Here’s How Spreadsheets Are Harming Your Construction Projects
Spreadsheets. They’re commonly used for tracking data in construction projects. Managing time. Tracking costs and expenses. Keeping track of resources. Spreadsheets have their place. But that place is not construction project management.
Limitations of Spreadsheets
The construction industry has been dependent on spreadsheets for generations. Over 45% of construction companies still use spreadsheets as their main source of project management, and as many as 70% of construction companies use spreadsheets for estimates and accounting [JB Knowledge].
With the large numbers of companies that use spreadsheets, how could they harm your construction projects? It’s simple, really:
● Spreadsheets are prone to human error in data entry. One mistake in a formula or value can invalidate the entire spreadsheet. On average, nearly 90% of spreadsheets contain serious errors [Panko, University of Hawaii].
● Double entries are common in spreadsheets. Once again, the numbers on the spreadsheet don’t reflect reality.
● The time investment in spreadsheets is substantial. Each spreadsheet needs to be built from the ground up and updated manually to stay on top of the project. This takes manual labor, and not the kind that actually moves a construction project along.
● Data security is nonexistent in spreadsheets. Do you know how easy it is to accidentally delete a data cell or column? Way too easy. Forget trying to recover lost data. Starting again from scratch is just about the only option.
It’s clear that spreadsheets pose serious problems to your construction company. Even if the data is miraculously entered correctly and there are no errors, it’s easy for the data to be misinterpreted. Decision-makers tend to rely heavily on spreadsheet information. One small error or misinterpretation could lead to major project delays, poor quality of work, and cost overruns.
Construction Management Software – The Better Way to Manage Construction Projects
It’s time to say goodbye to spreadsheets and welcome in the age of construction management software. Modern construction technology eliminates human error.
Think streamlined communication with lenders and project owners. Automated draws. Transparency of data and simplified tracking. Real-time numbers and reports. Data privacy and security. Easy collaboration with invested parties.
It’s all possible with reliable construction management software. You can have your data at your fingertips, easy to access and update from your phone. Projects using construction management software will be completed on time and with less confusion than projects that are managed with a spreadsheet.
Spreadsheets are the way of the past. Construction management and payment software can bring your construction company up to date and ahead of the competition.
CoFi is the Solution
Spreadsheets have their place, but it’s not in managing construction projects. CoFi was created to replace spreadsheets with an intuitive, collaborative payment software. CoFi has done away with outdated processes by bringing predictability and consistency to the relationship between contractor and lender.
Our goal has always been to make construction projects more efficient. And our software is doing just that. See how CoFi can help your business. Schedule your personalized demo today!