system to be dynamic and versatile in data analytics and IT dissemination.
In the end, an ERP system with an integrated BI application would bring all of the data together on a single unified platform. Tactive Construction Management Software & ERP is a powerful business intelligence platform used by 35+ customers in India and Dubai. If you’re looking for intelligent construction project management software, Scheduling a free DEMO Construction ERP Software is the best option.