In the realm of construction, technology’s role in facilitating collaboration and streamlining processes, especially in the context of progress claims, cannot be overstated. By delving deeper into the four pivotal areas, we can uncover how technology, particularly platforms like Payapps, simplifies these processes, enhancing efficiency and transparency between contractors and subcontractors.
1. SINGLE SOURCE OF TRUTH
Something that tends to slow teams down is when there is more than one version of a single document. We’ve all been there – you receive a spreadsheet and need to edit, so you save a new version and make changes. You may not want to delete older versions just in case, so leave them in place. Once the spreadsheet passes through several hands, we suddenly have 5 or 10 versions of the same document. At this point, it’s impossible to tell which version is the “right” one. Not to mention the mess that occurs when you email these documents back and forth, so they’re not being saved in a central location for easy access.
Technology platforms can help alleviate this problem altogether. Services like Dropbox and OneDrive allow one central location for all your documents to be saved and easily accessed by your team members. But even with a file-sharing tool, you still likely have several versions of each important document floating around.
This is where a platform like Payapps is so impactful for easy team collaboration. Payapps provides what we call the single source of truth. All your contract and billing data is saved in a single place in Payapps and matches what you see in your ERP system. Change orders, schedule of values, compliance documents and more are all stored right in the platform. There is no need to make edits to a spreadsheet and re-upload, nor do you have to go digging for that compliance documentation– it’s all in Payapps already.
2. SUPPLY CHAIN TRANSPARENCY
Clear, easy communication with your supply chain is paramount to running a successful business. And even if you have solid relationships and open lines of communication already set up, this is often a bottle neck that takes up valuable time and resources for your internal team. To preserve these internal resources, many builders are relying on transparency rather than back-and-forth communication.
Payapps offers this transparency so that builders can easily communicate with their supply chain without ever opening their email or picking up their phone. The Payapps platform allows that visibility so folks can answer their own questions. Subcontractors who are concerned about a progress claim or variation can log into Payapps and see the status of all their claims. Likewise, builders can assess, approve, request information and more from within the platform. It’s true collaboration at its finest!
3. BETTER COMMUNICATION
Technology helps improve communication by easing some of the pressure your team may be experiencing. As deadlines loom and work piles up, it can be natural for team members to put their head down in an effort to get everything done. It can be dangerous for your team to work in isolation like this and can make them feel shut off from one another.
Technology is never meant to replace your team’s communication with one another, but it can help streamline their workflow. Payapps, for example, is helping Accounts Payable teams access all the information they need to process pay apps without having to search through emails or old folders (physical or digital). Rather than relying on documents coming in via snail mail or fax machines, the information needed is all in one place. This serves as a single point of reference for teams when they do come together to collaborate.
4. TIME SAVING
The administrative burden of processing progress payment claims can be significant. Incorporating technology into this process introduces time-saving efficiencies. Platforms like Payapps automate many aspects of the payment claim process, from submission to approval, significantly reducing the manual effort involved. This automation allows accounting and project management teams to focus on more strategic tasks, enhancing productivity. The time saved translates into cost savings and can contribute to a project’s overall success by ensuring that financial resources are managed effectively.
In summary, incorporating technology into the management of progress payment claims simplifies the process and enhances collaboration and transparency between general contractors and subcontractors. Platforms like Payapps play a crucial role in this transformation, offering tools and features specifically designed to address the unique challenges of the construction industry. As the sector continues to embrace digital solutions, the efficiency and effectiveness of managing progress payment claims are expected to improve, driving success in construction projects.