U.S. Construction Expansion Has Project Managers Seeking Real-Time Insights and Faster Financial Operations
MISSISSAUGA, ONTARIO – Prophix Software, a global leader in Corporate Performance Management (CPM) software, recently adding 26 new customers in the construction industry, is excited to report its continued growth in the construction sector as more organizations recognize the value of performance management systems to mitigate risk and increase productivity and profitability. With over 95 of its customers being in the construction industry, Prophix has a substantial track record in helping companies in that sector centralize their financial reporting, including job cost and work in progress, and map to budget for more efficient results and competitive advantage.
“As the U.S. construction industry continues to expand, the volume of new deals is putting stress on project managers to improve their financial operations and their ability to communicate with key stakeholders,” said Alok Ajmera, President & COO at Prophix. “Through our cloud solution, project managers can quickly and efficiently consolidate information from various contractors and subcontractors to ensure projects remain within budget and meet deadlines. With self-service analytics capabilities, users can update financial forecasts, and communicate with stakeholders on the fly.”
The construction industry is known for its great complexity, risk, tighter margins and a higher likelihood that big projects will be delivered late and/or over budget. Yet, even so, construction professionals typically cost out and manage jobs through time-consuming and error-prone spreadsheets. This includes everything from labor, equipment, materials, financial obligations, and more, placing a strain on cash flow, operations and overall growth, if one error is made.
Prophix’ CPM offers construction companies a single source of truth; everyone within the organization – from the field to the office – is always working with the most up-to-date financial information to prevent cost over-runs, reworks and project delays. With Prophix CPM, construction companies have access to:
- Allocated costs and resources across jobs & work orders — Prophix’ personnel planning software helps to quickly build resource plans to understand hiring requirements in order to fulfill backlog and revenue goals.
- Real-time visibility into financial data that affects project timelines –– With Prophix self-service interactive dashboards, project managers can get an immediate snapshot of financial data and KPIs to quickly pinpoint projects at risk. They have deeper insight and can monitor daily progress with real-time visual analytics and drill-down capability enabling them to compare actuals to budgets by any dimension, such as hours worked, raw materials usage or total costs by work order.
- “What-If” scenarios to model how changes to budgeted project costs affect profitability – Project managers can control project costs and plan for new projects through what-if analysis and driver-based modeling. Prophix provides the ability to evaluate the impact on project revenues, costs and profitability by changing certain variables such as utilization metrics, quality of materials used and billing rates; and seamlessly make adjustments to project budgets, forecasts and cash flow projections based on optimum scenarios.
- Improved collaboration between staff in the field and staff in the office — With Prophix’ easy-to-use reporting software and powerful analytics, project managers can measure and report from the work order level up to the consolidated reporting level. Prophix’ workflow engine, easily accessed from any device, enables sharing of information between key project team members in the field or at the office. Prophix automates the approval process and provides details such as project profitability, change orders, utilization, job costs and service defects.
The Prophix team will be showcasing its CPM solution at the CFMA Conference in Las Vegas, June 1-4, Booth #810.
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