Developing performance dashboard or MIS for Design functions in Real Estate Industry
- 03 Jan 2023,
The objective of developing and implementing MIS or performance Dashboard in the Construction Industry is to enable a review of the actual performance of each function (on a pre-defined set of parameters ) vis-à-vis budget or targets and to initiate countermeasures for accomplishing the organization’s overall performance.
Therefore, Dashboard or MIS must be prepared accurately, timely, and accessible to pre-identified team members responsible for functional performance and also senior management in the organisation.
Preparing a Dashboard or MIS requires at least eight activities to develop & implement a robust Dashboard or MIS.
Professionals can undoubtedly add more steps/activities per their needs/nature of business.
The focus of this blog is primarily to provide inputs for developing and identifying some of the key parameters for dashboard/MIS of three Design functions, i.e., Design of Architecture, Interior, and Design of MEP.
Dashboard /MIS should preferably be developed separately vis a vis each Project, such as:
· Residential
· Commercial
· Hospitality
· Other significant categories relevant to the organisation
Eight Activities
.
1. CFT (formed by CEO/MD) to deliberate and decide the following:
· Designing structure/contents of MIS or Dashboard at Organisation level/Business unit level
· Designing structure/contents of MIS or Dashboard at the Functional level
· Provision for incorporating Budgeted or targeted KPI (key performance indicator) values
· The frequency (like monthly or weekly) for which MIS or Dashboard must be prepared and released.
· Timelines by which MIS or Dashboard must be released
· Functional coordinator names for making and releasing MIS or Dashboard.
· Recipients or persons who are to be given access to MIS or Dashboard
· Periodicity for reviewing MIS or Dashboard
2. HOD (Head of the department) of each of the functions to Identify the KPI for each function
The choice of KPI within each function is determined by activities performed vis-à-vis core or & statutory or & other supporting processes that can impact business significantly.
3. HOD, in consultation with CFO/HR team, to configure Targets /KPI in the proposed Dashboard/MIS -for the desired period like Monthly and Year to date
This can be done in customized software /ERP or hard copy based on the size of the construction organization.
The listing of parameters must be aligned with the budget.
4. Functional coordinator in each design function to compute or measure actual values of KPI.
This can be accomplished through the following steps.
· Accessing key processes/activities, Documents, Configuration tables, Master data tables, and Data tables by functional teams
· Analysing and consolidating the actual measurements
· Including or populating the key findings in respective Dashboard or MIS
· Reviewing MIS before circulating or providing access to Dashboard parameters to intended recipients
· Using design package-related software and ERP to generate actual values
Some of the KPI/Performance indices/parameters are as below
i)Sales Revenue related actuals:
Saleable area in square feet in each construction project segment for new design developed.
ii)Project costs related actuals:
· The design package was BOQ costs in Architect, Interior, and MEP functions
· Project costs in Rs (local currency) and foreign currency w. r. t. each type of saleable area in construction projects
· Project costs in Rs /Square feet (local currency) and foreign currency
for each type of saleable area in projects
iii)Functional performance-timelines related indices -Actuals -New Construction projects
· Actual timelines for accomplishing key activities vs. plan
· Actual Performance timelines for developing new designs and commercial-design roll-out
· Obtaining statutory approvals
· And so on
iv) Functional performance- timelines related indices -actuals -Ongoing Construction projects
· Actual timelines for accomplishing key activities
o Actual timelines for accomplishing key activities vs. plan
o Actual Performance timelines for developing new designs and commercial-design roll-out
o Obtaining statutory approvals
o And so on
v) Costs to be computed by Corporate finance and accounts for following
· Actual Statutory fees for licenses
· Other Charges paid to local government bodies
· Fixed costs incurred, like permanent team member costs of function for which MIS/Dashboard is being prepared
· Actual Overheads etc
Architects, Interior, and MEP designers can add more parameters based on significance and importance to the organisation.
5. Review of populated functional MIS or Dashboard by CEO.
Review of actual values ( in the above activity vis targets) must be done during monthly/periodic meetings with the Design function’s HOD of design function and key coordinators
6. Evolve and Share countermeasures by HOD of respective Design functions’.
Action plans need to be shared with the CEO/MD on how to make up for the shortfalls in actual values vis-à-vis budget/targeted KPI values
7. Make minutes of the review meeting and circulate them for action by persons identified in the minutes of meetings
8. Periodic review by HOD of each design function with team members
Activities that can adversely impact business.
· Outsourcing plan and timelines for hiring and engaging consultants for designs packages such as structure, building architecture, façade, Hardscape-external development works, landscape, Interior design, or MEP
· Stage wise -actual timelines for completion of design activities vis-à-vis each package such as below but not limited to:
§ Design of Architecture: Structure, Buildings, Façade, Hardscape
§ Interior Designing: Furniture, fixtures, and equipment (FFE), Finishing works, Artwork
§ Design of MEP function: Designing of Electrical - external and Internal works, Deigning of Airconditioning -Works, plumbing, firefighting, lifts, sewerage treatment plants, and so on for various packages
· Statutory approval status vis-à-vis each of the above packages, if applicable
· Readiness status of the Mock-up unit/sample room as also the Project’s 3D Model development on a specified scale
· Status of approving design-related BOQ material samples before procuring and installing bulk quantities vis a vis each work in Design of Architecture, Interior Designing, Design of MEP services
· Status of hiring /taking on board various design works-related contractors for initiating construction
· Actual consultancy fees and reimbursements like travel/conveyance etc., vis-à-vis each package
· Actual BOQ cost estimates @ Rs/square feet of FAR or saleable area vis-à-vis each package such as below but not limited to:
§ Design of Architecture: Cement, RMC, Reinforcements-, Bricks-, Modular Kitchen-, Kitchen Appliances-, Internal Doors, External Doors, Door Hardware
§ Interior designing- FFE, Finishing works, Artwork
§ Design of MEP-Cables, Conduits, Pipes, Transformers, Air Circuit Breakers, Vacuum Circuit Breakers, Outdoor Units, Indoor Units, etc.
· Actual manpower in numbers level-wise (higher, middle, lower) vis-à-vis each function
· Actual cost estimates for each of the three design functions:
§ New capital equipment like computers, workstations, test rigs, etc
§ New software
§ New skill acquisition or training
§ Direct expenses incurred
§ Overheads
· Incorrect capturing of budgeted or targeted values in the KPI or Dashboard parameters to project a favorable comparison of target vs. actual values
Handbook of the author
A template illustrating the list of activities to be performed for developing MIS/Dashboard is included in chapter 14 in the handbook of the author and titled” ETHICS in the real estate and hospitality industry, Volume 1- Architectural, Interior design, and MEP services.
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