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How can you use ERP software to manage construction contract costs?

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Managing construction contract costs is a complex and challenging task that requires accurate and timely data, effective communication, and consistent monitoring. ERP software, or enterprise resource planning software, is a powerful tool that can help you streamline and automate your contract management processes, improve your financial performance, and reduce your risks. In this article, we will show you how you can use ERP software to manage construction contract costs in six key areas.

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1 Track project progress

ERP software can help you track your project progress in real time, using various indicators such as budget, schedule, quality, scope, and resources. You can compare your actual performance with your planned performance, identify any deviations or issues, and take corrective actions as needed. ERP software can also help you generate and update project reports, dashboards, and forecasts, which can help you communicate your progress to your stakeholders and clients.

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Ramesh Ganapathy CA CMA (USA) (SAI) Scrum Master and Prince2

Business Finance/ Process Improvement ERP Functional Leader- Solution Architect, Transformation Leader, Integrator,
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ERP has provided the solutions of project related system to monitor the projects and associated operations costs and ad well as CAPEX. ERP provides the functionality of monitoring project associated contract cost

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2 Manage change orders

Change orders are inevitable in construction projects, but they can also cause delays, disputes, and cost overruns if not managed properly. ERP software can help you manage change orders efficiently and transparently, by allowing you to create, review, approve, and track change requests in a centralized system. You can also link change orders to your project scope, budget, and schedule, and adjust them accordingly. ERP software can also help you document and communicate the impact of change orders on your contract terms and conditions, and ensure compliance with your contractual obligations.

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Ramesh Ganapathy CA CMA (USA) (SAI) Scrum Master and Prince2

Business Finance/ Process Improvement ERP Functional Leader- Solution Architect, Transformation Leader, Integrator,
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ERP has provided the control mechanism of the order based on the contract terms and conditions. As well as gives the information on the how much cost incurred and as well as variance

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3 Control invoices and payments

ERP software can help you control your invoices and payments, by automating and integrating your billing and accounting processes. You can create, send, and receive invoices based on your contract milestones, progress, or time and materials, and track their status and history. You can also manage your payments to your subcontractors, suppliers, and vendors, and verify their invoices against your contract specifications and receipts. ERP software can also help you monitor your cash flow, manage your taxes, and handle any disputes or claims.

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Ramesh Ganapathy CA CMA (USA) (SAI) Scrum Master and Prince2

Business Finance/ Process Improvement ERP Functional Leader- Solution Architect, Transformation Leader, Integrator,
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ERP has provided the control mechanism of the payment to the suppliers and receipt from.the customer interface with the bank portal to facilitate ease of Reconciliation

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4 Manage subcontractors and suppliers

ERP software can help you manage your subcontractors and suppliers, by enabling you to select, evaluate, and collaborate with them effectively. You can store and access all your contract documents, such as bids, proposals, contracts, purchase orders, and certificates, in a secure and searchable database. You can also track and manage your subcontractors' and suppliers' performance, quality, and compliance, and provide them with feedback and ratings. ERP software can also help you coordinate and communicate with your subcontractors and suppliers, and share relevant project information and updates.

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5 Mitigate risks and disputes

ERP software can help you mitigate risks and disputes, by providing you with tools and features to identify, analyze, and manage potential threats and issues. You can use ERP software to perform risk assessments, create risk registers, assign risk owners and actions, and monitor risk status and resolution. You can also use ERP software to prevent and resolve disputes, by maintaining a complete and accurate record of your contract activities, events, and communications. ERP software can also help you enforce your contract clauses and remedies, and support your claims and negotiations.

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6 Improve collaboration and integration

ERP software can help you improve collaboration and integration, by connecting and synchronizing your contract management processes with your other business functions and systems. You can use ERP software to share and exchange data and documents with your internal and external teams, such as project management, engineering, procurement, quality, safety, and human resources. You can also use ERP software to integrate your contract management processes with your other software applications, such as CRM, BIM, CAD, and GIS. ERP software can also help you standardize and optimize your contract management workflows, policies, and best practices.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How can you use ERP software to manage construction contract costs?

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1 Track project progress

2 Manage change orders

3 Control invoices and payments

4 Manage subcontractors and suppliers

5 Mitigate risks and disputes

6 Improve collaboration and integration

7 Here’s what else to consider

Contract Management

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