Although spreadsheets and custom software solutions have been used in managing projects, there is still a chance of error, especially when dealing with multiple related projects or projects with unique needs. Therefore, construction firms are looking for integrated business management solutions, like Dynamics 365 Business Central, to ensure high-quality predictable outcomes.
Microsoft Dynamics 365 Business Central is a cloud-based enterprise resource planning (ERP) solution that offers a suite of powerful tools to manage finances, operations, and customer relationships. Microsoft Dynamics 365 Business Central has improved its financial and project accounting capabilities, including budgeting, estimation, and other tasks that can help construction firms improve their management competency. It is specifically designed for small to medium-sized businesses and provides a complete end-to-end solution for managing various business processes.
Here are some of the ways in which Microsoft Dynamics 365 Business Central can help construction companies streamline their projects & manage their projects more efficiently:
- Resource Planning: Construction projects involve managing multiple resources such as equipment, labour, and materials. Business Central offers features such as resource planning and scheduling that enable construction companies to optimize their resources and ensure that they are being used efficiently. With the ability to schedule and assign resources, construction companies can avoid overbooking and underutilizing resources, reducing costs, and improving project efficiency.
- Financial Control: Construction projects can be expensive, and managing finances effectively is critical to the success of any construction project. Business Central offers robust financial management features such as accounts payable, accounts receivable, general ledger, and more. The solution enables construction companies to manage their cash flow, track expenses, and generate accurate financial reports. By having a clear view of their financials, construction companies can make informed decisions and avoid financial surprises.
When it comes to cost, time, and control over the project, Business Central allows easy access to methods like Budget Vs Actuals, Estimated Cost to Complete, Cash Flow, and other aspects of measuring and monitoring finances. Moreover, it allows transparency to the project stakeholders when it comes to precise decision-making on project deliveries by building reports and dashboards with Power BI. Business Central keeps track of the financial aspects of projects, including budget vs. actual, cost estimate Maintain G/Ls, budget-actual, cash flows, cost of completion, and other crucial financial KPIs. Monitor and measure financial information with Power BI dashboard and reports to complete and P&L reporting.
- Inventory Management: Construction companies need to manage their inventory effectively to ensure that they have the necessary materials and supplies to complete their projects. Business Central offers powerful inventory management features that enable construction companies to track inventory levels, monitor usage, and reorder materials as needed. By having real-time visibility into their inventory, construction companies can avoid stockouts and delays in their projects.
- Project Management: With Business Central, construction companies can easily manage their projects from start to finish. It offers features such as job costing, time and expense tracking, project planning and scheduling, and more. The solution enables construction companies to track project timelines, budgets, and resources, ensuring that projects are completed on time and within budget. With the ability to track job costs in real-time, construction companies can make informed decisions and adjust their budgets and timelines as needed. Large scale construction projects cannot compromise on the efficiency of their execution plans. Business Central enables real-time tracking of resources for improved communication within the construction unit.
- Reporting and Analytics: Business Central offers a range of reporting and analytics tools that enable construction companies to gain insights into their operations. The solution offers built-in reports and dashboards that provide real-time visibility into key performance indicators such as project costs, resource utilization, and inventory levels. With the ability to analyze data in real-time, construction companies can make informed decisions and adjust their strategies as needed.
- Define time/budget constraints to manage project completion.
- Manage job quotes with easy-to-use job quote templates that allow checking the scope of work, take off segments, and other information that helps to create quick Job Quote Reports.
- Bi-directional integration with tools like MS Project for tracking of the project schedule, timely forecasting, and easy execution according to budget changes. Quick and adaptable integrations with Microsoft products as well as essential 3rd party project management applications.
- Streamlining change order management and workflow management
- Visibility to the cost procurement data at all stages of the project.
- Set KPIs to track net profitability related to project completion status.
- Enhanced sub-contract management with integrated access to project assets, maintenance modules, and overall throughput within Business Central.
- Estimate quality and monitor budget in real-time.
- Reduce operational errors and financial risks for improved execution.
- Track and manage revenue recognition through construction project accounting software capabilities using add-on solutions.