The growth in the GLOBAL CONSTRUCTION INDUSTRY has to reach $8 trillion by 2030, mainly driven by China, US, and India as the benchmark global study from Global Construction Perspectives and Oxford Economics says. The study further notes that there would be an interesting relationship between the top three countries, but there would also be extraordinary growth in Indonesia and Latin American countries, like Mexico, which would overtake Brazil. The report predicts that Germany to become the largest in Europe and the world’s sixth largest construction market by 2030.
So, the yearly GROWTH AND THE FUTURE of the construction industry appear to be quite promising. There are many reports and studies which are establishing that in the coming future, there would be multifaceted growth in this industry across the world. The report we referred above also shows that there would be an expected growth of 3.9% per annum to 2030.
OPERATIONS IN THE CONSTRUCTIONS INDUSTRY AND RELATED DIFFICULTIES are specific to a specific company, but in most of the cases, there are certain operations that are considered as the ideal in every construction company, such as efficient management of contracts, capability of changing order as per the changing needs, project costing estimation, document management required to control the entire process, management of facilities and equipment, monitoring of procurement activities, scheduling of projects, generation of effective and accurate running account bills, perfect administration of contracts and preparation / generation of regular reports, etc.
No doubt that the ideally carried out operations in a construction company are themselves quite complex and, many things may go wrong at any stage of execution or fulfillment. That’s why the use of technology and simplification of processes is recommended. The use of right technology can make processes simple and transparent. Here, custom-designed software to take care of every single operation in an organization or company, like an ERP system, provides great support.
More and more companies in the construction industry are nowadays choosing ERP systems to make the handling of operations easy and tracking of processes transparent.
An ERP system is based on several modules. Together – when implemented in a single system – they help construction companies easily maintain information related to project cost, productivity and revenue generation. With the ERP system construction companies are taking the advantages of the technology by systematically integrating it to their operations. By using an ERP system, construction companies save huge time as the system is able to maintain, generate, and send variety of data, reports related to purchase, procurement, inventory, contracts, and other specific operations. And this all may happen in the real time if it’s required.
The ERP’s modules for a construction company are as follows:
- Purchase module
- Inventory module
- HR and Payroll Module
- Tools and plants module,
- Tender / bid modules
- Sub contractor module
- Financial module,
- Engineering module
- Admin module
Finally, owning an ERP system for a construction company is turning out to be the demand of time. Because, the more they will grow, the more they will experience difficulty in managing their operations. Here, an ERP would provide a construction company with the desired power to control, manage, and organize their operations in their specific manners. That’s all.