In today’s economic landscape, AEC firms are facing major cash flow concerns and resource management challenges, impacting project delivery and profitability.
With a worldwide clientele, BST Global understands these unique challenges and has successfully partnered with leading firms to solve these risks and thrive forward.
Because of this, BST Global hosted a 45-minute webinar + demo — Today’s AEC Cash & Resource Management Challenges Solved — to help provide viable solutions to architects, engineers and environmental consultancies to mitigate these challenges.
Here’s an overview of some of the highlights.
Industry Stats That Matter
- BST Global research shows firms today are seeing a 67% employee billable utilization rate but desire to be at 75%, an 8% opportunity gap
- However, AEC Advisors research suggests the gap could be even larger, at 13%; if a $100M organization increased utilization by 13%, the firm could see a $6.5M impact to its bottom line
- AEC Advisors research says the median DSO for firms is at 90.7 days while SPI’s research suggests best-in-class firms sit at roughly 45.3 days, leaving a huge opportunity gap that significantly impacts cash flow
Major Challenges Affected Desired-State Goals
- Project Management Challenges: Lack of Resource Manager role, siloed utilization goals, lack of visibility to resource availability and workload, lack of communication and collaboration, and a disconnect between Resource Management and Finance
- Cash Flow Challenges: Lack of clear roles and responsibility, rigorous controls and processes, manual processes, lack of billing/collections process documentation, and lack of process evolution
Additional Challenges Brought on By the Pandemic
- Abrupt shift to a digital workforce
- Even greater cash flow concerns
- More pressure on project delivery
Successful Firms Focus on Two Key Pillars
- Empower your project managers: Deploy a power team of PMs, RMs and staff; tie utilization goals across geographies; and invest in a shared platform to foster communication and visibility
- Digitize and streamline your processes: Set clear roles, responsibilities and processes; say goodbye to paper; and review legacy processes for optimization
How BST Global Flagship ERP Solution, BST10, Aligns to These Pillars
- Specifically designed for the AEC industry
- Projects are at the center of the system
- Role-based user experience gives specific views for specific end users
- Users can quickly move between projects with details at their fingertips
- The unified project experience paints a holistic project snapshot for users
- Resource planning and utilization visibility allows for easy assigning in one screen
- The native mobile application allows users to enter timesheet on the go with supervisor reviewing and approve right within the app
- Digital pre-bill generation gives users the power to swiftly make revisions and regenerate updated invoices immediately
- Billing back-up helps users say goodbye to paper
- Reports alert users to at-risk projects, allowing project managers to drill down to cause to solution against it
Clients Have Seen Great Success
- 6-8 hours of time-savings per invoice
- 10-20 hours of time-savings per week
- Same revenue with -100 resources
- Better financial forecasting achieved
Interested in learning more?