Financial Management in Construction

The Exicute Cloud Platform makes financial management in construction much easier. Why is that? Because its interactive dashboards give you a quick and visual overview of your project’s finances over time.

Exigo’s BI-solution combines data on the construction project’s finances with the current schedule to show you:

  • the total revenue at a given time
  • the total earned-value at a given time (€ and %)
  • the planned and forecasted total revenue and earned-value at project deadline
  • the % of project budget that has been spent at a given time
  • any deviations from the budget (and their cause)
  • when you made payments and how much
  • what work is completed and will be invoiced this month

The combination of financial management with time management means that you no longer have to pay for construction work that was not yet completed. Consequently, the Exicute Cloud Platform helps you make payments on account based on data, not optimistic estimates.

Exigo’s BI-dashboards have many features that will help a financial manager or building owner. Most importantly, we tailor-make them to your individual needs.

Check out the various features below

1
2
3
4
5
1

Graph of cash flow over time.

2

Table-view of cash flow month-by-month broken down by location and activity.

3

Explore cash flow for individual locations by clicking on an activity.

4

Keep track of the total revenue to date as well as how much is to be invoiced this month.

5

Do you see something strange? Use the date-filter to scroll back in time to see when the anomali first appeared.

Kontakt

Please get in touch if you want to learn more about how Exigo’s dashboards may help you on your next project.

Cash Flow

The Cash Flow-view shows you the cash flow of the construction project over time. Here, the continuous cash flow analysis tells you exactly how many funds you have available at a given time and when the next payments are due. This way, it becomes easier for you to make sure that income and invoices are balanced. Certainly, this helps you keep track of project liquidity.

Clicking on an activity in the table lets you see what finances have been reserved for that activity on that location. In addition, you can see how much you spent so far.

Get continuous cash flow analyses with Exicute Cloud Platform

Planned and actual Cash-flow

You may also compare your current cash flow with the planned cash flow at the time. Continuous comparison with the plan helps you spot things you may need to change the next time you plan a construction project.

It is Exigo’s philosphy that follow-up and thorough documentation makes for better decision-making in the future. That stands to reason.

Earned-value in Construction

One of the challenges of operating with ‘earned-value’ in construction projects is that it can be difficult to perform accurate analyses when the data may be weeks old before being recorded.

We have solved that problem.

We designed the Exicute Cloud Platform to operate with the most recent data which is reported on-site via an app. This way you will always have updated data on hand. As a result, you avoid discrepancies.

Get an overview of risks to your project and their likely consequences with BI-dashboards.

Risk Management in Construction

The Risk Management feature of the BI-dashboards shows you an overview of the risks assosicated with the project. This is, it tells you their likelihood and the estimated consequences for budget and schedule.

Certainly, the more complex the construction project, the more difficult it becomes to keep track of all the great and small risks. However, with the Risk Management-dashboard close at hand, you will always have an overview of project risks. Furthermore, the dashboard shows live-updated estimates of the probable consequences to your cash reserve.

Get an overview of the reserve

Everyone involved in the project may register a risk, but only the building owner, construction manager and financial manager will be able to view the risks and their consequences for the remaining reserve. To clarify, the process is the following:

  1. A contractor or manager registers a risk.
  2. They add descriptions and photos (if relevant).
  3. They give an estimate of probability and probable cost.
  4. The system notifies the construction manager or building owner of the risk.
  5. They approve or disapprove it and assign a responsible person (who is in charge of monitoring and prevention)
  6. If they approve, the risk will appear in the dashboard.
  7. The system subtracts the cost of the risk from the reserve.

The view is filtered so that whoever registered the risk will be notified if the responsibles approved the risk. But, the person registering will not be able to see the Risk Management-dashboard.

There is room for registering opportunities, too. Maybe you discover a way of doing something faster or more efficiently?


Exigo offers consulting services in risk management. Please write to info@exigo.dk if you want to learn more about how we can help you.

Financial Management and Change Management

No one can foresee everything, and in the course of execution you are likely to make changes to your plans. Therefore, it may be difficult to foresee the consequences – both financial and schedule-wise. Will we exceed the budget? By how much?

The dashboard for change management in construction gives you a survey of all changes and whether they include more, less or extra work.

Exigo’s BI-dashboards make change management easier and less dependent on gut feeling.

Quickly see which changes have been approved, when they were approved, and how much they cost/saved.

Overview of Change Approval and Documentation

  • Who registered the change registered (and when?)
  • Did they approve the change?
  • Does it involve more or less work?
  • What will the change cost?
  • How will the change influence the remaining cash reserve?

Visual overview of changes

Through the Exicute-app, contractors can register a change-request and attach required documentation. Then, if the construction manager approves the change, the cost of the change will be deducted from the reserve. Likewise, the opposite goes for money saved through cost-efficient changes. Once the the responsibles approved the change, the system automatically notifies the contractor. As a result, the contractor can get to work immediately.

To sum up, the dashboard in the Exicute Cloud platform provides you two key values: Firstly, the visualisation and structuring of changes makes financial management in construction easier. And secondly, the data-based survey of the current state of the project’s finances gives you security. In conclusion, as a building owner, construction manager or financial manager, this will enable you to make better decisions, based on data.

Contact

Curious? Ask us how we may help you on your project