Data is King as Project Costs Rise

Unprecedented government infrastructure spending across Australia, particularly on the eastern seaboard, is creating a healthy pipeline for developers over the next decade.

Projects such as Western Sydney Airport, the new city of Bradfield, Melbourne Airport Rail Link and Brisbane’s Cross River Rail are contributing significantly to urban development right across east coast metro and regional areas.

Rising costs, however, are upping the stakes and data to assist with planning and managing projects is becoming crucial in ensuring profitable decisions are being made.

Business development manager at Construction Industry Solutions (COINS) Tim Hird said there was fierce competition for private investment opportunities across the residential and mixed-use development sectors, also in the commercial and civil contracting space.

“South-east Queensland in particular is increasing pace with demand on the Sunshine and Gold coasts fuelling growth in Brisbane, an effect already seen in Sydney and Melbourne in previous decades. The Brisbane 2032 Olympic bid is also set to propel development,” Hird said.

“The opportunities are significant, new cities are being built. It’s an exciting time to be a part of shaping Australian communities and culture but it’s a high-stakes market where costs are rising and compliance is complex due to ever increasing regulation.

“Managing operations, projects, risk and people is only getting more challenging.

“Many developers and contractors are relying on a forensic view of their business and projects to ensure profitable decisions are made, so the value of accurate, real-time data cannot be understated.

“Strict cash flow management, literally being across every cent coming in and going out at any point in time and being able to analyse this data quickly, is absolutely key for organisational survival.”

Cloud-based operational and financial management systems that provide access to sophisticated data is increasingly a key asset that investors, government and joint venture consortiums require.

Hird said sector-specific business management software that is highly functional can support developers and contractors in not only handling the complexity of daily operations but being technologically primed for future growth.

“We cannot escape the rising dependency on data and reliable systems, it’s an investment every organisation needs to consider, with the long-term efficiencies and cost-savings being massive.”

COINS software is designed specifically to manage all aspects of the property development, real estate investment and home building lifecycles from land feasibility to design and construction, through sales and marketing to after sales.

It provides industry-specific solutions across opportunity management, supply chain management, operations, project management, financials, HR and payroll, and customer care, and is uniquely placed to provide expert advice and support for strategic business growth.

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