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Like almost every other aspect of CRE operations, construction management is undergoing digital transformation. Getting real-time insight into the actual performance of projects against budget and being able to compare jobs based on various metrics is only possible with a connected software solution. Integrated construction management software can help with efficient data access, communication, collaboration, resource management, regulatory compliance and asset health checks.
What else can construction management software do to deepen insight and streamline processes? For Healthpeak Properties, manual document review and reconciliation of tenant improvement allowances previously took 80 to 120 hours per month. Using Yardi Construction Manager, they are now executed with the click of a button. And that’s just one of the benefits the company reports.
Integration issues solved
Centralizing projects and all portfolio data on a single platform is a best practice. Relying on multiple databases and manual data entry before adopting Construction Manager prevented Healthpeak from easily tracking its commitments and generating reports on tenant improvement allowances. Bryan Schuh, construction accountant, shared, “We had integration issues with other systems. There were always errors, missing items and time wasted on manual reconciliations.”
Enhanced tracking and planning
Automated workflows make it easy to track change orders and the status of payables against commitments with one click. According to Schuh, that provides a big advantage over the previous manual process. Further, it’s much easier for the company to set up projects in the system.
Construction Manager also enhances visibility into Healthpeak’s capital planning. Project managers can easily see which projects have been approved, and centralizing all portfolio information in one readily accessible database has helped the company extend its capital planning from five years to ten years.
More efficiency with deal and forecast integration
The integration of Construction Manager with deal and forecast management tools (Yardi Deal Manager and Yardi Forecast Manager) further streamlines the revenue lifecycle by enabling clients like Healthpeak to accurately assess and track project costs and timelines.
Construction Manager houses monthly/quarterly/yearly job forecasts based on real-time projected final costs and capital expense projections for future years. Project managers quickly and easily create or update job forecasts spreading cost to complete over linear, front-loaded, back-loaded or normal curves.
For Healthpeak, automatic population of deal abstracts into Construction Manager from Deal Manager saves many hours of time previously spent on error-prone manual data input. “This integration produces better budgeting and gives us a more accurate portrayal of our project commitments,” Schuh said. “It has saved a lot of people a lot of headaches and prevents us from overpaying on commitments.”
Learn more about Yardi Construction Manager.
