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BST Global Is Helping AEC Firms Solve Today’s Cash & Resource Management Challenges

Blog
23 Jul, 2020
  • By: BST GLOBAL 

 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 

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?

SCHEDULE A PERSONALIZED DEMO

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Meet the Author

BST GLOBAL 

BST Global designs, develops and deploys the AEC industry’s first suite of AI-powered project intelligence™ solutions. Beyond our flagship ERP offering, we provide work management, predictive insights and resource management solutions to complement a firm’s existing ERP. More than 120,000 architects, engineers and consultants in 65 countries across six continents rely on BST Global’s solutions each day to successfully manage their projects, resources, finances and client relationships. With unrivaled industry knowledge, BST Global serves as a trusted partner to its loyal clients and remains at the forefront of innovation. For more information, visit www.BSTGlobal.com
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