A general contractor had grown his business working primarily on public works projects in the $2 – 4 million range. The growth of his company, combined with his 20 years of experience, gained the confidence of those awarding sizably larger projects, some in the $10 – 50 million range. Unfortunately, the company applied the same tracking system used on the smaller projects and discovered that the larger projects, which were “supposed to be on budget”, were not. As a result, the last minute discoveries had costly adverse impact on the company. Its credit line was pulled by the bank due to recent project losses, and its bonding capacity faced declining capacity. Many thought the company was headed for imminent failure.
Michael L. was brought in as the company’s new CFO. He did his groundwork well as he analyzed the company’s processes, procedures, software applications and spreadsheets. He studied the on-site and off-site tasks of key team members and how they communicated and made decisions. After completing this study, he was ready to recommend the solution to address the company’s key obstacle, which contributed to its swift decline. This solution involved identifying and implementing the right software. Michael applied a leading construction industry enterprise software solution along with business intelligence tools. This positioned the company to automate its operations, streamline its processes, and create a 24/7 real-time information environment.
The result? Anyone at any level could access custom designed reporting, perform drill down analysis, and track variances with the vital information right at their fingertips. No more waiting days to receive spreadsheets that often contained inaccurate information. Now a typical report took less than 30 seconds to produce, with a much higher level of data integrity due to the software tools, team training/education, process re-engineering, and internal controls that were implemented. On one $50 million project, SAP/Crystal solutions delivered $4 million more dollars to the bottom line. After one year of Michael implementing the SAP/Crystal solutions, the company was restored to success and profitability.
You may not be in the construction industry, but you need help with finding the right executive like Michael L. and the right software. We help people find the right executives and the right software solutions that make the business of business better.
We’re External Resources, a company that delivers interim and permanent executives who specialize in leadership and strategy, finance and human resources, sales and marketing, and information technology for commerce and government.
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