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The Unique Challenges of Procurement Planning for Construction Companies

ProcurementExpress.com

Construction teams face unique procurement challenges due to the complex nature of the business. It’s always been a struggle to get ahead of tight margins, cash-flow problems, and managing contracts. As technology changes the game, procurement is becoming a strategic juggling act. Multiple Projects at Once. Click Here.

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The Unique Challenges of Procurement Planning for Construction Companies

ProcurementExpress.com

Construction teams face unique procurement challenges due to the complex nature of the business. It’s always been a struggle to get ahead of tight margins, cash-flow problems, and managing contracts. As technology changes the game, procurement is becoming a strategic juggling act. Project Management.

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Living in a Materials World

Viewpoint Construction Technology

But along the way, those material costs can start to add up, especially if the materials aren’t procured and managed properly. Construction materials management software has helped ease materials burdens, and with advances like the cloud, it’s getting even easier for contractors to take control of their materials processes.

Materials 247
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Real-Time Work-in-Progress Figures — Construction’s Secret Weapon

ProcurementExpress.com

In the construction industry, WIPs cover the raw materials, plus labor and overhead, used as part of a project. 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. WIP is one element of an inventory account.

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

ProcurementExpress.com

In the construction industry, WIPs cover the raw materials, plus labor and overhead, used as part of a project. 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. WIP is one element of an inventory account.

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Seven Traits of Profitable Specialty Contractors

Fieldwire

Firms with healthy marketing budgets might also enlist the services of a marketing or public relations consultant for assistance in marketing efforts. Investment in equipment maintenance, along with up-to-date inventories and maintenance records, can help avoid costly down time and inefficient performance. Clear Communication.

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Facilities Operations & Maintenance Management

Job Order Contracting

Facilities Operations & Maintenance Management considerations span several areas. Budgeting/Capital Planning. Budgeting/Capital Planning. Post construction costs average 80% of total facilities investment thus emphasis upon O &M budgeting and capital planning provides major benefits. Procurement/bidding.