Viewpoint and CFMA partner to extend access to key construction benchmark data
Viewpoint, a Trimble Company and construction management software leader, and the Construction Financial Management Association (CFMA), have announced a joint endeavour to provide in-depth visibility into important financial, project and industry benchmarks to help contractors more reliably deliver projects on time and on budget.
Viewpoint Analytics, delivered as part of the ViewpointOne construction management suite, brings together data from construction projects, operations and back office finances into an easy-to-use reporting solution to track performance in real time.
Users of Viewpoint Analytics can now access data from the CFMA’s Financial Benchmarker directly from the product, allowing them to continuously compare their own financial performance against key construction industry indicators such as job profitability, liquidity and leverage, and efficiency.
“Accessing industry benchmarks from Viewpoint Analytics allows our customers to dive further into comparative analysis for a greater understanding of business and project performance relative to CFMA peers,” said Matt Harris, chief product and strategy officer, Viewpoint. “ViewpointOne customers can now see, and more-easily share, all of their important project data in reports that are easy to prepare and consume — solving an issue that has plagued them for years.”
First published in 1989, CFMA’s Financial Benchmarker has long-allowed construction companies, or their CPA firms, to compare financial performance against the rest of the industry. This reliable data set provides key financial measurements specific to construction, allowing contractors to evaluate their company’s performance against their peers to understand how their own KPIs compare alongside the market and focus their energy on key improvement areas.
“Contractors today don’t have an easy way to share and make sense of all of the data captured or maintained by their central, back-office ERP and other field systems,” said CFMA President and CEO Stuart Binstock. “The ability to access CFMA’s Financial Benchmarking data from one central reporting location helps contractors better understand not only job or project health, but also how they compare to others and where they should focus for ongoing business continuity and growth.”
“Becoming a data driven construction company is essential in order to remain competitive in today’s marketplace. In order to do that well, we are embracing the toolset Viewpoint has to offer,” said Jim Voss, chief financial officer with Oregon-based mechanical contractor Advanced Technology Group (ATG). “Viewpoint Analytics has elevated the quality of our project accounting and analysis. Instead of out-of-date information, our teams are using real-time data to monitor project activity and performance.”
A member of the Portland chapter of the CFMA, Voss added: “The benchmark ratios the CFMA is tracking are the same key ratios we monitor as part of our monthly financial reporting process, underlining how the CFMA does great work for our industry and is an important resource.”