Visibility is crucial for modern contractors, as it provides structure, risk mitigation, and control over project finances.
However, many software packages in the market fail to address these needs adequately. IFS solutions address this gap by offering tools that ensure projects are completed on time, on budget, and at high quality, thus contributing to the overall success of the business.
IFS Cloud’s integrated dashboards provide you with a clear view of your financials, project status, risks, resource allocation, and other critical data.
With a single source of truth, you can monitor progress, identify bottlenecks, and make informed decisions to keep your projects on track.
Read more here to learn how IFS solutions offer comprehensive visibility into project finances, risks, and performance, enabling contractors to effectively manage their projects and achieve success in the construction industry.
What Visibility means for your Construction business and how IFS can help you achieve this
Visibility #1: Balancing Financial Control
Construction projects operate on slim profit margins, making it essential to monitor every expense closely. IFS solutions enable managers and project controllers to identify and address deviations from the contract, estimate, and budget in real-time, ensuring project viability and profitability. This visibility into financial aspects helps in maintaining control over project finances.
Visibility #2: Starting off on the Right Foot
Projects often commence at different stages, necessitating meticulous record-keeping of contract terms and requirements. IFS solutions assist in documenting contract terms, managing deviations from project requirements, and assessing the impact on overall profitability. This visibility ensures compliance with contract terms and aids in decision-making regarding deviations.
Visibility #3: Following Project Owner Processes
IFS solutions streamline project planning based on various procurement methodologies to obtain accurate estimates. Through integrated project planning and financial controls, users can identify potential risks and manage deviations effectively. Real-time metrics such as Estimate-To-Complete (ETC) and Estimate-At-Completion (EAC) provide visibility into project progress and financial status, facilitating informed decision-making.
Visibility #4: Protecting Commercial Manager Interests
IFS software provides real-time financial control by encompassing all cost centers against a project. It offers tools to proactively identify and manage risks, manage cash flow, and switch between Cost Breakdown Structure (CBS) and Work Breakdown Structure (WBS) seamlessly. This visibility into project costs and financial performance empowers commercial managers to fulfill their fiduciary obligations effectively.
Seeking greater visibility and control over your construction projects? Let Wyre Solutions and IFS empower your business with real-time insights!
Reach out to us today to discover how IFS solutions can enhance project visibility, optimise decision-making, and drive success in your construction ventures.
