The Best Capital Project Management Software

What is Capital Project Management Software?

Capital project management software streamlines the long-term development and maintenance of large-scale capital assets through organizing operations and calculating costs. A capital asset is any kind of property necessary for the production of a good or service, such as a factory for manufacturing or the land the store is built upon. Sometimes referred to as fixed assets, this also includes intangible concepts such as trademarks and patents. While what constitutes a capital asset varies from business to business, capital project management software is necessary for managing all ongoing projects around those assets.

While there is some overlap with general project management solutions, capital project management systems differentiate themselves by providing the specific functionality necessary for long-term success of all current and planned investment projects. These cover those assets which promote the organization's development goals or 5 year plan.

For example, there can be a lot of overlap between capital management and construction management software, since land and building development projects clearly fall under the definition of capital assets. The main difference between these solutions is how construction software focuses on the literal construction project (i.e. the completion of a building) while capital project management focuses on the impact of the building itself along with all other assets, like developing machinery for the factory or purchasing company cars for the staff. Automated software makes it possible to develop all these assets simultaneously.

Capital Project Management Software Features

• Project estimating: Calculate actual costs for labor, material, equipment, and other factors for the purpose of finding and submitting a bid to stakeholders on a competitive project
• Forecasting and budget management: Predict expenses in advance based on past project costs and pricing estimates in order to establish an accurate budget
• Scheduling: Arrange for project schedules based on when work needs to be begin or be completed; ensure availability of resources like labor and materials
• Workforce management: Track real-time progress throughout a project lifecycle, assigns tasks to specific employees, and clearly describes project requirements within the system
• Team communication: Use various communication tools to coordinate between different members of a project team, remotely or in-person
• Project portfolio management: Catalog projects in order to determine which need attention at any given time and predict which projects offer the best return on investment
• Document management: Store important project documents digitally for future reference or audits
• Risk mitigation: Minimize risk by planning for possible remediation in the event a risky scenario occurs
• Analytics and reporting: Review past performance on capital projects to find areas of improvement for upcoming projects

Best Capital Project Management Software Benefits

Investment in a capital project management software can provide your company with many useful advantages, such as:

All Projects in One Place

One of the benefits of any project management software is the ability to control a project throughout the entire lifecycle. To start, project managers can use estimating tools to streamline budgeting efforts to avoid unexpected finances once a project is approved to start. And workforce management tools can help organize labor for the duration of the project.

As described above, construction management software has some similarities to capital project management. However, here is where the big difference emerges: capital project management systems provide an overview of every project related to capital asset management in one location. Check progress on a new factory's construction project, sign-off on the purchase of fleet vehicles, or simply know which upcoming projects are moving up the pipeline through an all-in-one capital project management system.

This increased visibility across all areas of your business can provide extra security for your operations by ensuring nothing gets forgotten. An all-in-one capital project management solution ensures every aspect of your project is addressed in a timely manner from an automated, single reference point.

Real-Time Risk Mitigation

With big projects come big risks. One minor mistake can quickly snowball into an entire project failing and costing thousands of dollars to repair. Risk mitigation tools from capital project management systems can reduce damage through real-time monitoring, allowing you to notice issues before they grow out of control.

Workforce management and scheduling modules make it easy for project managers to assign the best talent to each project task. Every member of the project team can be hand-selected, from the manager down to any third-party subcontractors or temporary laborers. Additionally, communication tools encourage more effective teamwork, further reducing the possibility of human error when handling capital asset matters.

Audit Protection and Accountability

Many capital projects fall into the realm of public service, such as the development of infrastructure or community land. In these situations, the project is likely dependent on public funding, which means project managers need to ensure accountability for the duration of the project's lifecycle. That means keeping accurate records at every step of the project, from start to finish.

Document management tools provide protection against internal and external audits by providing storage for all types of documentation. For public works projects, this can extend to permit or grant funding forms used at local, state and federal levels. Keep templates for future projects, save documents from completed work, and store whatever other information you need digitally.

Finally, project owners can develop analytical reports to review actual costs versus initial forecasting estimates, effectiveness of work order, and other factors specific to the capital project. This data can then be used to show potential stakeholders your organization's past successes, increasing the chance of winning bids.

Capital Project Management Software by Industry

Capital planning and project management software is most often associated with large-scale development, though systems can also be used by most industries:

• Real estate, construction and remodeling
• Government and infrastructure
• Manufacturing and production
• Retail, dining, and hospitality
• Distribution centers and warehouses

It's possible to customize capital project management solutions to a degree, in order to better suit your industry. In particular, systems can integrate with ERP, accounting, and HR software to better serve your needs. Whatever your capital assets, build, maintain, or improve them with all-in-one capital project management software.