The InEight Control feature helps project managers keep their construction projects under budget with real-time budgeting and enhanced visibility.
Keeping track of a project’s budget and schedule may never be easier thanks to InEight. One of the leading names in construction project management software has added an extremely useful tool to its leading platform, InEight Control. The new feature brings time-phased budgeting and forecasting to the construction industry. With InEight Control, project managers will know exactly how much of their projects are complete to date and where and how the budgets have been depleted.
Time-based budgeting and forecasting offers a huge upside to project management teams, providing them with real-time data rather than making them wait until the end of the month to catch up on financials. This method provides more financial control and makes it easier to stay on schedule and under budget. InEight Control users get a 360-degree view into their project’s budget and can make adjustments on the fly if things are heading in the wrong direction.
“Until now, gaining greater granularity of a capital project’s budget or forecast has been a considerable challenge. This new feature further elevates the capabilities of project managers versus traditional ERP system offerings, allowing key project stakeholders to gain real-time insights into the project’s percent complete, revenue, budget and forecast, while creating numerous possibilities for earned value management.
“Not only will the feature allow for more detailed analysis, such as comparing forecasted value, earned value, and actual value for any period, it will also allow project teams to understand where to focus resources on improvement efforts, where the project is excelling, and whether forecasting efforts are accurate or need attention, explained Rick Deans, the executive vice president of industry engagement at InEight.
Using the new and improved features in InEight Control allows project managers to keep a real-time construction budget with accurate forecasting based on different scenarios. Feeding more data into the system only helps to create more accurate forecasting and benchmarking tools.
InEight Control gives users the ability to focus their efforts on improving phases and aspects of a given project that may be struggling or require improvements. Having a constant supply of data makes it possible to identify these areas quicker, rather than waiting for monthly reports. Users can keep their teams’ productivity levels high and avoid cost overruns and delays. Contractors also gain visibility into the details of exact time lines and dates when costs will be incurred for the client—eliminating surprises in project costs.
InEight Control’s promised benefits will improve project control in the construction industry, increasing the likelihood that projects will be completed successfully for all parties involved, without cost overruns or schedule delays thanks to more accurate project and budget data. Team members will also be relieved from having to spend hours updating cost spreadsheets and have more time to focus on more important assignments that contribute to the completion of projects. In the future, there will likely be even greater emphasis on return on investment and the financial performance of construction projects, especially in the public sector, where every dollar spent is already hard-fought and highly scrutinized. Using InEight Control for project budgeting and scheduling could enable companies to get ahead in a competitive industry and stand out as leaders.
