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 -- 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 -- 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 -- 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.