Unlocking strategic insights for long-term profitability for your construction business.
Sponsored by: Acumatica
Long-term construction profitability requires a methodical approach based on timely, accurate, and complete information. While financials are an essential indicator of project and company success, large, complex projects involve many factors that demand scrutiny beyond mere financial metrics. Technology that measures and reports on comprehensive construction metrics is the key to consistently successful projects.
Types of Metrics
- Top-Line Metrics: These provide an overview of overall performance, including profit margins, cash management, schedules, and productivity.
- Departmental Metrics: Metrics specific to different areas (e.g., change orders, subcontractor management, safety, and compliance).
- Metric Management: Efficiently tracking and analyzing metrics is crucial for success.
- Driving Organizational Growth
- Profitability: Monitor industry trends and adjust bids and budgets to remain profitable. Identify inefficiencies that could impact project budgets.
- Decision-Making: Access data on subcontractor crew productivity, retainage, and change orders for strategic planning.
- Efficiency: Benchmark estimate accuracy, team productivity, project quality, and safety. Continuously monitor and improve efficiency.
- Competitiveness: Understand strengths and weaknesses to win contracts by following timelines and quality standards.
- Reduced Risk: Key performance indicators help predict and avoid risks during construction projects.
Learn more about the importance of metrics and commons mistakes to avoid for construction businesses. Download this free eBook today.
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