Project success. That’s the common goal for everyone involved in a build or renovation. Clients are happy, schedules are met and final costs sit comfortably within budget. You can look at success from lots of angles, but it’s always measured by money in the bank – that’s why effective controlling is the key to successful builds.
So why are so many projects still falling short, with the average build coming in at 73% over budget? This means lower margins, delays and less-than-satisfied customers.
Lots of data, little knowledge: How outdated tools drive bad decisions
What’s the secret to a successful project? Simple: making the right decisions, at the right time. But it’s complicated by the fact that, more so than in any other sector, project stakeholders in construction make important decisions every day that directly impact the outcome of the projects they work on. Good decisions are rewarded by increasing the ROI or simply keeping the build on schedule. Bad decisions are paid for in time, money or quality – often all three.
The problem
The problem is that construction projects are still managed with outdated tools and makeshift solutions that were developed for completely different purposes. Most companies still work like they did in the early 2000s – with key information hidden in random Excel spreadsheet tabs, email conversations or in piles of paper documents. This makes it difficult for all the parties involved to work together and slows down every process. Companies generate huge amounts of data but have very little knowledge to support forward-thinking decisions.
For decades, there was no need for project developers, property developers and asset managers to change the way they work. Everyone involved had to get used to their workarounds and despite overrunning costs on almost every project, most were still able to turn a profit. But that’s no longer the case. And today’s challenges can no longer be solved with systems and processes from the past.
4 challenges that stand between your project stakeholders and long-term success:
- There’s no way to collect and process all the relevant data points and risk factors from a project, in a format that gives every stakeholder access to the same, comprehensive knowledge base.
- The industry lacks standardised processes and new communication channels that give everyone involved the same level of understanding.
- There’s a lack of digital solutions that make work structured and more efficient.
- They have no single solution that maps out all the relevant project data and risks throughout the entire lifecycle of a property to support holistic decision-making.
How Alasco can help you run more successful projects today (and tomorrow)
If project stakeholders are to make better decisions, take the right actions and make smart investments in the future, there’s one thing they need above all: Knowledge. Alasco is the only software solution that combines all the dimensions of project success – from costs and revenues to benchmarks and forecasting – in one platform. The software supports effective project control by handling all the relevant data in one place. So you can see your costs and revenues in a click and manage all of your invoices, change orders and contractor details easily.
Alasco also reduces the effort involved in communication and invoice approval by a third, by replacing all those old, rigid processes with automated digital workflows. Once you start working with Alasco, you’ll have all your information and processes centralised in one place. This speeds up collaboration between all the different stakeholders on a project and reduces errors. At the same time, you’ll build up a database of real-time data, benchmarks and forecasts that will help you make proactive decisions today and on future projects.
Success through innovation: What does the future look like for construction and property development?
Today, Alasco is already helping industry pioneers run more successful projects. But at the heart of our software solution is the idea of the ‘single source of truth’ – a place where all your project finances are mapped out over the entire property lifecycle. Where everyone involved can access and contribute to critical project data in real time and in one place.
This makes it easier for every single stakeholder to play their role and paves the way for the kind of sound decision-making that underpins the most successful and enduring properties.
- Important information is accessible to everyone involved at all times. And it’s presented in a way that enables decisions to be made quickly and actions taken immediately.
- Work processes are simplified, standardised and automated. This frees up stakeholders to focus on the essentials.
- New and existing risks can be recorded, analysed and forecast to give the whole picture. Confident countermeasures can be planned in advance – turning risks into opportunities.
- Tap into benchmark data from your previous builds and other Alasco projects to make collaborative decisions that add the most value.
Our software solution eliminates all the inefficiencies from your day-to-day work and sets up your developments for long-term success. For employees. For tenants. For buyers. For investors. And most importantly, for you.
