How Can We Improve Construction Productivity & Profit?
One of the main problems that construction companies face is productivity. In an economic context, productivity is how to measure the output that comes from units of input. In construction, the output is usually expressed in weight, length, or volume, and the input resource is often in the cost of labor or working hours. With the new normal restricting the workforce, the decline in productivity should be closely monitored. After all, productivity is directly tied to profits so that strategic productivity improvements can give your business a competitive edge.
In general, the significance of productivity is essential because it increases output. High productivity results in a lower cost per unit of production, and turn, leads to higher levels of income for the business. However, when it comes to saving costs by increasing productivity, this is still a challenge for companies. It requires an investment of time and resources to achieve a positive result. LiveCosts briefly outlined seven areas to increase productivity and reduce labor costs: Reskill the Workforce, Improve Communication, Get Feedback, Delegate, Improve Safety, Time Tracking, and Technology.
A steady fund income is of great importance in a construction project. However, many construction companies are losing money due to poor productivity resulting from poor monitoring. LiveCosts gives you full control of your project through their four pillars: Project Dashboard, Suppliers Tracking, Pricing Catalogue, and Site App. Project Dashboard will help you view the collected data for you to analyze the important information. Suppliers tracking will notify you of your costs and inform you when you are overcharged.
Pricing Catalogue will help you make quick and accurate decisions by giving you access data. Poor monitoring is impossible with the use of a Site App that lets you connect your office to the field. With LiveCosts you are in good hands. Unlike many software providers, LiveCosts founders Niall and Ciaran Brennan come from the construction industry. The company’s foundation is built on a deep understanding of what it takes to run a successful construction project.
If you want to learn more about saving cost by increasing productivity and how LiveCosts work, click here.