2020 was a year like no other. The entire world underwent a transformation where people, businesses and families were forced to adapt to a challenging new reality. Despite it all, our 4castplus team rose to the challenge and continued to provide responsive and personal support to our valued customers, and continued building and growing 4castplus. Looking forward to 2021, a global sense of optimism is on the horizon as the anticipation of the end of lock-downs and a gradual return to normal promises to kickoff a strong economic recovery. It is valuable for all of us to reflect on the year that past,, so we'll take a brief moment to share a look at some of our 2020 highlights.
Continued Growth in an Uncertain Economy
The emergence of the pandemic caused tremendous disruption to multiple industries across various sectors: including construction, energy and many others. While some construction projects were forced to be put on hold, others were considered essential so were allowed to continue. Despite the widespread turmoil, we at 4castplus were fortunate to see growth in a number of sectors including, infrastructure, pipelines, mining (especially gold, as gold performed very strong in 2020), utilities, health care and renewables. Along with the new growth opportunities that came our way, we additionally forged strategic new relationships with various new partners around the globe. Partnerships that help us improve the quality of our services and enable us to expand our market reach.
Our team of dedicated employees remained resilient while balancing commitments to family, friends and the care of their own health – especially at a time of great uncertainty. The team took on exciting projects to continue the pursuit of building innovative solutions and features towards release upgrades of 4castplus. In an effort to deliver the highest quality product, our upcoming release will introduce a wealth of new functionality and deliver updates to existing functionality that will enhance the client experience. Highlights include:
- Service Organization Control 1 (SOC-1) compliance with SOC-2 IT controls
- New Mobile time and progress entry for jobsite crews
- Upgrades to crew management, shift management
- Phase 1 of a fully paperless solution, by enabling e-signatures of all jobsite reporting and document routing
- Major enhancements to the subcontract management of 4castplus procurement, including fixed price, T&M and unit price contracts, enhanced cash flow management, payment scheduling and major upgrades to receiving
- Many new built-in reports, charts and reporting templates
- Enhancements to cost code management with our new Accounting Codes feature for simplified finance and payroll integrations
- Significant new extensions to the 4castplus Revenue Management and Billing module to ensure customers have the right tools to manage their project and program cash flow. This includes enhanced cash flow reporting, AR payment milestones, holdbacks, etc.
For detailed information on our upcoming new release, click here.
4castplus Virtually Presents at Leading Industry Conferences
While our team usually attends many in-person events across the globe, COVID-19 led to a major shakeup of how meetings and conferences are hosted.
To appease our appetite for information sharing and knowledge exchange, 4castplus embraced new ways to network and share with industry professionals by presenting at several leading industry virtual conferences including the 2020 Project Controls Expo and 2020 AACE Conference.
- The Chasing Paper Fiasco: This webinar provides insight into how contractors can streamline their field productivity and data capture with 4castplus jobsite.
- Integrating Procurement and Project Controls for Effective Cost Management: This Whitepaper shares valuable information on the importance of tightly connection project procurement with project controls, the risks and silo-effect of segregated procurement, methods for bridging the gap between finance and project controls, and more.
- Is Construction an Essential Service During this Pandemic?: During these challenging times, many in the construction industry have questions on what is considered "essential" and how to continue to work.
- Preparing Construction Projects for Post Covid-19 and Other Resources: There are many ways the global pandemic has affected the construction industry, we cover the highlights and explain how companies can prepare their construction projects post-pandemic.
- Fierce Competition in the New Normal: As construction projects ramp back up, contractors will face increased competition. We share a few questions you should be asking yourself in this blog post.
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