What is Construction Program and Portfolio Management software?
Program and portfolio management software is designed to help construction managers and building owners with the organization and coordination of their projects. The software will help to apply different set of standards across a wide array of project and ensure those standards are maintained\ throughout (for example, LEED certification).
There are different trends you need to understand when evaluating what Program and Portfolio Management software to use:
Software as a Service is getting more popular
Most construction programs are moving from onsite solutions to web-based ones, meaning those services now charge for a monthly or annual fee rather than the cost of a full software purchase and install. This gets rid of the need for internal staff to manage any technical aspects of the software and also softens the software expenses over time.
Automation of tasks and processes
Employees a left with more time to improve business performance now that repetitive and time-consuming tasks are automated. This includes processes such as reporting, scheduling, budgeting and document management.
Increased need for business intelligence
Program management systems can learn from hundred of projects in order to standardize maintenance, storage and distribution of information; providing valuable insights into the firm’s performance.
Full-suite vendors are improving
In the past buyers often had to choose between best-of-breed vendors and fully integrated suits, but today full-suite vendors have integrated their software with functions that rival that of best-of-breed. The choice between the two is less clear now as the two compete with each other in very similar areas.
Here are the common features involved in Construction Program and Portfolio Management software:
Creation, editing and tracking all documents across large sets of projects. Taking care of work orders and inventory management.
Managing and sending reports, creation of templates across multiple projects
Taking care of communications between managers and contractors, recording communications for accountability and liability. Creation and maintenance of a customer relationship database
Maintaining financial information about project costs, covering materials, labor and all other financial aspects of multiple projects.
Why Use Construction Program and Portfolio Management software
There are many benefits to purchasing and using construction program and portfolio management software:
- Increased visibility over the data needed to manage a portfolio. The information is kept in the one place and is easier to track with less effort.
- This improved visibility helps managers with the different tasks, project phases, resource and labour involved in a portfolio of projects. This results in better planning, better collaboration and faster project completions by eliminating wasted inventory and bottlenecks.
- Web-based construction management Saas programs help to make better project management at a lower cost. No need for an IT team to manage software upgrades and issues evolving around that software
- By Tracking and scheduling resources more effectively, costs on equipment rentals and resource sharing is reduced. This not only cuts expenses for the project but also increases time for sale activities, which in turn increases the overall profit.
Your use of program and portfolio management software will vary depending on your needs and the needs of your business:
- Full suite software will be required for buyers who want to use software throughout all the different levels of their company. Those levels include the owner, the management offices as well as the field contractors. Robust software which integrates all the features of a construction company is needed as data is being shared across many different job functions.
- Construction managers will most likely require software which includes features for takeoff and estimating. They interact with contractors so project scheduling is an important aspect of their software requirements.
- Building owners will want software that updates them quickly on the status of their projects, along with reporting and portfolio management functionalities.
- Customer relationship managers will want software that allows them to accept and process work orders from customers. Their software needs are based on customer service capabilities by focusing on the sales and marketing side of customer interfacing.
- Office managers and accountants of a construction company will require a software solution which includes budgeting, payroll, ledger control and inventory management. The software needs to be comprehensive and cover all necessary aspects as this field if work is highly competitive.