The construction industry has experienced labor shortages, rising costs and tight margins due to the fallout from the pandemic, which has radically transformed the process of planning and executing projects. Controlling these challenges require a project centric platform that enhances productivity and margin gains. Here are the five ways the IFS Cloud Integrated Project and Asset Lifecycle Platform can tackle obstacles in the construction industry:
1. Improve project delivery
Companies need to deliver high-quality projects on time, within budget and with minimal risk. Clients want contractors who have a consistent performance and professional delivery processes. The IFS Cloud Platform enables high-quality predictable project delivery performance, potentially leading to a better win rate on new contracts and accuracy on project outcomes.
2. Enhance project margins
Margin erosion is a huge challenge for the industry. IFS Cloud can improve project margins by standardization of process that eliminates repetitive and non-value-added tasks. The approach also helps reduce client claims and lowers rework and waste. Coupled with contract change and risk management capabilities, this complete solution can help protect businesses in the long run.
3. Focus on asset outcomes
Clients are increasingly looking for the contractor to focus on the asset’s outcome. IFS Cloud offers a world class asset and facilities management solution that is interwoven with the construction, field service and back-office capabilities of finance, supply chain and human resources – without the need to buy, implement and integrate multiple business systems.
4. Integrate business systems and spreadsheets
Many construction companies tend to have systems made up of many departmental solutions with little or no connectivity between them. This leads to the excessive use of spreadsheets to try to provide management the necessary information to run the business. The IFS Cloud is built around standards-based open APIs, so everything you can do in IFS Cloud can also be done through open APIs. This makes it simple for businesses to connect and extend your core applications to your wider application landscape, as well as a variety of platforms, tools, data sources and more inside and outside your business which provides consistent project and company governance.
5. Document-driven Building Information Modeling (BIM)
There is a strong trend towards digital asset lifecycle management, with BIM design models increasingly becoming the norm. The goal is to move away from a heavy document-driven world to a data-driven model where digital data is used as the master data for all project and asset management processes. Other digital technologies such as Augmented Reality, Internet of Things (IoT), drones and robotics are going to transform the way the industry works. Engaging with IFS Cloud can provide construction businesses a solid foundation to organize and interact with new technologies to streamline operations.
Despite these challenges, IFS has developed a digital ERP backbone that intersects with modern methods of construction, unleashing a project and asset centric platform that can support a reenergized industry. At Baker Tilly Digital, our team of experienced consultants will help your team navigate your business’s unique complexities and provide a full complement of resources and capabilities.
To learn how Baker Tilly Digital can accelerate your projects with IFS, contact our team today.