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5 Types of Visibility Every Construction Firm Should Have

11/26/2012 at 3:14 pm by

Here at Sage, we talk to a lot of construction and real estate firms every day about their business needs and what makes them “job ready.”  And after more than 40 years of those conversations, we’ve seen some key areas where some businesses struggle, while others excel.  One of those areas is business visibility – how clearly can a contractor or property manager see where they stand from a financial and operational performance perspective.

We recently were discussing how best to describe what we mean by “business visibility.”  One of our writers, Paul Sandy, came up with the perfect analogy: For many companies it’s like viewing your business through a keyhole, he explained. You’re unable to fully understand what’s behind the door.  Full business visibility helps you open the door, flip on the light switch, and see all the details that drive your business with the utmost clarity.

Here are five types of visibility you should have in place to assure you have more than just a “keyhole view” into your business:

Reporting
See what has happened already by synthesizing your data into reports and financial statements.

Monitoring
Learn what’s happening right now by using key performance indicators, dashboards, and automated alerts to track major risk areas and act quickly.

Analyzing
Understand why things are happening with analytic capabilities that help you assess your company’s performance and plan business strategy.

Predicting
Know what might happen by spotting trends and forecasting costs critical to ensuring project profitability.

Mobilizing
Access data using mobile devices so you can make informed decisions even while away from your desk.

For more information, our Job Ready website delves further into these five areas with case studies, expert insights, and tips that will help you determine how to improve visibility into your business.  Check it out and let us know if you find the information useful. We’d also like to hear how you stay on top of your business performance.

To follow the Job Ready conversation on Twitter, follow the hashtag #jobready.

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About the Author

Deb Carpenter-Beck is a writer and marketer with more than 25 years of experience in the construction and real estate industries. She often writes about technology and best practices and is passionate about helping contractors and real estate professionals achieve their business goals. You can follow her on Twitter @SageDebCB.

3 Responses to “5 Types of Visibility Every Construction Firm Should Have”

  1. CNDShumate says:

    @SageDebCB – What common KPIs are GCs using? #jobready

    • debcb says:

      @CNDShumate – Great question. KPIs, of course, can vary GC by GC, but 8 common ones are: liquidity, work backlog, labor productivity (if they self-perform work), schedule variance, budget variance, unapproved change orders, project cash flow and committed cost indicator. Our upcoming business visibility e-book on construction business monitoring will further discuss these KPIs, so watch for my December post when that e-book is available. Thank you for your comment. #jobready

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