4 Cost Management Workflow Enhancements to Simplify

The architectural, engineering and construction (AEC) industry is increasingly adopting digital processes to enhance its efficiency and flexibility of getting the job done even when in a competitive environment. According to a recent study conducted by KPMG shows that approximately 31% of all the construction projects fall within the 10% of the predicted budget, which means there is an urgent need of having better tools to help construction teams improve how they control construction cost and manage change.

BIM 360 Cost Management was launched earlier this year which aimed at helping teams to be able to better manage all cost-related construction activities. The software allows the users to have better control over the project’s financial workflow allowing them to focus on the process of building. Here are 4 enhancements designed to help automate and simplify the change process that will make life easier for its users and help them to manage the work with clarity and precision:

Workflow-Based Actions

Having a good understanding of the change process to move items through the system is not required today as now with selectable BIM 360 cost management workflows-based actions the user can advance through the system with options for the next step available to take. Earlier the process was more of guesswork, but now it is more intuitive, streamlining the flow and making the software easier for teams to adopt and manage information.

Flexible Generation of Supplier Change Orders (SCO)

With the addition of workflow-based actions, the users will now be able to generate Supplier Change Orders (SCOs) only after they transition to a specific status- eliminating any confusion and after making the process clear. While generating an SCO, the user will be able to easily generate a single SCO by selecting the checkbox next to the cost item within a parent, or more parents. If the users want to generate an SCO, they will only be promoted from a Potential Change Order (PCO) with a budget and cost status of Open, a Proposed Request for Quote (RFQ), an Accepted Request for Change Order (RCO), or an Approved Owner Change Order (OCO).

Customizable Tab Naming

This update will remove any confusion by giving access to the project admins to customize the default sub-tab names (Cost Items, PCO, RFQ, RCO, OCO, SCO) within the Change Order tab. This level of customization will enhance the users’ workflows by incorporating the terminology they already use into their system.

Fundamental Forecasting Functionality

The addition of new columns in the Budget & Contracts tab will allow the users to make forecast adjustments, view forecast variances and forecast final costs in the forecasting functionality in Cost Management.

Here are some additional usability improvements in the Cost-Management Workflow:

Formatted Budget Export : The update will now allow the budget view to be exported as a formatted .csv file.

Attach xCO to existing xCO : Now there’ll be flexibility in making last minute additions to the existing change orders like adding a new Potential Change Order (PCO) to an existing Request for Change Order (RCO) or Owner Change Order (OCO).

Relative Codes: Users can now collate multiple PCOs into a single RCO and multiple RCOs into a single OCO etc.

Budget Transfer History: Now the users can export the budget transfer history that shows a complete audit trail of transfers to .csv file.

All the Cost-Management Workflow enhancements will help the users to navigate through the change process making it simple and easy for all users to adapt and manage.

Conclusion:

The need for precision is not common in one sector but all. The construction industry was in a dire need of software that helped manage the cost-related activities to enhance the work process for its team members. The launch of BIM 360 Cost Management has made life a little easy for its users and helped save time and improve the efficiency of the overall project.

TechnoStruct LLP is a leading name in the construction industry. It specializes in providing mechanical and engineering solutions, designing, engineering, solar engineering solutions, and construction solutions to commercial projects across industries, with a diversified range of services including but not limited to BIM, MEP engineering and designs, Mechanical Subcontractor, Solar, Electrical Subcontractor, and many more.