Thursday, October 22, 2020

SPOTLIGHT- CPM SOFTWARE

 

 

 

DIGITAL RESURGENCE

 

Welcome to the era of digital resurgence where dreams come to light at the click of the mouse. Yes, we are talking about the project management software which are making a beeline into the burgeoning space of construction & real estate. Gone are the days of archaic project development processes, today’s day and age demands quick solutions and real time visibility as in any other industry. Project management software in the construction sector are set to make the ball rolling for the players and provide a defining edge to the leaders writes, Prerna Sharma.

 

As we are all aware that construction management software enables firms to collaborate on projects from PCs, laptops, mobile devices, or any other internet-connected devices. Currently, developed countries have a higher penetration of cloud-based construction management software, while emerging economies are in the process to make a major shift from on premise-based model to a cloud-based model. Robust growth of the construction sector globally has given a significant boost to construction management software adoption, henceforth, augmenting the growth of construction project management software market globally. In addition to this, owing to infused investments and keen focus of government on developing infrastructure, there is a surge of construction projects taking place simultaneously, which impacts positively in growth of construction project management software market.

 

According to Andrew Skudder, CEO, RIBCCS that there are no boundaries with technology. “While the construction industry has been notoriously slow to adopt technology, the pandemic has compelled it to embrace digitization to facilitate remote operations.”This is aligned with a report by McKinsey & Company, which notes that globally the industry is shifting to remote ways of working. It cites the example of designers and engineers relying even more heavily on digital collaboration tools such as building-information modelling (BIM) and engineers and contractors are using 4D and 5D simulation to re-plan projects and optimize schedules. Respondents in the survey indicated that the pandemic has made them more aware of the role technology has to play – during the crisis, but also into the future. Much of the technology being used relates to communication and collaboration, such as Microsoft teams and Zoom for managing meetings. In a blog, Skudder highlighted that there are still several constraints in the industry and these are around a lack of knowledge and awareness and to some extent a mindset that they are construction companies, so they have to be on-site. But, even on-site, processes can be digitally enabled.

 

According to Lalu Varghese Director & CEO, Lals Software Services “The future for the industry is good as more and more companies are embracing new ways of working compared to the traditional ways. Cloud computing will have huge influence in construction henceforth”.

 

 

Fast Facts
  • Global construction project management software market was valued at US$ 1,233.7Mn in 2018 and is expected to reach US$ 2,250.8Mn by 2028 at a CAGR of 6.2%.
  • Market’s next great demand is going to be Rapid Process Automation for reduced time to market and time to project completion.
  • Increasing number of construction projects specifically in emerging nations presents a great opportunity for construction project management software market to grow globally.
  • The adoption of lean management by builders, contractors, and architects is expected to increase the functionalities of construction management software and minimize the wastage at different stages of the projects.

 

Growth drivers

 

Recent research reveals that the global construction project management software market was valued at US$ 1,233.7Mn in 2018 and is expected to reach US$ 2,250.8Mn by 2028 at a CAGR of 6.2%.

 

According to Technavio, there is an increase in the demand for large-scale project management and large-scale construction project management solutions. This is encouraging organizations to increasingly adopt construction management software as it helps in maintaining a regular follow-up and managing resources by automating the process. This automation of operations not only boosts productivity by minimizing the response time but also increases connectivity so that organizations can handle project-related inquiries easily and effectively. Thus, the increasing requirement for large-scale project management is expected to drive market growth.

 

The adoption of lean management concept is targeted at minimizing waste and effective use of resources to provide the most productive output possible. The adoption of lean management by builders, contractors, and architects is expected to increase the functionalities of construction management software and minimize the wastage at different stages of the projects. Lean management techniques run as an internal program to reduce wastage on the construction site, in project management processes, and the IT project portfolio.

 

“Other factors such as the increasing popularity of cloud-based construction management software, and the integration of construction management software estimation and accounting software will have a significant impact on the growth of the construction management software market value during the forecast period,” states a senior analyst at Technavio.

 

Lower penetration of construction project management software in developing countries is expected to challenge the growth of the target market, in addition to which, high cost of construction management software decreases adoption by smaller construction firms, which might hinder the market growth. Nonetheless, an increasing number of construction projects specifically in emerging nations presents a great opportunity for construction project management software market to grow globally.

 

As today’s corporation’s increase in size and complexity, an all-inclusive solution is needed to manage and coordinate an entire organization’s portfolio of different projects. These solutions help the management to shuffle between plans, workload, budgets, and resources, carefully observe the project progress and report on delivery success.

