It can be a big leap for a construction company to go from a gut-based operation to one that’s driven by data. But as Rich Kane points out in his article for CFMA’s Building Profits magazine, making that shift is the key to building a more profitable and stable business.
Kane’s article, “Forecasting With Confidence: How Clean Data Drives Smarter Financial Decisions,” highlights a critical point: You don’t just need more data; you need better data. Here’s a look at some of the key takeaways from the article and how CrewTracks can help you put them into practice.
The High Cost of Unreliable Data
Kane argues that inconsistent or outdated financial information puts construction companies at serious risk. When your forecasting is based on fragmented data, you’re essentially making educated guesses instead of informed decisions. This can lead to budget overruns, misallocated resources, and a loss of profitability.
Think about it:
- A project manager who consistently underestimates costs to win a bid might be undercutting your profits.
- Another project manager who builds in excessive buffers could be inflating budgets and making you less competitive.
These inconsistencies create “financial blind spots” that make it nearly impossible to get a clear picture of your company’s health.
How CrewTracks Helps You Gather Better Data
The article emphasizes the need for a standardized approach to data collection and a move away from disconnected systems. This is where CrewTracks shines. Our platform helps you eliminate data silos and ensures that your financial information is clean, organized, and available in real time.
Standardized Cost Categorization
One of the biggest challenges Kane mentions is inconsistent cost categorization. With CrewTracks, every expense, every hour of labor, and every piece of equipment is tracked in a standardized way. This means a new project manager won’t log costs differently than a seasoned one, ensuring consistent reporting and a single source of truth for your financial data.
Real-Time Data Capture
Delayed financial updates are a major obstacle to accurate forecasting. CrewTracks allows your crews to track expenses and labor hours directly from the job site using our mobile app. This real-time data capture means you’re no longer waiting for paper time cards or manual expense reports to trickle in. As soon as the data is entered, it’s available to your office team, helping you make timely decisions and avoid cash flow issues.
Eliminating Data Silos
Kane highlights the dangers of using disconnected systems like separate spreadsheets and project management tools. CrewTracks integrates with many of the leading accounting platforms, breaking down these silos. By syncing data between the field and the office, you ensure everyone is working from the same information, which is crucial for making accurate financial forecasts.
Shift Your Mindset and Improve Your Forecasting
Kane’s article stresses that technology is only part of the solution; you also need a “data-first mindset.” CrewTracks helps foster this culture by making it easy for your field crews to be a part of the data collection process. Our platform is intuitive and user-friendly, encouraging higher adoption rates and ensuring that your employees are actively contributing to your financial accuracy.
By leveraging a system like CrewTracks, you’re not just getting better data—you’re building a foundation for a stronger, more resilient business. With accurate, real-time information, you can stop guessing and start making confident, data-driven decisions that lead to sustainable growth and profitability.
Want to learn how CrewTracks can help you build a data-driven culture? Contact us today for a free demo!
The article referenced is from the May/June 2025 issue of CFMA’s Building Profits magazine, written by Rich Cane. Want to see more articles like this from CFMA? Learn more HERE.
