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


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?  

Schedule a Personalized Demo 

ABOUT THE AUTHOR

BST Global BST Global has focused exclusively on one thing: creating innovative business management software solutions for the world’s leading architects, engineers, and environmental consultants. As a privately held company, our allegiance lies with our clients, ensuring that we are best serving their needs. Today, more than 100,000 professionals depend on BST solutions to manage their daily business operations.

BST Global

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