A construction project is much more than merely hammering nails and cutting boards. A large amount of work goes into juggling the many needs of a project.
Key resources – material and labor must be managed carefully and utilization must be planned and monitored to ensure budgets are adhered to and there is no revenue loss.
Few realize the complicated nature of project management until they are overwhelmed by too many details and not enough time. It is common for entrepreneurs skilled in carpentry or building construction to start their own EPC company.
Unfortunately, many of these learn the hard way that skills in management can make or break a project.
The first management hurdle to overcome involves managing cash flow. It is rare for the entire project budget to be available at any one time.
More likely funds will come in installments, which requires project spending to be carefully thought out. Effective planning and timing often cause problems for new builders. Luckily, EPC project management software makes it possible for even new project managers to keep projects running smoothly.
One helpful feature of EPC management software is the ability to efficiently map dependencies. Dependency mapping is a management technique in which segments of the project are represented in a flow chart that presents project objectives.
Objectives on the chart often have prerequisites that must first be completed. The dependency map allows a project manager to see which steps of the project have priority at any given time. This process can be complicated if done through a manual/unstructured process, especially considering the frequent changes that must be made.
Schedule management is essential to the completion of any EPC project as per agreed timelines. The software enables keeping track of task time and availability of slack or float if any. The visibility of slack or float facilitates managers to help deploy their resources optimally. This simple process can do wonders to keep a project on track or even ahead of schedule.
As any corporate construction company knows, reporting is essential for continued stakeholder engagement and thereby, the success of the project. Reporting keeps the stakeholder spectrum including the teams, senior management, customers, vendors, financial institutions, and parent companies abreast of the current project progress and status.
Banks often require progress reports in case of project financing. EPC software makes it effortless to create easy-to-understand reports like Progress Reports, Cashflow Analyses, Gantt Charts, and other dashboards that could be shared with relevant stakeholders.
EPC software is one of the best ways to increase the efficiency of your construction company. Read through the available online EPC management software reviews to get an idea of the software capabilities and the value that they offer.
In today’s environment, it is critical that the chosen solution be web-based, intuitive, analytics-focused, and supports mobility in addition to the standard project management functionalities that are today considered as ‘hygiene factors.’
Project management is a critical component of any EPC project. In fact, after securing a project and getting funded, management is definitely the most important part of the project and EPC Project management software is a must-have.