Construction managers and top-level decision-makers want access to important financial information in real-time. As such, construction reporting tools may become an even larger asset for these firms. Many construction companies are now looking to expand their business and provide new services to their clients. By leveraging analytics, high-ranking executives will have better insights to aid in making the correct choices for their companies.
Firms must leverage the right technologies
Construction companies often don't have a lot of money to waste on technologies that aren't going to provide value to them. Keeping this in mind, decision-makers have to look at the insights they need, and which could help them with financial forecasting and planning for the future.
A recent study conducted by accounting firm KPMG revealed firms are ready to play catch-up and investments in these innovative tools are becoming a priority. IT executives and the business management team have to work together to ensure they are using the technologies that can impact their company in the most positive way.
"It is not a surprise that CFOs are now seeing these technology enhancements as imperative," said Stephen Chase, U.S. technology leader for management consulting for KPMG. "Many organizations are realizing that subpar technology could be a considerable inhibitor to growth and business expansion."
The better the technologies, the more insightful the information
Financial reporting, planning and forecasting can be a problem for all businesses, especially as construction firms may often have more glaring priorities. Roughly three-quarters of financial executives stated they needed better financial and performance data analysis available to decision-makers at all levels of the company, and they also said they coveted the ability to improve their organization's data analysis capabilities. With this in mind, it has never been more pressing to find the right technologies.
"Technology has finally become scalable enough to enable the combining of traditional financial forecasts and operational forecasts that are historically much more specific," Xena Ugrinsky, a partner in the enterprise performance and analytics group at KPMG, told The Wall Street Journal.
After harnessing the analytics tools that will be most beneficial to the company, construction companies will also be able to adjust their financial staff and provide training to those who don't know how to gather insights from these tools. This can help everyone in the business add value to the decision-making process, according to the newspaper.