Mitigating risk is one of the most important benefits that a software solution can provide a company. Having all project information integrated onto a single database is the foundation for lowering risk, as is having the necessary tools to access the data and turn it into real time information that executives can use to make business decisions. Being able to track subcontractor insurance, comply with accounting standards and having the ability to provide definite audit trails are all essentials for managing risk. Beyond that, an organization needs software that can aid in the effective management of assets, people and opportunities. CMiC Financials, a pillar of CMiC Open Enterprise v10, is the only financial software package especially designed for the construction industry that gives you all the tools needed to lower risk for your company.
The first step to lowering risk is having access and control over information. With any mid to large-scale construction project the amount of information can be overwhelming and your organizationís software system needs to be able to track and store every piece of data. Full integration between all departments translates into full visibility, meaning that transactions can be tracked across the enterprise and definitive audit trails can be produced. Working in different states and different countries means that your company has to comply with different accounting, insurance and labor regulations and your software system should be able to handle any and all compliance requirements.
The next step in mitigating risk is prequalifying subcontractors. Subcontractors represent a major risk factor on any project, and given the pace of a construction project, contracts are often signed in the field before the head office has a chance to fully vet the subcontractor. CMiC Open Enterprise v10 allows you to track subcontractor past performance and insurance compliance, so project executives can make better decisions before subcontractors begin work.
Two significant risk areas for construction companies are the workforce and equipment. The shifting nature of the construction workforce makes it hard to standardize success, but an organizationís software system should have the capability to track employee performance and skills, so the right person could be placed on the right job. This information can be used to match employees with the right piece of equipment or tool, limiting the possibility of damage or misuse. Proactive maintenance alerts generated by the software system will help keep the fleet up and running and defer the risk of the equipment breaking down during a project.
Managing current and future opportunities also helps defer risk by helping your organization take advantage of a competitive landscape and ensuring a steady income stream. By accessing historical project information, executives can generate comprehensive proposals to satisfy repeat customers, while new business can be won by demonstrating that your company has supreme control over information and knows everything it needs to in order to work on the project.
The only construction solution that allows you to do all this is CMiC Financials, the most comprehensive financial management software package ever designed for the industry. Based on over 35 years of working with some of the largest and most technologically advanced architectural, engineering, construction and project owners in North America, CMiC Financials allows you to lower risk by granting you the ability to access and consolidate financial information in real time, ensuring greater control over your environment and improving accountability at every level of your organization.
For more information on how CMiC Open Enterprise v10 can lower risk for your organization, please contact us.
For more information on CMiC Financials, please visit here.
For more information on CMiC Open Enterprise v10, please visit here.