Titanium used LiveCosts to:
About Titanium Developments
Titanium Developments are a construction and civil engineering contractor that specialise in the healthcare sector
With an extensive network of certified professionals, Titanium offers full design and build services for medical facilities.
Visit www.titanium.ie to learn more.
What problem were you trying to solve?
From a cost-tracking perspective, we had little control over expenditure on a supplier level.
How was the problem affecting your business?
Our biggest challenge was that we had no financial control, because we could not track costs on a day-to-day basis. It was only when an invoice arrived would we know what we’d spent on construction materials.
What other possible solutions did you consider?
LiveCosts wasn’t the first solution we looked at, or tried to implement. We tested other cost-tracking apps, and an email-based system that tracked orders – nothing else worked.
What risks did you consider?
Our biggest risk was that an invoice might come in after a project was finished, and that it could be missed and not paid promptly – an event like that could damage Titanium’s reputation.
So it was important to us that LiveCosts would be able to protect our reputation in this regard.
What are some of the main benefits of using LiveCosts?
We have found LiveCosts to be very quick, and very easy to use. This has helped from an onboarding perspective, because our staff are able to understand it quickly and just get to work.
At the site level, the smartphone app allows the lads on site to upload delivery dockets as they receive them.
From a construction cost-tracking perspective, we can track labour hours, track stock items, and just see where the project is at.
Financially, having live cost-tracking enables us to project spend. Are we on track, will we overspend – and if so, where are we overspending? LiveCosts is the tool that allows Titanium Developments to keep to our budget.
Our Accounts Department has benefited from the perfect matching of invoices to purchase orders. This has saved us a great deal of time on paperwork, and LiveCosts is much more accurate than manual data entry.
Which LiveCosts feature do you find most beneficial to your business?
Without question, the most useful feature of LiveCosts for me as Procurement Manager is being able to very quickly issue purchase orders, and then have invoices that come in be matched against them automatically.
How much time does using LiveCosts save your business?
We’ve gone from writing purchase orders by hand to having LiveCosts create them for us. It’s so handy.
So the time it takes us to create a purchase order has fallen from 10 minutes to 10 seconds.
What would you say to other people considering LiveCosts?
My advice to any construction company, or any Procurement Manager in construction, is to get LiveCosts up and running.
Build up your suppliers, build up your catalogue and, over time, the rest will look after itself.
How it integrates with our accounting software has been a huge help. If your current accounting software isn’t enough for a construction-oriented company, you can add LiveCosts to it without replacing it, so the whole team has what they need.