Infrastructure, construction & real estate professionals across the industry would agree that infrastructure projects are becoming increasingly more complex. Cutting-edge competition, dynamic and evolving engineering technologies, need for innovation, rising material costs, skill complexities, regulatory and compliance changes etc., often calls the need to partner with many sub-contractors, specialists, consultants, temporary construction teams etc. to be able to deliver a large construction project.
It is believed that almost up to 75% of total projects based on the size of the contract goes to subcontractors, where the number of subcontractors can vary from 2-3 to even 25-30 and more. To achieve faster growth, the need for an innovative and integrated IT solution is imperative for a rapid business transformation.The need to standardize processes that helps gain insights into the business, smooth workflow, seamless communication, the accuracy of time, cost management and other economic efficiencies are some of the core parameters important for an extensive infrastructure to stay on track.
On more in-depth examination on the business process workflow, the need for a sophisticated and efficient billing system has proven to be the core opportunity responsible to excel on project management. A well-managed sub-contractors’ billing systems ensure streamlining the project to help fetch better returns by definitive savings on cost, time and resources.
An on-premise or cloud software solution often brings in complete transparency into the processes, helps detect compliance failures and improves the overall system. Project Execution; Procurement; Finance are the core pillars that ensure a smoother billing workflow.
Seamless access to financial and operational information in a single dashboard, ensures greater visibility, sharper perspective and stronger decision-making. Scope to reduce costs, elimination on duplication, improved efficiency, greater accuracy in bids and tenders provides smarter business management. Efficient materials management is a critical component that ensures project completion on time.
Efficient subcontracting software is essential for the success of all construction companies. Some of the key features that make billing software efficient are –
- System driven calculation for advance recoveries
- Real-time Material reconciliation based on considering work done and physical stock lying at subcontractor
- Visibility of work done and other improvements through detailed Payment Abstract
- Approval workflow for the Payment Abstract Approval
- Reporting on Vendor Running Account Bill for subcontractor
- Efficient Running of Business Operations
Reliability of business data ensures reduced business risks. Data consistency across enterprise increases accuracy. A strategic tool which aligns multiple business activities with core business objective provides smoother business processes and boosts productivity.
(The views expressed in this article are by Mr. Joydeep Banerjee Head Business Development, Highbar Technocrat Ltd. Onlineandyou.com doesn’t own any responsibility for it.)