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Top 3 Tips for Improving Cash Flow as a Construction Contractor

ProcurementExpress.com

Construction companies face more cash flow challenges than just about any other industry. There’s a lot to be said about the impact automation can have on processes like accounts payable, procurement, and more. Let’s take a look: Free Download: 6 Forecasting Best Practices All Construction Teams Need to Know Click Here.

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Top 3 Tips for Improving Cash Flow as a Construction Contractor

ProcurementExpress.com

Construction companies face more cash flow challenges than just about any other industry. There’s a lot to be said about the impact automation can have on processes like accounts payable, procurement , and more. Embrace Automation. We’ve talked about this on, well, too many occasions to count. Speed Up Receivables.

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The High Cost of Low Bids: When Contractors Compete on Price, Everyone Loses

Levelset

Prioritizing a low bid over contractor performance is a lose-lose procurement strategy. Who’s responsible for low-bid procurement? Learn more about bidding & procurement: Bidding on private construction projects Bidding on government projects 7 construction bidding websites to find more projects. And guess what?

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Construction 4.0—What it Is and How to Get Ready

ProcurementExpress.com

Procurement teams will need to consider pre-fabrication and 3D printing along with traditional sourcing methods. According to that same McKinsey report, procurement and supply chain management are still relatively cumbersome, mostly manual processes. 3D Printing and Procurement. It’s not exactly a new idea.

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Guide to Supply Chain Management in Construction 

Autodesk Construction Cloud

Goods are delivered on time and within budget, meaning contractors can build and execute projects efficiently. . Pay attention to trends and events, like material price increases and manufacturing disruptions, that may affect the supplies you need and factor those in when planning your budget and forecasts. . Tech to try .

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Construction 4.0—What it Is and How to Get Ready

ProcurementExpress.com

Procurement teams will need to consider pre-fabrication and 3D printing along with traditional sourcing methods. According to that same McKinsey report, procurement and supply chain management are still relatively cumbersome, mostly manual processes. 3D Printing and Procurement. It’s not exactly a new idea.

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Real-Time Work-in-Progress Figures — Construction’s Secret Weapon

ProcurementExpress.com

Yes, WIPs are considered current assets – meaning, accountants consider inventory assets to be current, as they are expected to turn into cash within the year. But, procurement , project management, and the C-suite should all monitor WIP closely. Which then throws everything off from revenue forecasting to budgeting.