Nova Scotia Journal

Tuesday, December 7, 2021

A new survey reveals for cost management in construction projects in Canada

new survey reveals for cost management

Key Takeaways:

  • Canadian Confidence: Canadian respondents are confident in their information management skills.

Canada ranked first among its global rivals in terms of knowing where they are making or losing money at any given time, with 68%; yet, only about 20 percent are spending the appropriate amount on technology.

Procore Technologies, Inc., a starting provider of construction management software, revealed the findings of a report co-authored by Dodge Data & Analytics, a leading provider of commercial construction project data that focused on Canada.

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According to the survey, both owners and contractors in Canada find a range of issues regarding project cost management. Still, they believe that adopting a single streamlined solution will help them complete projects and manage costs more efficiently.

The report, released in July 2021, examines the industry’s opinion of project cost management and how construction professionals in various countries use technology to manage costs efficiently. Construction owners, general contractors, and subcontractors from the public and private sectors in Canada, Australia, New Zealand, the UK, and the US participated.

Canada led all regions polled to know the real-time profit/loss status of projects/portfolios, with 68 percent agreeing or strongly agreeing that they understand where they are making or losing money on a project or throughout their portfolio at any given time.

From a single source of truth, 58% of Canadians said they could readily obtain cost details and prepare complete financial reports. Sixty-three percent stated they could dynamically track every dollar in their budgets and estimate necessary expenditures using real-time field data while remaining in sync with their accounting system.

When it comes to workflows connected to cost management, Canadian respondents collaborate with external partners in a variety of ways, including older, traditional processes:

  • FTP server managed by a project team member (13%)
  • Email and attachments (17%)
  • Manual processes relying on printed paper (14%)
  • Telephone and personal communication (16%)
  • Generic, third-party collaboration software (17 %)

“The researched that both owners and contractors are willing and able to participate in a more holistic and integrated cost management approach,” said Stephen Jones, Dodge Data’s senior director of industry insights. “By concentrating on fewer, more complete technology solutions and boosting all stakeholders’ engagement with cost management, all parties will benefit from better cost-related results.”

Source: Business Wire

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