How RIB BuildSmart Elevates Project Cost Management

Tired of outdated reports and unreliable data sources? As the construction industry keeps evolving and client and project demands become more complex, the tools of your trade need to evolve too – to be ready to adapt to achieve greater efficiencies, cost control, and profitability in an increasingly digital environment.

Key Takeaways

• RIB BuildSmart was developed to counter the inefficiencies of traditional methods and empower the AEC industry with greater control over the financial and operational performance in an increasingly digital and competitive environment.
• BuildSmart transforms construction project management by providing real-time, accurate data that supports meaningful decision-making.
• A single source of truth unites stakeholders, offering complete, effective communication and better control.
• BuildSmart solves challenges for C-suite executive teams, commercial and project delivery teams, construction estimators, planners, plant and equipment managers, accounting and finance teams, procurement and stores managers, HR and payroll managers.
• BuildSmart software is fit-for-purpose, available for rapid deployment in the cloud or on premise.

What is RIB BuildSmart?

RIB BuildSmart is an advanced, cloud-based enterprise resource planning (ERP) solution, designed to integrate cost management, enterprise accounting, and project oversight, it provides contractors with comprehensive tools that enhance efficiency, streamline ops and deliver project success.

Stakeholders can access dashboards with top-tier data, live-accrual cost allocations, preserve budget and make informed financial decisions, faster. Precise, up-to-date information is available at the click of a button. With better construction cost control comes better financial returns as this fit-for-purpose system delivers accurate costing and financial information the helps users protect margins.

Departmental silos are commonplace in our industry, causing a ripple effect of inefficiencies throughout the lifecycle of a construction project. RIB BuildSmart comes to the rescue with one integrated system that addresses the entire lifecycle, generating meaningful information that ties all role players together with one powerful source of truth. Multi-organizational and cross-departmental collaboration is seamless and simplified.

Top RIB BuildSmart Software Features

Based on an intuitive web platform, BuildSmart software makes access possible from anywhere. It offers mobile functionality and Excel-based imports and exports to simplify daily operations. The platform guarantees data integrity, safeguarding it with role-based permissions. Secure access to accurate data in a uniquely flexible environment supports more effective collaboration across teams working in multiple locations.

By connecting people, processes and data, construction operations are transformed into agile, efficient systems that provide clear visibility of project budgets and improve the quality and speed of decision-making. Here are the BuildSmart features that get you there:

• Procurement – streamlines requisition-to-payment cycles with direct insight into allowables at a resource level, and maintains a clear audit trail
• Subcontractor Management – tracks advance payments, retentions, and subcontractor commitments for improved transparency and accountability
• Plant and Equipment Management – manages asset lifecycles from depreciation to maintenance scheduling to maximize return on investment
• Inventory Management – provides real-time tracking across multiple sites to reduce waste and enhance resource allocation
• Payroll – automates labor cost postings, integrates with site systems, an ensures data security
• Cost control and Reporting – enables real-time comparison of actual costs to allowables/budgets, supporting timely interventions to improve margins and competitiveness. True activity-based costs are always accessible for informed decision-making

What Challenges Does RIB BuildSmart Solve?

BuildSmart offers significant time savings, accurate reporting, and streamlined workflows. Users are liberated from administrative burdens and instead empowered to focus on core objectives and higher value activities.

Some of the major challenges turning contractor smiles upside down include:

• Budget overruns – inaccurate tracking of true activity-based costs can cause inefficiencies with the inability to compare actual costs to budgets leading to unexpected budget overruns
• Delayed interventions – with a lack of timely cost visibility, intervention is delayed, which prevents quick management actions, especially when unexpected changes lead to rework, incurring additional costs, wasted materials and delays
• Poor margin management – limited insight into costs makes it difficult to manage and optimize margins
• Inefficient reporting – difficulty consolidating financial data and generating comprehensive reports delays insights can lead to compliance risks
• Ineffective project management – lack of efficiency managing complex projects results in missed opportunities to anticipate and mitigate risks, impairing productivity
•  Site location and equipment availability issues – difficulty keeping track of plant item availability across multiple sites can result in project delay or wasteful underutilization of equipment
• Competitive disadvantages – slow financial adjustments due to inadequate oversight and poor visibility into how projects impact overall business outcomes can lead to missed goals and hinder competitiveness
• Ineffective decision-making – delayed or inaccurate cost data affects decision quality
• Global compatibility issues – inability to manage multi-company, multi-currency operations effectively can create roadblocks for projects with international scope
• Disconnected systems – when payroll software is not integrated with contract cost reporting and enterprise accounting, it leads to duplicate work and inconsistencies

With these key challenges in mind, BuildSmart software was designed to help contactors stay within budget, make timely management interventions, optimize margins, gain clear cost visibility, enhance competitiveness, and make informed decisions. Here are the top five BuildSmart capabilities that users are uniquely empowered with:

1. Enhance Cost Control

The system provides precise financial and costing insights to safeguard margins and encourage stronger financial performance. Before making any commitments, users can use BuildSmart’s upstream allowable/budget visibility manage cost control. Real-time comparisons of actual costs to budgets offer better budget control and help avoid overruns.

Accurate cost tracking enables better margin management, which helps users to maximize project profitability. The ability to make quick financial adjustments and gain instant insights promotes agility, which helps businesses stay ahead in a competitive market.

2. Eliminate Departmental Silos

BuildSmart’s fully integrated system spans the entire construction project lifecycle and breaks down departmental data silos to create a unified source of truth for seamless stakeholder collaboration. The integration delivers actionable insights across all teams and tasks.

Tracking true, activity-based costs across the organization in one secure location empowers all stakeholders with a better understanding of resource allocation and helps improve operational efficiency.

3. Simplify Collaboration

International collaboration is further streamlined with BuildSmart’s robust multi-currency and multi-organizational capabilities. It enables group consolidation reports and worldwide access to critical data.

4. Accelerate Decision-Making

Automation accelerates decision-making with real-time analytics, cost reporting, and intuitive dashboards. Users are presented with instant, accurate, and actionable insights.

Real-time cost data is accurate cost data, which results in smarter decisions with more successful project outcomes. Users are empowered to take quick management actions to address any problems before they escalate.

5. Rapid Implementation and Deployment

BuildSmart software is designed with contracting best practices to ensure seamless implementation conducted in-house, delivering data integrity and operational efficiency right from the outset. All BuildSmart modules are conveniently built into the same platform in a seamless integration.

Conclusion

RIB BuildSmart puts next-level cost management software and enterprise accounting at your fingertips! It’s the single source of truth for total cost management for construction and engineering companies that sets it apart.

Through a seamless integration of financial and commercial processes, BuildSmart eliminates the need for separate site costing and accounting, offering complete visibility across overheads, balance sheets, contracts, and plant ledgers. You can ensure that every choice you make is well-informed and impactful by accessing accurate, real-time information.

You will find that BuildSmart is more than just an ERP – it is the key to superior project outcomes and financial performance, protecting your profit margins and elevating your cost management.

Want to learn how RIB BuildSmart can elevate and transform your construction project management? Get your free trial of RIB’s cost management software today!

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