 

 

 

Choosing an estimation software solution with the right features is invaluable to the process. Beginning with data collected from design blueprints and notes, an accurate QTO becomes a living document constantly updated to reflect the changing situation on a project and the client’s needs. Thanks to estimation software, estimators can create up-to-the-minute measurements of the materials and labour required to complete a construction project. This allows for better risk management, increased productivity and the creation of attractive tenders.
LALU VARGHESE, DIRECTOR & CEO, LALS SOFTWARE SERVICES

 

 

 

 

 

 

The new normal by digitising the industry, particularly the Construction Activities is still a major challenge because in India, and across the globe, the operational processes are yet to be standardised. Each company has its own processes, practices and culture. To crown it all, the clients who are the project owners or implementing agencies do have their own individual systems and expectations. For sustainable construction process management, these procedures have to be correctly mapped in any ERP software.
DEVARAJAN CHINNUSAMY, CMD, TACTIVE SOFTWARE SYSTEMS

 

 

 

 

 

According to Kalyan Vaidyanathan, Co-Founder & CEO, Nadhi Information Technologies “The exponential growth of the real estate and infrastructure sectors in India over the past few years, have prompted developers to take up multiple larger and bolder projects at the same time. That, however, has not reduced the basic issues that lead to delay in delivering projects and overshoot budget. A strong alignment of process and technology is important for efficient construction project management and one must acknowledge the distributed and fragmented nature of construction in terms of stakeholders (internal and external). This has led the sectors to explore tech-enabled cloud and mobile solutions for managing projects, thanks to growing awareness to the potential of technology”

 

 

According to Mordor Intelligence report, Project Management Software (PMS) has now evolved into a strategic function of today’s business due to the accelerating pace, technological advancements as well as the digital transformation and disruption happening across almost every industry. The PMS market is witnessing the presence of third-party technological and innovative accelerators that has given rise to new business models, engaging with customers and fulfilling their needs, and operationalizing business processes. Project management today has also transformed into a means of new product development, owing to the emergence of the Internet of Things and the adoption of agile NPD, which has now merged with PMS.

 

 

 

 

The tech solutions by Nadhi help in seamless end-to-end project management. Projects, big or small, face varied problems including labour & raw materials supply issues that can result in delay in delivery and/or budget overshoot. Such complexities mainly arise due to uncontrolled project management involving communication and information mismanagement, lack of collaboration and latent decision making. nPulse helps in integrated project planning and execution as a one-stop-shop solution to tackle such inefficiencies.KALYAN VAIDYANATHAN, CO-FOUNDER & CEO, NADHI INFORMATION TECHNOLOGIES

 

 

 

 

 

 

StrategicERP’s IT solutions facilitate complete project lifecycle management and provide real-time information empowering Real Estate and Construction businesses to make informed and effective decisions about crucial business functions. The real-time analytics pushed out of our ERP system delivers cost optimisation and process excellence. Our software is developed and designed to streamline complex business functions.
ASHVIN GAMI, MANAGING DIRECTOR, ITAAKASH STRATEGIC SOFT. (P) LTD

 

 

 

 

 

 

Newer developments ruling the roost

 

Most of the times, construction projects are plagued by delays arising from badly coordinated schedules, lack of top management visibility into project status at the site level until it is too late, and the non-availability of decision support tools tailored for the industry. Small delays in the initial phases may have a cascading effect on the remainder of the project schedule. nPulse, a software from Nadhi is an online, on-site project planning, monitoring and control suite that provides and manages reliable, accurate, up to date information to all project stakeholders which enables them to make the right decisions at the right time.

 

The software helps alleviate the pain of project management by providing forward-looking email and SMS alerts and reports that warn stakeholders of potential delays; tracking deviations (time, cost, quantities, resource productivity) during actual project execution vis a vis initial estimates; showing visually the key areas and associated critical issues to management so that they can take prompt remedial action; automating routine tasks such as preparation of progress reports, communication with consultants, sub-contractors, etc. The solution is available on pay-as-you-go (subscription) model and is well integrated with MPP. What’s important is that it integrates procurement into project schedule and reduces inventory holding.

 

In today’s highly competitive business world, it is absolutely unaffordable to slip up in the smallest capacity when it comes to delivering output. Factors such as schedule adherence and resource utilization affect business performance hugely. In light of this critical need for Project Portfolio Management, StrategicERP has developed a cloud and web-based Project Management software that will make managing multiple projects much more efficient.

 

StrategicERP’s PPM will provide better visibility, scalability, and enhanced ability to track and manage projects. It will serve as a great project management tool to help with project budgeting, getting better estimates, planning, and scheduling. The project management software gives a centralized view of due dates, documents, and other essential information to manage the project pipeline with effectiveness and efficiency. Businesses can be more agile, and track and monitor projects better with the dynamic dashboards in this Project Portfolio Management software. Responsive actions can be taken with speed and ease with the help of these dynamic dashboards.

