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Losing productivity due to idle time of workers?
Are data silos across sites impacting your real-time decision-making?
Exhausted with payments and compliance managed in excel sheets?
Finding challenges in managing commodity pricing for your projects?
Is costing and modifying WBS across project sites taking too much time?
If your manual processes start eating up your time and resources, it’s time to take a transformative turn towards technology! Read on to know how a cloud-based ERP can help EPC organizations improve efficiency and profitability.
For Engineering, Procurement, and Construction (EPC) firms, executing projects within budget and on schedule is one of the most crucial factors for success in the industry. But, with numerous challenges in different areas right from project planning to execution like fluctuating raw material prices, workforce and inventory management, dynamic scope changes, managing a reputation for delivering high-quality projects, and keeping your business profitable is by no means an easy task.
And with the recent COVID-19 pandemic causing disruptions in every industry imaginable, as an EPC company, you might be dealing with even newer challenges including managing schedule delays in projects due to supply chain disruptions, workplace distancing issues, more intensive safety protocols and more. Manual methods and excel sheets are no more sufficient to manage these challenges. 00d8f5
To survive in this new state of work, you need an integrated technology platform with the ability to connect your people, systems & processes, that enables you to deliver projects efficiently and effectively even during these times.
Significance of Cloud ERP for EPC Business
An Integrated cloud ERP solution allows you to manage all business functions from the same platform ensuring greater transparency and operational efficiency. With a cloud-based ERP, you can get rid of the hassles of managing the challenges around the on-premise infrastructure and software installations on remote computers to enable employees to connect remotely using VPNs or RDPs. Remote workers and employees in the field can stay connected to the most up-to-date insights on job costs, contracts, budgets, payroll, project documents, and more. It avoids annoying double data entry for field employees, as they can now just enter data on their mobile device and information will be synced to the cloud system.
But, to realize the real benefits of an ERP and make the most of your investments, it is important you choose the right ERP for your business. The EPC industry requiring stringent project costing and site management has many unique needs for managing a complex blend of equipment, inventory, subcontractors, bids, and project management, just to name a few. The industry also calls for a very high degree of visibility on project status and cash flows and adherence to strict regulatory compliances to run the business successfully. That’s why companies in the Engineering, Procurement & Construction Industry require a more feature-rich ERP, that is capable of handling all unique processes and best practices of the industry.
Major Benefits of Cloud ERP to EPC Sector
Some of the key areas the automation of business processes using an industry-specific ERP that can make a difference are:
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1. Project Schedule Management
Project planning and scheduling is one of the most important aspects of EPC projects. EPC organizations are prone to incur heavy losses in the form of labour costs and loss of clientele due to untimely completion of targets resulting from lack of efficient planning. An ERP system can help with better project planning and management. It allows managers to have better control over the project and plan the activities more efficiently and follow the plan. They can easily monitor the status of each project, create milestones, delegate assignments to the right staff, and keep track of staff timesheets with just a few clicks. Most importantly, they can get the financial impact of any milestone changes from the ERP easily.
2. Facilitate Cost and Revenue Estimation
EPC firms generally provide their services based on legally binding contractual agreements. Before bidding for a tender, EPC firms need to provide the estimated cost of the project and the customer chooses the best-suited bid based on proposed quotes, the firm’s reputation, and proposed design. An ERP enables businesses to provide accurate quotes needed for design, raw materials, human resources, and the time needed to complete the project easily, so that the actual costs do not vary from the estimated costs. An ERP can also helps calculate accurately the revenue, profit or loss from each of their projects so that they can use this data to plan their future project more effectively.
3. Inventory and Materials
Managing materials and inventory is a complex and time-consuming process for EPC firms. An ERP system allow easy procurement of materials, real-time inventory tracking, planning and storing, timely disposals, etc. This is especially more important when multiple sites are involved and idle labour and inventory can have a big impact on project and company level profitability.
4. Enhance Collaboration and Data Sharing
Sharing data using emails or spreadsheets is not only tedious, but unsecure as well. An ERP allows for easy data sharing across departments while also providing high security. Many ERPs today also provide social collaboration features making information exchange a breeze, irrespective of where work is being carried out.
5. Access to Real-time Data for Decision Making
An ERP helps EPC firms to get a comprehensive view of all project related information in one centralized platform in real-time for decision making. This enables companies to track their simultaneous operations, manage and report them in a more effective manner.
6. Meet Compliance Standards
ERP solutions allow companies to adhere to compliance regulations such as General Data Protection Regulations (GDPR), Financial Conduct Authority (FCA), and data security standards and ensure security of their systems by following best practices – such as single sign-on, role-based user access, etc. This is of utmost importance to organizations today to secure themselves from fraud and cyber-attacks.
EPICBuild – The Future-Ready Cloud ERP for EPC Industry
EPICBuild from RheinBrücke is the ready to deploy industry vertical EPC template solution for Epicor ERP on the RheinBrücke Cloud. The solution combines the powerful features of Epicor ERP and benefits of the Cloud empowering EPC contractors to enhance productivity and operational efficiency through and integrated platform. It is a highly comprehensive, scalable and flexible solution designed to meet the complexities of EPC Industry. Here are the major benefits of the solution:
- Streamline operations to improve efficiency and effectiveness
- Get real-time visibility and control over costs, cash flows, and other operational data for precise decision making
- Accurate analysis of raw material, manpower utilization, and resource allocation to optimize project costs
- Find opportunities to reduce cost and improve bottom-line by gaining visibility across sites
- Reduce delays due to shortage of material and equipment
- Estimate, budget and analyze cost and cash flow at the lowest WBS level with accurate budgeting and accounting
EPICBuild is a full feature ERP solution tailored for the EPC industry and manages all aspects of EPC business from sub-contractors to materials outsourcing jobs and from plant management to mobile assets and labour in the field. It gives greater visibility and efficiency across your projects.
Features of EPICBuild for EPC Industry
With remote access, real-time data, and streamlined processes, EPICBuild allows you to effectively collaborate with stakeholders across the supply chain, minimize cost and schedule overruns, and control project risks and issues.
To keep pace with the current disruptions, as well as improve agility in the future, EPC firms have to change mindsets, drift away from traditional operations and embrace new technologies to improve integration and collaboration along the value chain. Those organizations that have not begun or are planning to defer digital transformation do so at a high risk of not being able to compete with those who pursue digital transformation more aggressively in these times. Organizations who are forward looking will be strengthened to deal with their operational challenges as well as gain a competitive advantage.
Our solution, EPICBuild helps you drive innovation and growth of your business by implementing the latest Enterprise Management Solutions tailored for the EPC industry’s needs, ensuring a faster time to value. To know more about EPICBuild download the brochure below-
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