Rapid growth and expansion may require corporate owners to stretch beyond their core skill set to better ensure business success. If that company growth requires building out new office space, opening new retail locations, or updating spaces to stay on-brand, developing proficiency in construction financials can quickly become necessary. Having purpose-built technology to capture, translate, and make sense of construction data allows for project ownership, the ability to control the data, and the ability to amass transferable knowledge from project to project.
Take Ownership of Buildouts
During cycles of rapid growth and expansion, there is little time to achieve proficiency in skills outside your team’s area of expertise. Understanding the technical elements of project management, financial management, and construction project planning is generally not core to the business of corporate owners. However, mastering the elements of construction management is key in order to complete spaces that meet your corporate needs, while building operational efficiencies for the long term.
Taking ownership requires end-to-end visibility across the entire scope of construction and capital projects. This means:
holding a competitive bidding process with contractors to ensure the lowest cost,
capturing project costs and tracking them against budgets to avoid overspend,
ensuring that costs are appropriately identified either as committed, invoiced, or outstanding to properly understand cash flows,
having a capital planning process that ensures effective cash management and optimizes long-term returns and building value, and
integrating project tracking, invoicing, and payment systems and teams, so information doesn’t get lost in the process.
Without transparency and visibility to track construction financials, teams managing multiple projects risk losing time or wasting money. Projects can go over budget as untracked invoices trickle in for payment or fall behind schedule if approvals aren’t completed on time. Technology purpose-built for construction administration is crucial for accurate monitoring of project financial status, allowing teams to gain proficiency while achieving successful buildouts. Lean teams then create best-in-class spaces and move on, without needing to employ a massive team of experts.
Once teams have comprehensive monitoring in place, centralizing project financials and insights provide stakeholders with the ability to track, make assessments, and report on real-time data. Whether team members and decision-makers collaborate in a single location, are traveling, or work from multiple locations, purpose-built technology enhances the capability of lean teams, saving time and money:
- through automation of workflows and administrative tasks,
- by minimizing errors through streamlining data-entry and system integration,
- tracking activity and progress team-wide, preventing tasks from falling through the cracks.
Furthermore, in productivity analyses, cloud-based project management, along with automated workflows returned the equivalent of one additional week per month to teams, improving efficiency.
Establish a Database of Internal Competitive Intelligence
When teams have centralized access to budgets, schedules, and project cost tracking, they begin amassing data that can be sorted, referenced, analyzed and modeled. That cache of data permits corporate owners to build the business cases necessary to move projects and decisions forward, keeping pace with rapid growth.
Collecting data over time, teams learn, using data, to execute on-brand, on-budget, and on schedule. Plans and decisions become consistently data-informed. Stakeholders make decisions critical to achieving their goals based upon data. Projects are evaluated comprehensively, incorporating all of the insights and best-practices built over time by leveraging technology.
Corporate owners, learning in real-time move beyond just “getting it done,” to “doing it right” as a practice. Using a database comprised of their historical data, teams build better plans, operationalizing greater precision and accuracy. These data-driven best practices support better deal-making, using what they’ve learned.
From Proficiency to Mastery
Capturing all the elements of each buildout, organizing those data points and creating a database of institutional intelligence are steps on the path from proficiency to mastery. Corporate owners choosing to invest in the right technology can anticipate better outcomes, consistently negotiating the best deals, effectively tracking performance, and having a growing repository of actionable intelligence on which to build future projects.