What is real-time data
Real-Time Reporting: The importance of real-time data for your cost management
Get faster, better information in three steps
It is not difficult to set up an infrastructure that makes cost information available much earlier and more comprehensibly. This requires three transformations in particular.
1. From manual processes to digital workflows
Information is often visible late because the process for processing it has many steps. It often takes almost a month, for example, until the amount of a subcontractor's invoice is visible in the cost reporting to the decision maker. This is the result of a lack of automation, late releases and so on.
Modern software solutions offer precisely this automation. Workflows are clearly mapped, tasks are created automatically and responsibilities are clearly regulated. For example, the approval processes for invoices or supplements can be accelerated by up to 80% and data can be entered in the system more quickly.
2. Modern cost software instead of error-prone Excel tables
The most popular tool for reporting in the construction industry is Excel. Excel is problematic for the quality and timeliness of information in particular due to its susceptibility to errors and the lack of links to the workflows mentioned above. Data usually has to be inserted into the tables manually as part of a manual process.
In contrast, specialized software is able to link data to your reports as soon as it becomes known. This means that the information is not only available automatically and immediately, it is also guaranteed to be error-free.
3. Easier communication and fewer misunderstandings thanks to the networking of all project participants in the cloud
As already described, information is now often out of date when it is reported, mainly due to slow processes and the use of tools such as Excel. The use of modern software solutions can link the processes for data acquisition and processing directly with the evaluations and make them available everywhere.
The central key here is the use of cloud software instead of local solutions. In the cloud, all project participants can access tasks and information from anywhere. Construction site, project management and controlling are directly networked with one another.
In this way, the cost information on construction projects is made more transparent and, above all, known much earlier, almost in real time. In this way, project developers and managers can actively react to cost changes when they occur and thus maintain control over all construction costs.
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