 

This centralized mechanism of monitoring and managing projects will boost productivity and yield optimal output. It will help view all projects (including potential projects) in the context of overall business objectives and goals. This enhanced ability to track progress and anticipate potential issues helps to instill confidence in stakeholders and keep them happy. Having this kind of a big-picture view helps organizations to plan and execute projects efficiently.

 

One of StrategicERP’s latest developments is the “e-Files” electronic documentation system, which enables its clients to virtually get rid of paperwork entirely. This solution helps clients to completely digitize their entire documentation system which does not only save their storage space and cut down tremendous costs that go with paperwork, but also offers a far more efficient way of documentation. With e-Files, no one has to spend hours searching for paperwork but can find any document they want within seconds with the search function. Also, collaboration will be seamless and information sharing will be lightning-fast and incredibly efficient. Additionally, clients will be saving the planet by reducing paper wastage.

 

The company has also launched an advanced functionality in forms which gives its customers the ability to design their own custom forms. Apart from incredible customization, it also helps them to take all work online instead of maintaining different excels and enhances collaboration. This also removes any limitations on instant data sharing.

 

Lals Software Services (LSS) is the authorized and exclusive distributor of RIB CCS complete construction and engineering management software in India, where Candy and BuildSmart seamlessly integrate, provides an interactive link between the estimating & project control and the enterprise accounting and operational costing tools. It shares critical information in real time. The company recently launched a new product  C5 which is the next generation in cloud-based estimating software for the construction industry. C5 takes your construction project tendering to new heights. Combining best of breed technology and industry-leading expertise, C5 estimating software is designed to help you efficiently compile accurate estimates —anywhere, anytime! Using innovative cloud technology, C5 features cutting-edge tools that take construction project tendering to the next level.

 

 

 

Construction management software for scalability

 

The scalability in construction management software for builders and contractors ensures that even small and medium-sized builders and contractor firms can expand the scope of their operations without having to look for replacement technology stack. Technology plays a key role in improving performance and scalability. It also extends further than many people imagine. Whether it lives on the web or runs locally on your PC or mobile computing device (smartphone, tablet), construction management software can help companies in many aspects of construction management:

 

  • Inbuilt Document Management System for Sharing Designs
  • Share and Export Reports
  • Seamless Integrations with SAP, Oracle Primavera, MS Projects, etc.
  • Vendor Portal for RFQs and Subcontractor Management
  • Machinery Utilization Vs Idle Tracking
  • Automatic JCR – Job Cost Report
  • Overheads and Cost to Completion Projections

 

 

That is why selecting a robustly built construction management software suite like Tactive can give any construction firm the head start required to creating strong customer values. It offers builders an integrated solution that helps them to make tenders & bids, procure materials and equipment, hire employees, and keep up with the latest industry trends and technology.

 

 

 

Next Gen Tech Solutions

 

Market’s next great demand is going to be Rapid Process Automation for reduced time to market and time to project completion, as informed by Ashvin Gami, MD, Itaakash Strategic Soft. (P) Ltd. “We are focusing on working in harmony with their existing software and elevating the performance by combining the power of our solutions with their existing software. StrategicERP’s systems are designed to be easily integrated with other systems in order to promote synergy and co-operation. This also opens up a lot of opportunities for us to introduce a lot of organizations to Business Process Automation and its benefits,” he adds.

 

For Skudder, the industry should be investigating cloud-based solutions. “When you are locked out of your office and you can’t get to your server, it’s problematic to maintain it. Cloud based solutions are hosted by somebody else and can be accessed 24/7, no matter where you are,” says Skudder. Construction companies need to create a common data environment (CDE), where all the company’s data is in a central repository and can be accessed whenever it is needed.

 

Construction companies that have digital financial management, payroll and estimating solutions in place should be exploring how to make the best out of these investments. “Those who haven’t digitized enough downstream on site should be looking for site-based solutions that allow people to continue working and accessing data on-site rather than relying on files in an office.”He concludes by reiterating that the construction industry will be critical to the country’s post-pandemic recovery. “By effectively using the forced pandemic downtime to reflect on their business models and operating processes and ramp up their digital responses, construction companies and related businesses can emerge from the crisis stronger and more resilient.”

 

On their new launch says Devarajan Chinnusamy, Chairman & Managing Director, Tactive Software Systems “Tactive WFM (Workforce Management) Tactive workforce Management Software helps companies to manage contract labor and contingent workforce. Manpower supply companies and labour intensive industries use Tactive WFM software to do workforce planning and scheduling, manage camps, vehicles and inventory”