Although construction management software is becoming increasingly common among construction firms of all sizes, many still have not adopted the technology. To this day, the definition of construction management software remains elusive.
Construction management software is a type of specialized project management software that aims to streamline construction industry operations. The construction sector may greatly benefit from this type of software because it automates many of the tasks that were previously performed manually, such as communication, decision-making, and project scheduling.
As you can see, there are several reasons why businesses should implement construction management software. Very simply, this is what construction management software is. Seeing as how more and more building companies are using this method, it’s clear that the’secret’ is out.
In fact, between 2018 and 2022, the worldwide market for construction management software is expected to expand at a CAGR of 9.19%. So, that’s the full scoop on what construction management software actually is. This article will cover all the information about construction management software.
What is Construction Project Management Software?
Software for managing a construction project can be thought of as a type of connected project technology. Construction companies may do more with this tool (or collection of tools) than just manage projects; they can, for example, manage budgets, ensure quality and safety programs, establish timeframes and deadlines, communicate and coordinate with stakeholders in the office and on the job site, and much more.
The goal of construction project management software is to increase team efficiency and productivity by automating and streamlining routine processes, as well as connecting workflows and data from start to finish on a project.
Construction Management Software Cost
Construction management solutions may have a higher upfront cost than the software that most construction enterprises are used to, but the functionality and automation benefits that these tools provide can help businesses save money in the long run.
Because of potential differences in automation activities, the standard point goods used by most businesses may incur higher prices and necessitate more extensive financial outlays. Most problems can be solved using construction management software, and the wide variety of tools that come standard with such a platform means that you can often avoid buying any other software at all.
Depending on the size of the business and the features required, the cost of purchasing and installing in-house construction management software can range from $10,000 up to $50,000.
This may seem like a lot, but the savings and higher bids you’ll get as a result of using this strategy more than make up for the initial outlay.
Latest Trends in Construction Management Software
By 2021, the worldwide market for construction management software is expected to have expanded at a CAGR of 13.7% from 2017. Demand is expected to rise across the board in the Asia-Pacific region, with the expansion of the Chinese and Japanese construction sectors in particular acting as a driving force.
The growing need for construction management software in the utilities industry is also expected to fuel market expansion. Such software is essential for oil and gas construction projects because of its track record of success in the industry.
This program is widely used in the upkeep of oil and gas facilities. However, the expensive price of the program is considered as a barrier to expansion of the market in this way.
The Benefits of Construction Project Management Software
We’d like to explain why it’s a good idea to use construction management software and how it can help your business. We believe these are some of the biggest reasons to invest in construction management software, including its ability to reduce project risk and guarantee adherence to a predetermined schedule.
Using construction management software may boost project quality and satisfaction for all parties. More transparency, efficiency, and collaboration result in improved documentation, fewer flaws, and stronger stakeholder support, all of which lead to better outcomes.
The development of construction management software has been instrumental in bringing about a sea change in the sector. People are liberated from the shackles of antiquated office-only software by the availability of task-specific applications.
According to FMI’s study, construction workers waste 35% of their time (nearly 14 hours per week) on things like searching for project information, resolving conflicts, and correcting errors and redoing work.
Quality and precision in construction operations are both enhanced by the use of project management software. Moreover, it is estimated that rework accounts for between 4 and 6 percent of the total cost of a project (when looking at reported rework and direct costs).
Indirect and direct factors combine to raise prices by about 9 percent when you add in workers’ time spent on extra projects and redos.
Better Decision Making
If you want additional data and insights to help you make better decisions, a construction management solution is what you need.
Your construction management software should provide all the data you need to make any choice, whether it’s related to a specific project or a broad company-wide strategy.
Building-related computer programs have been around for some time. Team members have been using applications and technologies for the preconstruction, design, and operations phases of projects for quite some time.
Nonetheless, there is still a growing demand for cutting-edge, feature-rich building project management software. Companies are under increasing pressure to increase construction productivity and profitability in light of the increased complexity of modern projects.