As we continue to navigate the complexities of construction, CFMA’s focus remains on equipping you with the insights, strategies, and tools necessary for success.
In this issue, we dive deep into the latest trends and technological advancements that are reshaping your field, providing you with the knowledge to drive growth and enhance profitability.
From innovative AI applications to the evolution of ERP systems, this issue explores how these advancements can streamline operations and bolster your bottom line.
Join us as we uncover the pivotal power of technology and its impact on construction financial professionals.
AI in Construction & Everything ERP
Artificial intelligence (AI) is rapidly transforming the construction landscape. From enhancing project planning and execution to improving safety and reducing costs, AI applications are becoming indispensable.
An article in this issue dives into how AI is being integrated into construction workflows and the significant benefits it brings to our industry.
Additionally, as the construction industry evolves, so must our enterprise resource planning (ERP) systems. Increasingly, features of classic ERP systems are including elements of AI to help improve how invoices are handled, revenues are forecasted, and work-in-progress (WIP) is calculated.
At CFMA, whether it’s CONFINDEX, the Construction Financial Benchmarker, or the Heavy Equipment Comparator, we believe that data is vital to gaining insight into the industry and where your company fits within the context of it. Of course, that data resides in your ERP, but increasingly, AI-enabled capabilities help build robust reporting and ultimately enhance decision-making.
With enhanced data visualization, predictive analytics, or advanced pattern recognition, robust AI-driven reporting helps ensure transparency, compliance, and operational efficiencies that are essential for sustained growth.
Data, Data & More Data
As one of the articles in this issue addresses, CFPs can harness and maximize data for success. Another reflects on the importance of understanding company health and interpreting data subjectivity that is part of all construction projects.
Connecting the dramatic changes in technology with the availability of data poses some risks, including technical debt. An article from this issue delves into those risks, explains them, and provides a case study on the impact of technical debt.
So why is this all important? Data fuels all aspects of construction companies. Good data enables a company to have more capacity to take on projects, delivering them on time and on budget, while bad data leads to inefficiencies and additional costs (reduce downward pressure on margins), contributing to a lack of agility to take on new projects.
It’s All About the Team!
In this issue, you’ll also explore the advent of pooled employer plans (PEPs). PEPs enable multiple employers to pool their assets and participants into a single retirement plan — ultimately making it easier for CFPs to offer benefits, which is a big step toward attracting the next generation of talent.
A construction company’s most important asset — the team — is essential to implementing any system, and it’s critical to use technology to better inform projects. Effectively deploying those human assets to leverage technology and data enables a company to succeed in today’s competitive market.
I hope you find these articles both informative and inspiring as you continue to build your businesses and navigate the dynamic landscape of the construction industry. Thank you for your continued readership and dedication to the construction financial profession!
Copyright © 2024 by the Construction Financial Management Association (CFMA). All rights reserved. This article first appeared in July/August 2024 CFMA Building Profits magazine.