Risk is everywhere in business. Whether you’re a large or small company; or whether you run large or small projects – you are always running the very real risk that you’re project won’t succeed according to plan. How your business performs on a project however, goes well beyond just your own internal issues of cash flow and resourcing. The interdependencies that are inherent in construction projects means that what you do has a direct effect on your peer organizations and the owner. In other words: what you do is not just your own problem. If you blow it, you may end up blowing it for everyone around you. That doesn’t go over well – people talk.
One of the most popular features of procurement management software like 4castplus is its ability to gather historical performance metrics on vendors. Every shipment, every completed job, every item of communication from documents to emails, every milestone, every request for extension, every price change; and a ton more things are all captured and available to be reported on. Vendors get ranked. Vendors get compared and evaluated for future jobs. The owners and Engineering-Procurement organizations that are leveraging technology to collect performance information are the ones who are in a far better position to pick the winners in the crowd. It’s in their best interest to pick winners – they too are being evaluated. Investors and shareholders are pretty twitchy with their money and are very keen to pick winners too. Everyone likes to pick a winner – from the top to the bottom of the project food chain.
Regardless of where you sit in that hierarchy, it may be in your best interest to set yourself up with the best people, systems, project management software and controls to make sure you end up on top of the winner’s heap.