4castplus Blog

4castplus Blog

04 4, 2019

Oil and Gas Contractors Look to 4castplus for Efficiency and Competitiveness

Statistics show that more and more Oil and Gas contractors are moving forward and embracing better technology to streamline their businesses.  Contractors in many industries have been a bit late to adopt software as a means to improve their profitability - but that is changing fast.  This is partly due to the near-collapse in oil prices that haunted the industry over the past five years; which has recently been creeping up into the $60/bbl range to make things profitable again. During that period, companies had been searching for ways to remain profitable, and many turned to technology such as project cost management solutions to secure that profitability.  This momentum is continuing, as companies aren’t prepared to take a risk on another fall in prices.

 

 

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27 27, 2019
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08 8, 2019

How to Link a Change Order to a Purchase Order Revision

In this article I’m going to go through the basics of how, after creating a change order in 4castplus, you can go on to make any revisions to purchase orders based on the details of that change order. First, however, I’ll clarify a bit of terminology in terms of the difference between a change order and PO revision:

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12 12, 2018

Your Corporate Data is a Gold Mine - Take it Seriously

 

For any organization, their corporate data is one of the most important assets they possess. The information they gather on a daily basis forms the core of who they are, where they’ve been and where they’re going. The monumental technology changes going on in the world today have made ‘Data’ the central element that determines success or failure for most any company.

 

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22 22, 2018

Get it Right the First Time

On any day of any major construction project, a ton of information is being collected about that project. Including: costs, hours, activities and progress; along with a variety of documents, photos, invoices and receipts.  Feeding all this data to the project managers is critical to enable them to bring the project to a successful completion on time and on budget.

 

Construction Cost Tracking Software

 

The thing is, all this data that’s collected needs to be both accurate and complete, otherwise it’s not much use to anyone. Not only that, but it also has to be timely – meaning that, giving project managers data that several weeks old doesn’t really help much. It needs to be current, like from today, otherwise you’re managing the past, which is not only ineffective, but frustrating.

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15 15, 2018

Contractor Profits at the Mercy of Higher Construction Costs

Construction costs in the US have been escalating for months now, and it’s so far the contractors who are carrying the weight of absorbing these price increases. This, according to a recent study by the Associated General Contractors, who went on to point out that recent tariffs on non-US foreign materials have further intensified the issue.


The Pain of Higher Construction Costs 

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19 19, 2018

Paper-based Ledgers are a Thing of the Past

Several decades ago, organizations used to manage all their finances using big paper-based ledgers, where they’d spend much of their day “doing the books”. These large ledger books worked for hundreds of years, however it would be a challenge to find any modern company today that runs their business on paper-based accounting methods.  

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16 16, 2018

Top 5 Reasons Why an ERP Won’t Work as a Cost Management Solution

It’s not uncommon for organizations to consider the idea of using their ERP as a one-stop-solution for all their technology needs – even when it comes to managing the many-layered complexities of cost management on major projects. It’s an appealing idea: everything in one place, under the tight control and scrutiny of the finance department. The challenge with this of course, is that the target users of an ERP are in the finance department, not those who are managing the day-to-day operations of a large construction project. 

 
Construction projects have many moving parts and a colossal amount of data to carefully manage in order to keep the project running to plan. Not only that, but there are numerous different types of users that need to work collaboratively in real-time. Such as: Project managers, project controls, engineers, field staff at the jobsite, subcontractors, project owners and others, that all need to work together, sharing data and workflows, to seamlessly bring a project to a successful conclusion.  

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04 4, 2017

Using Rules of Credit for Percent Complete in 4castplus

How do you figure out percent complete on a project? How is it you go about objectively assigning a reasonable and accurate measurement of how far along you are on an item of work? How many times have you asked, “Hey, where did that number come from?”

Most any manager, VP or director who has to oversee the work of his or her team of project managers has a big worry about this very thing. They know the temptation that exists for a project manager to leverage a little creative license with the numbers to make the project look a little rosier than it is in reality. Customers on the receiving side of a progress draw are equally aware of the tendency to big-up the progress numbers in order to fatten the invoice.

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26 26, 2017

Top 5 Challenges to Effective Cost Controls - and their Solutions

More and more companies are demanding greater visibility into construction project performance. Simply put, companies want to know that funds are being well spent and that their projects are going to run to plan.  As a result, increased demands are being made on project controllers to deliver timely and accurate cost and revenue forecasts to help shape business decisions.  But hey, you know all about this, don’t you?  

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