The recent COVID-19 pandemic caused a stir within almost every profession and the construction business is no exception. The pandemic has brought about some significant changes in the mode of operation of the business world, in general, and the construction industry, specifically. The construction world faced challenges such as maintaining and regulating the workflow while following COVID-19 restrictions implemented by the government, dealing with the global downfall of building resources, maintaining an adequate workforce, meeting deadlines while following SOPs, and disruption in the cash flow due to the suspension of projects. To save the already crippling economy from further disintegration, it is necessary to introduce effective and innovative policies in the construction world which may include the following.
Improved Strategic Collaboration and Risk Management
One of the most significant positive innovations, which would be useful in the future of the construction industry in the a new world is the policy of enhanced focus on risk management and improved strategic collaboration. The establishment of an improved contractual structure and a stronger collaborative structure for strategic management of projects among various units within the construction business can be an effective strategy to minimize collective loss. Similarly, the contractors have also started to pay relatively more attention to risk management within a project and select projects after making a cost-benefit analysis. Consider pursuing one of the many construction conferences to learn more about these strategies and start collaborating with others in the field.
Supply Chain Management
The pandemic caused many disruptions as well as innovations in the construction world, one of which includes the transformation in the supply chain system. It made many suppliers and contractors move toward relatively sustainable alternatives such as moving closer to the construction sites or each other to cut the expenses of resources whose prices were already on a constant hike during that time. To solve this problem in the future, an alternative strategy called “reverse factoring” may be employed to effectively manage the finances of a construction company.
Enhanced Cyber Security
Many construction companies have come to a realization that the construction world might not be able to move forward without bringing advanced technological innovation in their ways of dealing with their suppliers as well as their clients and in order to ensure that their deals, financial matters, and clients stay safe, a focus on increased cyber security is extremely important.
Workflow and Cash Management
Management of cash, both within the context of employers and employees, is the most important step in the regulation of an effective workflow. A significant disruption that the COVID-19 pandemic caused in cash magnet and ultimately workflow was the lack of innovation in the methods of payment. On-site work was relatively less common and during the lockdown, many workers received delayed payments. An online payment system and financial distributor such as “inBuild” might be the best solution to these problems.
InBuild is an ideal virtual assistance which enables the contractors to access invoices, from anywhere around the world, in their cloud service and regulate their cash and workflow while saving a significant amount of time. This digital platform also increases AP accuracy and ultimately workflow. This might as well be the future of the construction world.
If these claims interests your team, please reach out and schedule a demo. Learn if inBuild is the construction accounts payable solution you have been looking for.