By: Rich Uphus | March 13, 2023
ARTICLE - As a construction business owner or CFO, you understand the importance of data in decision-making. However, relying on incomplete, outdated, or inaccurate data can lead to costly mistakes and delays. That's where cloud-based integration of financial and operational data comes in. By combining these two critical data sets on the cloud, you can gain a more comprehensive view of your construction projects and make better-informed decisions that drive efficiency and profitability.
Here are five benefits of cloud-based integration of financial and operational data for construction projects:
- Better Decision-Making: Integrating financial and operational reporting on the cloud provides a more holistic view of your construction projects, which enables you to make better-informed decisions. According to a study by McKinsey & Company, companies that use data to drive decision-making are 5% more productive and 6% more profitable than their competitors. By leveraging cloud-based solutions such as FullClarity and NetSuite, you can easily integrate your financial and operational data, giving you a real-time view of your project performance.
- Improved Accuracy and Efficiency: Cloud-based integration of financial and operational data reduces the risk of errors and increases the efficiency of your construction projects. Automating data entry and consolidation can reduce the time and effort required to manage your projects and prevent data inconsistencies across different systems and departments. A recent report by the Construction Industry Institute found that cloud-based integration of financial and operational data can reduce project costs by up to 5%.
- Better Risk Management: Cloud-based integration of financial and operational data can help you identify and mitigate risks associated with your construction projects. By monitoring key metrics such as costs, timelines, and quality control data, you can identify potential issues early on and take corrective actions before they become more significant problems. According to a report by PwC, companies that use data to manage risk are 22% more likely to experience growth than those that don't.
- Enhanced Collaboration: Cloud-based financial and operational data integration can improve team members' collaboration. With all data available on a central platform, everyone can access the same information in real time, reducing the need for manual data transfer and the risk of data errors. This enhances collaboration, communication, and decision-making, leading to more efficient and successful construction projects.
- Scalability: Cloud-based financial and operational data integration is highly scalable and critical for growing construction businesses. As your company expands, you need a system to handle more data, users, and projects. Cloud-based solutions such as FullClarity and NetSuite can quickly scale up or down depending on your business needs, ensuring you have the necessary infrastructure to support your growth.
Moving Forward with Cloud-Based Integration of Financial and Operational Data
Integrating financial and operational data on the cloud may seem daunting, but it doesn't have to be. FullClarity and NetSuite cloud-based solutions provide the tools and support you need to integrate your financial and operational data seamlessly. "Our divisions now clearly understand their efficiencies, and our new reporting allows them to monitor their responsibilities. We can track all our costs and analyze estimates against actual in real-time, giving us better control of our product profit. FullClarity's Construction for NetSuite has transformed our business," said Mark Hardman, Building Manager at Viscount Homes. By automating data entry and consolidation on the cloud, you can free up valuable time and resources and focus on what matters most – driving efficiency and profitability in your construction projects.
Cloud-based integration of financial and operational data is a game-changer for construction. By combining financial and operational data on a cloud-based platform, construction companies can make better-informed decisions, reduce costs, mitigate risks, enhance collaboration, and scale their businesses.
FullClarity Construction for NetSuite
FullClarity Construction for NetSuite provides an automated cloud solution for today's challenges in supplier management. With its seamless integration into NetSuite, construction companies can benefit from its automation and real-time visibility to streamline supplier tracking and reconciliation, reduce the risk of manual errors, improve cash flow, and maintain good relationships with suppliers. The result is a more efficient, accurate, and streamlined process that helps companies stay ahead of the curve. FullClarity Construction for NetSuite is the solution construction companies have been searching for to overcome the limitations of manual processes and drive greater efficiency.
If your construction company is looking for a way to improve efficiency and ensure data accuracy for optimum decision-making, FullClarity wants to speak with you. Contact us to arrange a no-obligation consultation with one of our experts.
costs by up to 5%