Data Analytics and Forecasting Application for a Construction Company
The renowned US construction company needed an advanced solution to predict future revenues based on historical data. TeamArt, leveraging their expertise, introduced a cutting-edge application providing deep insights into costs, revenue, and margins associated with various jobs. This forecasting tool, built with real-time monitoring capabilities, has been instrumental in enhancing the company's strategic planning and financial forecasting.
Location: USA
Business Domain: Construction
Solution: Web development, Analytics, Forecasting
Engagement model: Staff augmentation
Key Technologies: React, Node JS, typescript, AWS, Snowflake
Challenge
The client, a top-tier US construction company, handles numerous jobs monthly, employing a substantial team of workers, project managers, and planning department staff. Given the range of their operations, they required a sophisticated forecasting tool or report designed for executive management use.
This tool would be instrumental in predicting future revenue, drawing upon historical data related to costs and margins for specific jobs. Such a forecasting mechanism was crucial for the client to effectively plan and navigate through their financial landscape, ensuring profitability and sustainability in their projects.
Solution
In response to this challenge, we developed a robust reporting tool that offers a granular breakdown of vital information correlated to each job number. This includes associated costs, revenue, and margin data, all crucial metrics for insightful financial analysis.
The tool is equipped with filtering capabilities allowing for adjustments over set time periods, ensuring accounting accuracy and reflecting any necessary corrections. Upon finalizing adjustments, users can download an executive summary directly to their PCs, providing a concise review of the financial landscape. Furthermore, to maintain up-to-the-minute accuracy, the dashboard refreshes every 15 minutes, parsing data directly from the general ledger and accounting database.
Results
The resultant application is now a daily tool for around 50 engineers, accessible via both web and mobile platforms. It provides a comprehensive report encapsulating crucial financial information for each construction job, such as costs, revenue, billing, budget, and margin details.
Serving as an invaluable forecasting tool, it assists in projecting revenue for the ensuing month, providing the client's executive team with the insights needed for informed decision-making. The client expressed satisfaction with both the solution and the graphical representation of data, acknowledging the tool as essential in their financial planning and forecasting endeavors.
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