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Field-Centric Cost Management: 6 Essential Steps

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4 "The real-time data provides us the ability to adjust work items anytime and have the field personnel review and react to situations before it's too late." -Dave Turner C.A. Hull 4 4 4 Track Performance in Real Time Know Sooner and React Faster Many heavy construction contractors rely on a performance tracking process that involves field logs and time cards (usually paper) compiled weekly and delivered to the office. That data on labor, equipment and material costs is then re-keyed manually into an accounting system in order to produce reports. The problem is, those reports reflect what happened one to two weeks ago, and by then, it may be too late to correct or recover from factors pushing a project off schedule or over budget. Alternatively, electronic field logs and performance tracking software allow management to take a field-centric rather than an accounting-centric approach. Data entered into the electronic log is visible in real time. Managers can generate reports and evaluate costs on a daily basis, allowing them to react faster and make informed adjustments to field operations. Bypassing the accounting system and communicating progress daily also provides practical and motivational advantages for the field team. They know where they stand against the budget and what they need to do on a day-to-day basis to keep projects on target. 3 4

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