Why is project monitoring important?

Why is project monitoring important

Regular and consistent project monitoring enables a comprehensive overview of risks associated with a project, helps funders to stay in control of budgets and timelines, as well as stay informed on developer, contractor and other construction stakeholder progress at all project phases – to ensure smoother delivery during busy periods when key deliverables are due. Monitoring isn’t just useful to keep projects moving during more complex points, it can also help to improve future performance and inform live strategies. Monitoring throughout the project lifecycle enables agile decision making and means investors have access to technical expertise from initial procurement to completion.

If you value clear communication with a senior-led approach, talk to Naismiths’ team of approachable project monitoring experts. We help protect the interests of funders and investors, providing the best guidance and technical advice. To get access to the UK’s largest team of independent monitoring surveyors, and to get more information about our project monitoring services, get in touch today.

6 benefits of effective project monitoring

1. Reduce delays and expensive mistakes

Head off potential issues before they turn into costly errors, distribute budget accordingly when financing residential and commercial projects, and keep the project on track by mapping out fundamental milestones and when they’re due to be delivered. With regular site visits, the project monitor can closely report on progress and break the project down into key KPIs and smaller stages, which will help to provide a more accurate picture of how long a build is likely to take and that the funds are being used appropriately.

2. React quickly to potential risks

With project monitoring comes better communication across teams and the ability to assess potential risks before they come to pass. By collating information from across construction stakeholders on the behalf of the funder, this provides confidence and maintains a holistic view of the project from outset to completion. Having a structured monitoring process and reporting system with a defined scope, actions in the event of increased risk and contingency plans makes project processes smoother and faster.

3. Increased accountability

One of the key benefits of an experienced project monitoring team is having a robust record of actions and progress recorded across different teams readily available for stakeholders and fully traceable when needed. This increased transparency and evidence in the form of documentation and statistics keeps everyone on track and ensures nothing gets lost in translation.

4. Budget clarity and control

Assessing actual costs vs estimations and limiting overspending is a crucial benefit of project monitoring. It’s not unusual for projects to take longer than planned, materials shortages or even labor supply issues to crop up – leading to construction project budgets to be pushed to their limits. Project monitoring helps to predict and control these variables for informed decision making.

5. Learn from failures and build on success

Identify successes that could be replicated in future projects and where mistakes could be avoided. Project monitoring draws on the experience of multiple different sector projects to ensure that all future project benefit. This means investors and funders who choose a project monitoring team with vast experience will have access to extensive data from real projects to base future decisions on and build future-proof strategies.

6. Quality control

Getting work completed on time and on budget is often the main focus for projects, however if the work isn’t up to par, it could mean further delays, more money spent and an unhappy client. Part of a project monitors’ role is to undertake all due diligence works to evaluate and ensure works are being completed in line with quality standards.

Get in contact with Naismiths

With offices across the UK, our industry specialists have unrivalled local knowledge and access to a nationwide network of resources and contacts. Get in touch today to discuss your project monitoring needs and find out how we can help. From funders, to lends, owners, investors and property developers, we help our clients with risk mitigation and asset protection from start to finish.

Our sector expertise includes (but is not limited to):

  • Residential (Affordable / Private / PRS / Permitted Developments)
  • Student Accommodation
  • Commercial
  • Hotels
  • Industrial
  • Retail
  • Healthcare / Leisure