Managing the RFI Process with cloud solutions
Managing the construction RFI (Request for Information) process is an essential part of the construction project management process. It involves...
Owners will tell you, at times, the hardest part of the construction business is not doing the work, but it’s getting a project up and running. Once work comes in, contractors who do an excellent job of monitoring and managing work-in-progress will know where their profitability stands at any given time.
Here are two simple ideas to keep cash flow steady and in the black:
Such technologies help better anticipate receivables and cash inflow, and better time payments and cash outflow. FWO is a mobile app, so information can be inputted as it happens, and, as a result, delays in catching up to, or worse, in overlooking change orders, are greatly reduced. Some companies are using the apps to their fullest, for instance, issuing billings and invoices, taking care of materials inventory and orders, scheduling teams and coordinating subs, and keeping all of this in sync with project timelines and budgets. In addition, companies need to consider the legal complexities of the industry and managing a multitude of architects, engineers, manufacturers, installers, bonding companies, lending institutions, and permitting agencies. Chief among the reasons to get the right technology now is minimizing this risk by accurate and efficient reporting.
As Forbes.com writes, “The bottom line is that the process needs to ensure you have accurate cash flow forecasting, giving you actionable insights to improve your cash flow and the overall business’s financial health.”
Managing the construction RFI (Request for Information) process is an essential part of the construction project management process. It involves...
Peer Assist knows that construction companies require a smoothly integrated suite of products to connect the field and office to build value and...
As a contractor, you know what's coming as soon as your project starts... changes start coming in. Many contractors utilize a tag-book / ticket-book...