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 -- 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 -- 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 -- 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 -- 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 -- 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 -- 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.
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 -- Construction management solutions take the complexity out of contract administration, resulting in less profit erosion, fewer manual tasks, and stronger relationships with customers, suppliers, and partners.
ARTICLE -- One way that construction companies can better manage project tasks and resources, no matter the project size, is with a Gantt chart form built inside Oracle NetSuite ERP, the world’s #1 cloud ERP.
