Why Your EPC Business Must Implement an Industry-Specific ERP? 

For an EPC or Engineering, Procurement, and Construction company, executing projects within budget and schedule is imperative to create a successful impact in the industry. But the industry faces multiple challenges in different areas, from fluctuating raw material prices, inventory management, project planning execution, and human resource management to dynamic scope changes, managing positive reputation, and keeping the business profitable. Amidst all these challenges, keeping the EPC business profitable is not easy. 

Is your company’s productivity falling due to the idle time of workers? Are data silos across job sites impacting your real-time decision-making capability? Do your manual business processes eat up your valuable time and resources? 

If so, it’s time for your Engineering, Procurement, and Construction company to take a transformative turn toward advanced technology. Read on to uncover the importance of implementing an EPC ERP system in the company. 

• Project Schedule Management

Project planning and scheduling are among the most crucial aspects of any Engineering, Procurement, and Construction project. It has been seen that EPC companies often incur heavy losses in the form of higher labor costs or loss of clientele because of the non-completion of timely targets resulting from inefficient planning. 

An ERP system designed for the EPC industry can help companies with improved project planning and management. Your managers can now better control projects and formulate and execute plans more efficiently. Monitoring the status of each EPC project, delegating assignments to the right employees, creating milestones, and keeping tabs on staff timesheets can all be easily done with high-performance ERP software. 

Also Read – Online ERP Software demo

• Facilitate Cost and Revenue Estimation

Engineering, Procurement, and Construction organizations often provide their services based on legal contracts. It’s important for the EPC companies to provide the project’s estimated cost before bidding for a tender. The client goes with the best-suited bid based on multiple aspects, including proposed quotes, a proposed design, and the firm’s reputation. 

With an EPC ERP system, you can provide accurate quotes for raw materials, design, human resources, and time required to complete the project efficiently to avoid variation in actual cost from the estimated one. Moreover, the software enables managers to accurately calculate each EPC project’s revenue and profit or loss. This data further helps firms to plan their future projects more effectively.

Also Read – Which ERP solution is best for EPC contractors?

• Inventory and Materials Management

EPC firms find inventory and materials management a time-consuming process. An EPC-specific ERP platform makes it possible to easily procure raw materials, track inventory in real-time, plan and store inventory, etc. This feature is especially beneficial when multiple sites are involved in specific projects, and idle labor and inventory can significantly impact a company’s profitability.

• Enhanced Collaboration and Real-Time Data Sharing

Sharing data using emails and spreadsheets has become outdated and can be time-consuming and tedious. A robust ERP system allows you to easily share data across multiple departments without compromising security. Moreover, many ERP applications provide social collaboration features allowing sharing of information within a few seconds, irrespective of where work is being done.

Moreover, EPC companies can get a 360-view of all project-related information in real-time since data is stored in a single centralized platform. It further enables managers to make business decisions in real time. Therefore, ERP enables firms to track their operations and manage and report them simultaneously and effectively.

Also Read – Major Benefits of ERP in Production Planning?

• Meeting Compliance Standards

EPC companies are mandated to adhere to compliance regulations such as Financial Conduct Authority 9FCA), General Data Protection Regulations (GDPR), and data security standards. Industry-specific ERP systems allow firms to meet necessary compliance standards. In addition, the software ensures the security of the organization’s systems by following the best practices, including role-based user access, single sign-on, etc., to protect it against fraud and cyber-attacks.

To Wrap it all up!

An Engineering, Procurement, and Construction company should always choose Construction ERP Software India combining powerful features to enhance business productivity and operational efficiency. With a highly comprehensive, scalable, and flexible platform, you can streamline operations, get real-time visibility, analyze raw materials, workforce utilization, and resource allocation accurately, and estimate budget, cost, and cash flow effectively, all while meeting the complexities of the EPC industry.

A customized ERP system tailored for your EPC company will allow you to manage all aspects of your business, from sub-contractors to material outsourcing and plant and labor management. So, drive innovation and growth of your business with advanced ERP software.

Also Read – How does ERP Software deliver better ROI for your Business?