ARTICLE -- Retainage, a common financial practice meant to guarantee the quality and completion of a contractor's work, is often burdened by outdated manual management techniques that pose significant challenges for construction companies and project-based organizations.
ARTICLE -- The AIA Billing process provides a standardized approach to invoicing and payments for construction projects. Two key documents, G702® and G703®, are essential for maintaining clarity, transparency, and contractual adherence and should be automated in your ERP.
ARTICLE -- 93% of construction firms experienced project delays due to material shortages in 2022, with an average increase in total project costs of 20% after original timelines were exceeded.
ARTICLE -- One key challenge that construction companies face is construction retention, disputes explicitly over retention releases. These conflicts can critically impact timelines, budgets, and profitability. 62% of firms identified retention release disputes as a significant hurdle in 2023.
ARTICLE -- 65% of construction professionals cite data management as one of the top challenges in construction management for 2023. Unlimited storage, single click to view, permission controls, document links, accessibility to NetSuite Sandbox, and easy-to-use upload features are all needed features.
ARTICLE -- The construction industry, traditionally slow to adopt digital technology, is now on the cusp of a significant transformation. Construction companies using automation and cloud-based systems saw a 20% increase in project management efficiency.
ARTICLE -- Cloud-based project management software is a future-proof technology. 73% of construction professionals believe technology will significantly improve productivity and reduce project costs in the coming years.
ARTICLE -- Managing retainage with manual processes can be challenging and time-consuming for construction companies, especially those with multiple projects. 50+% struggle and nearly a third reported that it takes 2-3 days to reconcile retainage amounts.
ARTICLE -- Late invoices can cause significant problems, leading to payment delays and reduced cash flow. Over 50% of construction companies experience difficulties collecting invoicing from suppliers on time, with an average delay of 30 days.
ARTICLE -- Cloud-based integration of financial and operational data is a game-changer for construction. Construction companies can make better-informed decisions, reduce costs, mitigate risks, enhance collaboration, and scale their businesses.