Matt Mong of Adeaca Discusses Tracking Costs on Construction Projects

December 08 08:34 2021
Matt Mong of Adeaca Discusses Tracking Costs on Construction Projects

Matt Mong, VP of Market Innovation and Category Design at Adeaca, the leader in Project Business Automation (PBA), authored a recent article in Construction Executive. Mong discussed how construction companies often do not have a good way to track costs once the project starts. This is because the costs of operations are not directly tied to their financial system. The problem is it takes time for someone to report the status of all the project tasks and then associate costs to those specific tasks. Read the full article here.

According to Mong, “Effectively managing project costs is crucial to the success of the company. When searching for a complete project cost management solution, key capabilities include precision, cost breakdown structure, estimate at completion, change orders, cost controls, and real-time reporting.”

Successful construction companies understand the importance of being able to see the financial impact of operational issues in their projects. The only way to effectively manage project financials is to put projects front and center.

Construction Executive is the magazine for the business of construction. It reaches more than 55,000 commercial, industrial, and institutional contractors and construction-related business owners and has won more than 20 editorial awards.

About Adeaca:

Adeaca is the first company to introduce Project Business Automation (PBA), a new category of software systems built for companies who consider projects an important part of their business. Recognized by Forrester,  PBA is revolutionizing how projects get done by providing the capabilities to manage and govern project processes from beginning to end.  

The PBA Quick Guide provides a high-level overview on how PBA focuses on the business side of projects and how to apply new rules to improve key business drivers.    

Adeaca knows the challenges of managing and delivering projects, whether external or internal, and the solutions to solve them. The Adeaca team consists of project experts who understand that many companies cannot deliver better outcomes due to three primary conditions:   

  • No standardized project governance  
  • No timely information to detect problems early enough to rectify them  
  • Inefficient collaboration among project team members and stakeholders    

Adeaca recognizes that these problems stem from a lack of process and information integration, meaning systems run separately in silos, data are not shared, and processes are not synchronized. Without real-time data any insights are outdated, and manually compiled data are prone to error and bias. As a result, stakeholders cannot access information easily in a timely fashion, leading to poor collaboration and project outcomes.   

PBA is the only solution available that puts projects front and center, integrating the business and operational aspects of projects together.   

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