Every Friday, we select a few articles from the week that we think are worth your time as a construction financial manager (CFM). We look for compelling articles not only about financial topics, but about business, technology, and life, that challenges you to think about your role as a CFM in different ways. We’d love to hear from you about how we’re doing, and to have you join our community by subscribing to receive this weekly post by email. Follow #CFMReview.
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New Report from Software Advice
A new report from construction software research firm Software Advice (http://www.softwareadvice.
- 52% of prospective buyers are using pen and paper to conduct routine processes.
- 39% of those already using software (17% of everybody polled) are dissatisfied with their current systems due to a lack of critical features.
- The average budget for new software is $7,766, approximately 0.01 to 0.64 percent of a company’s annual revenue.
Software Advice concludes that the reason so little money is allocated for software is due to slim margins in the construction industry. Despite this, they write that “prospective buyers would be well advised to overcome their hesitations… implementing specialized construction software is critical for remaining competitive in a tough industry.”
On a note more relevant to individuals, Software Advice cites an Associated Press article, which states that construction industry professionals “are expected to be more technologically savvy than they were a decade ago.”
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Top 20 Influencers in the Construction Industry – from PROCORE
I’m always looking to learn as much as I can about exciting new things happening in the construction industry. That’s why, as an active twitter user, I was happy to see the list that PROCORE put together this week of the construction industry’s top 20 influencers.
If you’re not on twitter, I highly suggest creating an account. It’s a way to speak to otherwise hard-to-find individuals, from journalists, to businesspeople, to athletes.
There are a few familiar faces on the list, including ENR and Construction Executive Magazine, both of which I have written for, as well as a host of other publications and individuals.
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