Cost Management on construction projects is not a new concept. It is an essential part of the construction process and some may argue, one of the most important. When stats like, only 31% of all constructions projects came within 10% of the budget (reported by KPMG), industry professionals are pressed to find ways to improve project costs.
Managing change orders and ensuring project costs stay as close to the budget as possible is critical.
Traditionally, one of the primary ways construction teams track project costs is by using outdated or siloed applications like Excel. These tools can be great and many of them will still serve a great need in our industry. In fact, Excel is one of the most commonly used tools amongst construction professionals.
However, when it comes to construction cost management, strictly relying on these outdated or siloed applications like spreadsheets can be a risky play. For example, did you know that various studies have found that 88% of excel spreadsheets contain errors?
Learn how cloud-based software can help.