8C — November. 13 - December 10, 2020 — Professional Services — Owners, Developers & Managers — M id A tlantic Real Estate Journal
www.marej.com
Professional Services
aking the guesswork out of profitability is becoming increasingly Leaving the paper world behind enhances efficiencies across every work area Construction industry leadership is on the lookout for a better way T
hancing efficiencies across every work area. While strides have been made, the construc- tion industry has been one of the last to embrace the ben- efits of the electronic revolu - tion – including the shift from the “paper” world and filing cabinets filled with blueprints, invoices, change orders and every other form of business documentation. Moving from a paper to digi- tal business economy offers numerous advantages. First, let’s look at some basic costs. Construction expert Houston Neal once calculated that the
construction industry prints an average of 37 million blue- prints every year. At a price of about 50 cents for every black- and-white document printed on 20#, 18x24 paper, this trans- lates into about $18.5 million and the death of approximately 42,000 trees. Howmuch money does your firm spend on paper every year? Further, what do you pay for toner and copying? Do you still mail invoices to clients? Now look at the broader picture. How often have proj- ects been delayed or activities stalled by the inability to re-
view change orders, blueprints and other relevant documents in real time? What challenges would be solved by the imme- diate access to all job-related information from one electronic source by all key company personnel? What’s the value of instantly answering owner/de- veloper questions in the field? That’s the benefit of the digital age. Because today’s cloud-based ERP systems store files in one central digital lo - cation, they enable real-time document review. Solutions are available that offer user- friendly access to job informa-
tion from almost any device connected to the Internet. This includes “anytime, anywhere” visibility – as well as secure, permanent backup. With a few simple clicks, authorized per- sonnel from accounting staff to project managers and field supervisors can simply drill down from the most complex to the simplest details. Boost- ers even exist for ensuring WiFi connectivity in remote locations. Consider this as well. To- day’s contractors, builders and construction firms live in a highly litigious environment. Every error and omission, no matter big or small, can be costly. This is particularly true when design/build methodolo- gies are increasingly blurring the lines between professional responsibilities, and designs are constantly revised through- out every construction phase. What better way to prepare against claims than with a detailed history of key details captured during the entire project lifecycle? One last key benefit? Today’s best enterprise construction management/accounting sys- tems enable users to take ad- vantage of a multi-cloud world. This means multiple business applications and services in the cloud effortlessly interact in a way that best serves individual users. Within this context, construction and development practitioners can adopt cloud platforms and applications that facilitate project manage- ment, property management, estimating, budgeting and valuation, AP processing, and document and approval man- agement. So, where do you begin? The search for the right technology solution should start with the leading players. This includes firms with reputations for sup - porting the commercial real estate field for years, if not decades. Then, ask the right questions. Develop a checklist for providers that covers every- thing from current customers, costs, reliability and security, to system functionality, train- ing and ease of use. Remember that the best solutions are incorporated with partners that have a vested interest in helping your company enhance efficiencies, reduce costs, save time and increase profits. Michael Mullin is presi- dent of Integrated Business Systems in Totowa, NJ. MAREJ
difficult with - in the ever- evolving con- struction in- dustry. There are just too many moving parts that ex- ist beyond the control of any one firm.
Michael Mullin
As a result, every construc- tion business owner is on the lookout for a better way. This includes best methods for en-
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