Recent advancements in technology have provided business owners with new resources for tracking expenses and monitoring operations. New software programs, designed for various manufacturing and distribution industries, ease the planning, ordering, and receiving procedures necessary for streamlined operations.
Moreover, specific, web-based programs have been created to offer construction industry professionals advanced monitoring and communication tools, which allow them to reduce the costs associated with requesting bids, organizing proposals, and scheduling procedures, along with the payment requirements, PO’s, and important notifications to, and from the sub-contractors, vendors, and employees connected with the project.
Commonly known as trade portals, these systems allow builders to communicate with subs, managers, and suppliers in real-time, improving and streamlining construction operations.
Requisitions, Purchase Orders, and Contracts
Procuring materials and services in the construction industry is mainly conducted using manpower, a lengthy process of transferring data from one system to another, or by inserting information into formula sheets by hand. However, innovative, web-based portals allow the builder access real-time job site information, combined with the categorized tracking and routing of purchase orders, requisitions, contract commitments, and item requests, which speeds processing times, to the appropriate personnel for approval.
The secure dashboard views provide project managers and other administrators with the crucial data they need to make informed decisions concerning disbursements, changes to orders and sub-contractor management, while simultaneously incorporating that same information for detailed project analysis.
Trade portals also offer incredible solutions for tracking job expenditures. While integrating the actual expenses as they occur, these systems use that information to perform comparisons throughout the length of the project with the budgeted amounts. The result is that project managers are able to effortlessly track and monitor material, labor, and sub-contracting costs, and consequently make decisions based on current performances, optimizing company cash flow and project profitability.
Applying new techniques that streamline operations in the construction industry is simply a matter of implementing technological solutions and software programs that feature trade portals, which generate the ability to reduce overall costs, and provide labor, procurement, and billing management solutions for any contractor.