Jackie d'Escoto, PresidentThe growing complexity of construction projects in an increasingly competitive industry brings forth manifold challenges in managing costs, programs, and contracts. Deemed as an integral part of the construction process, the contractual process is acutely challenging due to the lack of detailed contract-specific information and improper documentation, coupled with impossible deadlines and the changing nature of contract work.
To overcome these challenges, construction-based organizations are on the lookout for efficient solutions to bring visibility and control into the Contract Lifecycle Management (CLM) process. Chicago-based Maginox provides a simple and affordable contract management software solution. Maginox empowers contract managers with its cloud-based contract management software, enabling managers to effortlessly handle complete project and contract administration from one central location.
Maginox has handled a plethora of projects and contracts for the A/E/C industry, helping save time, reduce costs, and improve business results. The firm leverages user-friendly and intuitive tools to optimize productivity and project management functions. At the outset, Maginox garners the details of the companies and agencies that customers work with, tracks all projects and related contracts, and finally captures project budgets, while identifying funding sources for these projects. “By deploying Maginox software solution, construction firms can seamlessly manage their contractual obligations, leaving the technology to us, and empowering their people to focus on what they do best,” affirms Jackie d'Escoto, President of Maginox.
Furthermore, Maginox’s powerful reporting features enable enterprises to reap complete information about the changes associated with contracts that can impact the overall contract value. They also provide an effective electronic trail of how a contract’s total amount was changed or is anticipated to be changed during the life of a project. Maginox archives monthly, thereby capturing historical contractual data allowing enterprises to run reports by financial period. When it comes to controlling project costs, Maginox provides cost summary reports, which compare actual or anticipated contract amounts to budget and funding values.
By deploying Maginox software solutions, enterprises can seamlessly manage their contractual obligations, leaving the technology to us
By providing detailed accounts of project cash flows based on contract durations, Maginox offers stakeholders the necessary business information to make better-informed decisions.
In addition, Maginox also provides labor performance reports, which feature information about the labor tasks and forecasting—including hours and costs based upon an earned value analysis, and resource scheduling and usage. Further, with the help of Maginox, construction firms can easily report current obligations to IDOT and the Illinois Tollway who are awarded contracts.
To expound on the capability of the software, Jackie cites the example of a particular client with multiple amendments and work-order based contracts worth millions of dollars. This included managing multiple change orders, maintaining numerous contract legal agreements, as well as other contract-related processes. Their major goal was to ensure that they do not exceed the master service agreement amount. To facilitate this goal, the client required an efficient tool that could manage all contractual processes seamlessly. With the help of Maginox, they were able to effectively track individual projects, generate powerful reports that provide project contract analytics by industry segments save time and finally increase productivity by eliminating spread sheets.
Along the path of innovation, Maginox is working towards adding more modules to their software solution and making it more customizable for its customers. Additionally, the firm is planning to develop a pay application to help contractors manage payment transactions more efficiently.