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Improving cost oversight with construction program management software

In capital construction, finance directors are responsible for ensuring that every dollar is tracked and aligned with the approved budget. Without access to real-time data and integrated systems, maintaining cost control becomes increasingly difficult. A purpose-built PMIS, such as Aurigo Masterworks, enables finance directors to manage costs effectively by providing transparency, automation, and oversight. With accurate data and structured workflows, organizations can reduce risk and maintain better control over project finances.<br>To know more visit https://www.aurigo.com/aurigo-masterworks-ov

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Improving cost oversight with construction program management software

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  1. Improving cost oversight with construction program management software In capital construction, finance directors are responsible for ensuring that every dollar is tracked and aligned with the approved budget. Without access to real-time data and integrated systems, maintaining cost control becomes increasingly difficult. Research shows that large capital projects experience an average cost overrun of 79%, with delays ranging from six to twenty-four months. Disconnected tracking systems and manual workflows further increase the risk of budget overruns. Modern construction Program Management Information System (PMIS) software helps address these challenges. By enabling real-time visibility, automated controls, and structured workflows, a PMIS supports financial discipline and allows for earlier interventions when issues arise.

  2. Real-time cost tracking and budget enforcement Cost overruns are more likely when budgets are reviewed only after expenses have been incurred. The right PMIS changes this by allowing expenses to be tracked and enforced in real time. The system records each transaction against the approved budget, making it easy to compare committed versus actual costs throughout the project life cycle. If spending approaches or exceeds limits, the system flags potential overruns and prevents further action unless adjustments are approved. This ensures financial controls are enforced from the start and reduces the likelihood of unauthorized spending.

  3. Automated invoice validation Manual invoice processing increases the risk of duplicate payments and errors. PMIS software in construction automates invoice validation, matching each invoice to the corresponding contract terms and budget commitments. If an invoice exceeds approved limits, it is flagged and held until corrected. Invoices within scope are processed automatically, streamlining approvals while maintaining strict financial oversight. Structured change order management Changes in scope and unforeseen conditions are common in construction projects. A PMIS solution in construction provides a structured approach to managing these changes by centralizing tracking, assessing budget impact in real time, and routing requests through appropriate approval channels. This maintains transparency and ensures all changes are reviewed and approved within established thresholds. Financial insights to support decision-making Beyond enforcing controls, a PMIS offers real-time dashboards and analytics to help finance directors monitor performance, identify risks early, and make informed decisions. It also simplifies compliance tracking and financial reporting, ensuring adherence to funding requirements.

  4. Conclusion A purpose-built PMIS, such as Aurigo Masterworks, enables finance directors to manage costs effectively by providing transparency, automation, and oversight. With accurate data and structured workflows, organizations can reduce risk and maintain better control over project finances.

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