Reduce errors and optimize your projects with Construction Cost Control Software
In the construction sector, cost overruns and budget deviations are common problems that affect the profitability and success of projects. According to the latest report from the 2023 Construction Industry Observatory published by the Construction Labor Foundation in Spain, 85% of construction projects in Spain experience cost overruns that exceed 20% of the original budget.
Moreover, the report highlights that 70% of Spanish construction companies identify the lack of real-time control and monitoring as the main cause of cost overruns and delays, and 60% of projects suffer delays ranging between 25% and 50% of the planned time.
In this scenario, having construction cost control software has become an imperative need for companies looking to keep their projects within budget and minimize errors.
At Techtiva, we are aware of these challenges and offer a technological solution that allows you to control and optimize costs at all phases of your projects. Join us in this article and discover how our construction cost control software can help you improve efficiency, avoid deviations, and make informed decisions.
The need for cost control software: the context of the construction sector
The construction industry has historically been a sector that has resisted digitalization. However, with the increased complexity of projects and the need to manage a larger volume of information, the adoption of technological tools has become crucial.
In a market where precision and effective resource management are vital, the lack of digitalization can lead to deviations in project budgets, directly affecting profitability. Many construction companies manage their costs manually, which often leads to errors and makes it difficult to have a detailed, real-time tracking of project-related costs.
Another factor complicating cost management is the lack of coordination between the construction team and the central office. This lack of coordination results in ineffective communication, leading to task duplication, errors, and loss of information. Additionally, without a system that centralizes real-time data, visibility into the actual expenses of a project is limited, making it difficult to identify problems on time and make informed decisions.
In this context, construction cost control software becomes an indispensable tool, providing a clear and up-to-date view of costs throughout all phases of the project, from planning to execution and closure.
Challenges faced by construction cost control professionals and how specialized software can solve them
Cost control is a constant challenge for professionals in the construction sector, and each role faces specific challenges that hinder effective project management.
Project managers, for example, often spend a large portion of their time collecting data and manually updating spreadsheets, limiting their ability to focus on strategic planning and project tracking. This administrative burden not only generates inefficiencies but also increases the risk of errors, which can significantly impact final costs.
Financial directors, on the other hand, face the challenge of maintaining project profitability while dealing with a lack of real-time cost visibility. This lack of updated information makes it difficult to identify budget deviations and make strategic decisions to ensure the project’s financial viability. In many cases, liquidity management becomes complicated, which can affect the company’s overall profitability if corrective measures are not taken in time.
For construction site managers, the main challenge lies in the manual allocation of labor, materials, and subcontracting costs. Without a system that allows efficient and accurate cost allocation, delays and errors are likely to occur, resulting in inconsistencies in the project’s financial information. These inconsistencies can affect the company’s ability to make informed decisions and, ultimately, impact the project’s profitability and success.
Construction cost control software effectively addresses these challenges by providing tools that automate data collection, offer real-time visibility, and ensure information is accurate and up-to-date.
Techtiva’s solution: Construction cost control software tailored to your needs
Techtiva’s construction cost control software is specifically designed to address these challenges and offer solutions tailored to the sector. Our approach is based on optimization, precision, and flexibility, ensuring that your company has complete control over project costs and execution.
Key features of Techtiva’s construction cost control software
- Real-time cost monitoring: Allows you to automatically allocate costs and perform detailed tracking of each project, instantly detecting deviations. This ensures you always have a clear and updated view of your project’s financial status.
- Automation of construction processes: Our software automates administrative tasks such as invoice allocation and report generation, reducing the possibility of manual errors and freeing up your team’s time to focus on more strategic aspects of the project.
- Integration with construction ERP systems: Techtiva easily integrates with other ERP systems you are already using, facilitating data management and ensuring a smooth transition without interrupting your workflow.
- Customization and flexibility of cost control software: Our solution adapts to the specific needs of each company and project, allowing for cost control tailored to your reality.
Situations where construction cost control software makes a difference
Construction cost control software makes a difference in common situations faced by companies in the sector. For example, real-time cost allocation is a critical aspect. In many companies, updating labor and material costs is usually a process that can take weeks, causing delays in decision-making and budget management. With software like Techtiva’s, allocation is done immediately, allowing the information to always be up-to-date and available for financial analysis.
Another situation where construction cost control software is essential is in identifying budget deviations. In a construction project, small changes accumulated over time can result in significant deviations from the original budget. Without a system that allows you to monitor these changes in real time, deviations can easily go unnoticed until it’s too late. Techtiva provides automatic alerts for any deviations, giving you the opportunity to take proactive corrective measures.
Finally, generating financial reports is a process that can be tedious and prone to errors if done manually. In many companies, financial directors must spend hours compiling data from different sources to obtain a clear picture of the project’s financial status. Techtiva’s software automates this process, generating detailed reports that allow you to make informed decisions, ensuring you always have a complete and accurate view of your project’s costs.
Conclusion: Make cost control software your greatest ally
Construction cost control is a challenge that can determine the success or failure of a project. The good news is that, with Techtiva’s construction cost control software, you can avoid errors, reduce cost overruns, and ensure the profitability of your projects.
We are more than just a software provider; we are your technological partner in construction, offering you a solution that adapts to your needs and accompanies you at every stage of your project.
If you want to maintain control over your company’s costs and ensure the success of your projects, schedule a free demo and discover how Techtiva’s construction cost control software can transform how you manage your projects and maximize your management efficiency.
