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5 Ways Unified Financial Software Reduces Risk

A day on the modern job-site is filled with unexpected circumstances. From on-site injury and bad weather, to last-minute change orders and inaccurate budgeting. Are companies doing everything they can to mitigate these risks?

Intech on Risk Management explains that the “cost of risk is a concept many construction companies have never thought about, despite the fact that it is one of the largest expense items.” Companies who standardize procedure and plan ahead for potential risk improve productivity and their reputation with clients.

You can never eliminate risk from the construction industry, but you can be prepared for anything with the right standards and equipment. A smart, unified software solution helps you avoid risks before they happen and deal with them when they do:

1. Improved Visibility

At-a-glance data gives executives the information they need to make strong decisions with the benefit of foresight. The best solutions combine folders on a single database and feature advanced reports & analytics tools.  

2. Stronger Client Collaboration

Mobile technology allows contractors in the field to stay connected with clients and in-office personnel from anywhere. Standardized reports and offline sync provide the most accurate, timely reporting to assure that project deliverables are always on-track.

3. Maximized Client Pool

Is your financial software as advanced as your competitors’ solutions? Contractors with outdated software lose out on potential clients when they refuse to upgrade to a faster and more effective solution.

4. Superior Control & Budgeting

One botched renovation can have a lasting impact on a contractor’s reputation and bottom line. Advanced financial and mobile software gives supervisors previously unmatched control over budgeting and project actors—standardized reporting from the field and streamlined financial analytics provide a bird’s eye view of project deliverables and resource allocation.

5. Specialized IT Security

Modern construction software can bolster security in a number of ways. Ideally, critical company data should only be viewable on a need-to-know basis. Specialized interfaces built for individual executives, contractors and other key players let you minimize the chance of a breach by controlling the flow of company information.

Intech concludes: “Construction companies that manage risk effectively and efficiently enjoy financial savings, and greater productivity, improved success rates of new projects and better decision making.” We couldn’t have said it better ourselves.

Want to hear a CMiC success story? Watch this video on what CMiC’s unified software did for Moss & Associates.