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Mitigating Risk With Construction Budgets

real time tracking budget

There are a multitude of risk factors to take into consideration with your construction job, but the number one concern among all projects is the same – the budget. This is why mitigating risk with construction projects is so important.  Everything affects the bottom line; labor shortages, rising material costs, and even extreme weather. So how can your software help you stay in control and within the budget?

Pre-Planning

The pre-planning phase is critical to the overall success of your project. It can account for up to 15% of your budget, and it sets the tone for the rest of the project. Establishing your preferred software and ensuring everyone has the access and training they need to utilize it will make everything down the road easier as problems and changes arise. Solid planning at the beginning of your project coupled with the right software will make your entire project run more smoothly.

Transparency

From the beginning of the project, having complete transparency makes a huge difference in avoiding issues. A study from Engineers Daily estimated that design errors accounted for 38% of construction disputes. These kinds of disputes can be costly, and can slow a project down, creating financial and time overruns. Starting a project with the right software puts everyone on the same page and helps bring disputes to light quickly so they can be solved and the project can continue in a timely manner. Everyone should be able to see what’s happening with the project at any time. 

"Owner Insite was a critical tool for the success of our project by allowing for organized budget keeping that was accessible to the multiple ownership parties at any given time. The instantaneous flow of information kept all parties engaged and comfortable throughout the project."

Real Time Tracking

Things can change quickly in a construction project. Change orders will come in, and obstacles and snags will come up. All of these things affect the budget in real time, making it imperative to have a real time snapshot of what is happening with the budget. In order to make informed decisions, real time data must be available to everyone, easily and quickly.

 

Data Informed Decision Making

Everyday, decisions have to be made concerning your project. One of the most important things your software can do for you is provide valuable data to help you make the best decisions you possibly can. Having data helps to alleviate headaches around changes by showing exactly how the new parameters will affect your budget. 

 

For example, let’s say a change order comes in that will increase time and cost. Using the data provided by our software, you can see where the budget is currently, what the proposed changes will do, and how it will affect the overall budget that is left for the project. You can decide how to proceed with the change order using real-time data and make the best decision for the project. 

 

Owner Insite will provide the data, the transparency, and the real-time snapshots that you need from the pre-planning stages through to the end of your project and beyond to reduce your budget risks. Reach out to us today to schedule your FREE demo. 

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