Best Practices: The Key Operational and Financial Metrics being Tracked by Wireless Constructors

Best Practices: The Key Operational and Financial Metrics being Tracked by Wireless Constructors

The key challenge many wireless constructors face when looking to improve field productivity and project profitability is getting access to accurate and timely operational and financial project data.

This data is often spread across different platforms and trackers and may require manual updates, which contributes to inaccuracy and delays.

The following dashboards present the core Operational and Financial performance metrics Fieldclix has developed through years of collaboration with several wireless contractors.

I hope you find this helpful, please feel free to reach out with any questions or to schedule a review of our live dashboards: rob@fieldclix.com

Operational Metrics: Boosting FIELD Productivity and Project Control

Operational Metrics: Boosting FIELD Productivity and Project Control

The following sample Daily Status Dashboard consolidates and displays several important Operational Metrics that Fieldclix clients are tracking across all active projects.

The Status Dashboard is updated daily to provide accurate and timely updates for the following operational categories:

Labor Hours: The Fieldclix mobile app tracks remote labor hours automatically using GPS and geo-fences, which provides precise arrival and departure times at job sites and other locations. This allows for the automated generation of timecards as well as the following labor productivity metrics:

  • Daily crew hours spent at the job site
  • Hours worked per crew member each day by activity type
  • Percentage of time spent at the job site
  • Percentage of time spent away from the job site (including warehouse time, stops at suppliers, and drive time).
  • Overtime percentage for the project
  • Total days on-site
These labor metrics help project managers identify opportunities to minimize time spent away from the job site, reduce overtime hours, and make sure the project is on track to complete as planned.

Labor Hour Budgets: Fieldclix automatically assigns labor hours to the correct job code (even if a field employee travels to multiple active job sites during a workday). For example, the labor dial in the above daily dashboard provides the following metrics:

  • Budgeted hours (675 hours)
  • Actual hours used to date (288 hours)
  • Project completion estimate as of today (55% complete or 371 hours)
  • Current variance in hours as of today (83 hours under labor budget)
  • Projected final job hours (523 hours, or 151 hours under budget)
This supports tracking accrued hours against a labor budget, which is an effective leading indicator of the overall health of a project, alerting project managers to potential delays and overruns so proactive measures can be taken.

Task Completion and Project Performance Tracking: Teams collaborate to track completed tasks versus planned milestones. This helps maintain project schedules and highlights tasks needing additional attention or resources.

  • Daily crew comments (e.g., site status, work orders)
  • Task completion status (e.g., "Alpha Prepped," "Beta Prepped")
  • Remaining Tasks to complete
  • Estimated project completion percentage (daily and to date)
  • Additional Pie charts that display the distribution of work activities by percentage (on-site, office/warehouse, drive time) and labor type (regular, overtime, double time).

By virtue of the accuracy and timeliness of these operational metrics, Fieldclix clients have indicated a 10% to 15% increase in productive time at the job site every day, which allows them to get more work done with existing teams.


Financial Metrics: Ensuring Project Profitability

Financial Metrics: Ensuring Project Profitability

Financial metrics are equally critical in determining a project's overall health and profitability. Many companies struggle to get cost updates from traditional accounting systems that rely on finance teams to manually allocate costs to the correct job codes. This means job cost data is often delayed or inaccurate, and available only after project completion.

The following sample Budget Dashboard displays consolidated financial metrics that Fieldclix clients are tracking at the project level.

The Budget Dashboard is updated automatically as different costs hit the project. This allows project managers to dynamically track and manage the following important financial indicators at the project level:

Planned and Actual Revenue: includes the original projected revenue (as recorded in the sales order, change order, and/or client PO) and the actual revenue accrued, which equates to the value of all invoices submitted to the client.

Planned and Actual Expenses: displays the initial budgeted project costs, and actual costs as they occur:

  • Field Labor Costs (captured labor hours multiplied by loaded labor rates)
  • Material Expenses
  • Subcontractor Costs
  • Equipment Rentals
  • Credit Card Expenses
Tracking the percentage of spend against budget helps identify potential impending cost overruns by cost type.

Profitability Metrics: tracks financial metrics, including Profit Margin and Work In Progress (WIP) to provide an accurate view of financial health for in-flight projects.

  • Total Revenue Gross Profit Margin: Revenue minus total expenses (committed costs such as issued vendor POs and Actual costs).
  • Work-In-Progress (WIP): Captures variance for both Over/Under Billed (such as work completed but not invoiced) and Over/Under Spend (such as large material purchases) conditions.
  • Adjusted Profit & Loss: Reflects current profitability by adjusting the Gross Profit Margin for the current WIP. This represents a more accurate reflection of the financial health of a project.

These metrics collectively provide a clear picture of project financial health, profitability, and cost management effectiveness, which supports proactive management of all in-flight project budgets.

PROJECT STATUS: HOW IS THE COMPANY PERFORMING OVERALL

PROJECT STATUS: HOW IS THE COMPANY PERFORMING OVERALL

The Status Dashboard below presents key operational, financial and timeline metrics, enabling project managers or stakeholders to quickly evaluate the health, profitability, and progress of individual projects as well as the performance of employees, teams and standalone regions or divisions.

The dashboard is configurable by role; a Project Manager, Operations Lead, or Finance Lead may require access to different data. For example, the representative fields in the sample dashboard above may be of interest to an operations lead looking at the overall status and health of all active projects in a geographic region.

  • Budget Total Revenue: total budgeted revenue allocated for the specific project.
  • Milestones: projected and actual completion dates for various project milestones, such as Construction Start.
  • Budgeted Field Labor Hours: The number of labor hours initially budgeted for fieldwork.
  • Estimated Completion: a percentage representing the estimated progress or how close the project is to completion.
  • Total Spend to Date: all job costs spent on the project up to the current date.
  • % of Budgeted Spend: the percentage of the budget that has been spent, indicating budget utilization efficiency.
  • Remaining to Invoice: the fees remaining to be invoiced for the project.
  • Remaining Cashflow: remaining to invoice minus remaining to spend
This comprehensive visibility across active projects allows stakeholders to quickly identify potential risks and enhances overall decision-making accuracy and efficiency.

Beyond day-to-day operational and financial tracking, Fieldclix clients also have access dashboards (not shown here) that aggregate this data to help assess performance levels of individual employees, crews, and regions and teams.

ADDITIONAL RESOURCES

ADDITIONAL RESOURCES

Here are links to some additional wireless construction case studies focused on describing the benefits of operational and financial metrics in more detail.


If you have any questions, or would like to schedule a 30-minute overview please feel free to reach out me at: rob@fieldclix.com

We can also offer a free field test so you can determine if Fieldclix is a good match for your company. If there's any interest, you can email me or make a request via the button below.

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