Construction companies need software systems to help them optimize workflows in all departments and increase overall profitability through standardization and consolidation of processes and employee productivity improvement.
Among the many business automated solutions available out there, here are some software systems that are considered important for construction companies:
1. Project & Contract Management
Project management is one of the most crucial parts of a construction business. There are many phases and processes involved in project management, such as planning, budgeting, estimating, task delegation, project supervision, contract management, and so on.
All complex and repetitive processes can waste a lot of time, costs, and resources when done manually. Therefore, construction companies need the help of automated solutions that can simplify these processes, so that various tasks can be completed in a timely manner and client satisfaction can be improved.
Project and contract management software systems enable construction companies to create stages in each project, oversee every progress, delegate tasks to the right employees and monitor their performance, manage budgets, forecast revenue from each project, maintain contracts, and much more.
Some common features of modern project and contract management software systems are:
- Task Management allows supervisor to distribute assignments to the right person with the specified deadline as well as monitor the task progress
- Expense and Billing Management allows contractors to manage the expenses incurred for each project, create invoices, and monitor the status of payments
- Contract Management enables contractors to create, edit, and monitor contract deadlines with clients through a single system
- Analytical Reporting allows contractors to analyze projects, employee performance, forecast revenue, and figure out profits and losses
- Timesheet Management helps contractors monitor employee working hours so that it makes it easier for them to estimate their salaries
CRM (Customer Relationship Management) software systems are important for any types of businesses that deal with customers or clients and even partners, including the construction business.
Not only does CRM makes it easy for contractors to maintain all important information related to clients in a centralized repository, but also various important data related to their partners, such as subcontractors, banks, architects, and others.
CRM helps construction companies track customer details and manage the sales process more systematically. It allows contractors to focus more on high-potential opportunities and forecast the revenue earned from each client.
The general features of modern CRM systems include:
- Customer Database Management helps contractors manage lead and client data for ease of tracking
- Sales Pipeline Management allows sales teams to create and monitor sales stages, track sales status, and analyze opportunities
- Sales Force Management helps sales managers distribute leads to the right salesperson and monitor their performance
- Email Marketing makes it easier for the marketing department to create and personalize marketing campaigns for leads and existing clients according to their segmentation
- Sales Reporting allows contractors to gain complete insights into sales profits and losses, analyze clients and leads, figure out sales turnovers, etc.
3. Inventory Management
Inventory management is crucial in the construction business. With multiple work locations, construction managers must be able to ensure that all the materials and equipment are always complete.
Missing equipment can result in heavy losses for construction companies. Therefore, they need software systems that can help them track all the equipment across all work sites.
Inventory management software systems help contractors ensure the availability of materials and equipment, speed up tool tracking, identify the equipment value for their business, control expenses for purchases, smooth out ordering process to suppliers, and much more.
Here are some common features of sophisticated inventory management software systems:
- Stock Level Management allows inventory managers to set minimum stock levels and turn on alerts that notify when the level of materials or equipment is reduced (for example due to loss or damage)
- Procurement Management enables the person responsible for the inventory to automatically re-order certain materials and equipment to the supplier
- Multi-Location Support enables construction companies to monitor their inventory across multiple work locations
- Supplier Management maintains all supplier details, making it easier for contractors to compare one offer to another
- Inventory Forecasting helps companies forecast future needs of materials and equipment so as to avoid unnecessary purchases
All businesses require good accounting management to ensure that their cash flows remain stable, including construction companies.
Accounting software systems help construction companies manage daily accounts, control expenses, process bills and payments, pay taxes, and generate various types of financial statements. Some common features of accounting software systems are:
- Billing Management allows companies to automatically send reminders of payment deadlines to clients
- Tax Management helps companies identify and manage taxes easily
- Payment Management helps contractors process various payments from clients and monitor the payment status
- Invoice Management allows companies to create personalized repeat invoices for different clients
- Financial Reporting allows companies to generate various types of accurate financial reports such as income, cash flows, capital changes, and etc.
Employees are the most important assets of a construction company since they are the ones who help the company continue to grow. Therefore, it is very important for contractors to ensure their welfare.
HRM software systems can help construction companies meet the needs of their employees. Here are some of the main benefits of HRM for construction companies:
- Manage employee salaries based on their working hours
- Monitor attendance and manage employee leaves
- Process reimbursements for employee expenses incurred for project purposes
- Create surveys and assessments for employees
Facilitate the recruitment process for future projects
HashMicro’s Construction ERP consists of aforementioned software components, so that it can simplify the construction business operations as a whole. Get a special discount of 10% on our complete ERP system by entering the promo code “Hash10” in the inquiry form.