No matter the size of your business, innovation is essential. Looking for ways to bring innovation into your business can offer huge returns – cost savings due to greater efficiency, faster growth due to better decision making, improved retention of talented staff, and a number of other benefits. In a study performed by the Association of Canadian Community Colleges (“ACCC”) “Colleges and Institutes and Canada’s SMEs (Small to Medium-Sized Enterprises): A Partnership for Innovation”, we find the following statement, “The capacity and ability to innovate is a critical determinant for productivity and growth.” And critical it is. In these economic times, where every business has had to take another look at how it does business just to stay in business – incorporating innovation into your business is even more essential.
4castplus offers the capability for you to categorize your Labor, Equipment and Materials resources into what are called resource classes. This capability is an extremely powerful control and reporting mechanism that enables you to achieve two key objectives:
Establishing a starting-point and benchmark for costing out new projects is greatly simplified if you have good information to start with. When negotiating prices with subcontractors or suppliers, it helps to have good historical trend and benchmark data to support your negotiating position (at the very least to know what things have cost in the past, and how those costs have changed over time). Looking back on past projects and reporting on, for example, the average cost you’ve paid for a particular material over the past year or two; can be incredibly empowering during negotiations.
Excel is an amazing tool. It is truly the great multi-purpose software of our time. People can bend and twist spreadsheets to do pretty miraculous things - from planning a children’s party to full enterprise budgeting & forecasting. Like anything, of course, it has its limits. Excel works just fine in many cases, but when it comes to more complex jobs - like estimating, tracking, controlling and analyzing large construction projects – it simply breaks down. People certainly try to force Excel to work in this field, and there’s no question that with enough time, resources and effort, a person could achieve some - rather limited - results. But the truth is, it’s just not worth it. Especially when there are good tools available which are designed specifically for that task.