Value rather than price – what is the real cost of not implementing WebContractor?
With technology becoming more prevalent in day to day activities, the benefits tower over the hindrances. Within a construction project, from start to finish, there are several different partners and digital platforms allowing consistent information to be shared to everyone involved, enabling the process to be more efficient and effective.
For every businesses, including those in the construction supply chain, it is crucial to implement innovative solutions which ensure transactions, both monetary and non-monetary, can be traced, recorded and accessed accordingly, moving away from often administratively time-consuming methods in the back-office and implement a streamlined workflow.
WebContractor allows companies to add value to their operational processes, have fully auditable and traceable payment journey and improve their relationships with subcontractors. The software can offer a solid opportunity to improve existing margins but more importantly, the cloud-based solution facilitates a greater collaborative relationship between contractors and subcontractors.
Manage your Application for Payments effectively
One of the most important parts of the relationship for a subcontractor is how their Application for Payments are handled and processed, and the more positive experience they have, the stronger the relationship becomes. WebContractor allows subcontractors to upload their Applications for Payment at any time, in any location. As well as being convenient, subcontractors have full confidence that their important documents won’t get misplaced and have full visibility as to where their payments are up to in the Application for Payment process. And after all, transparency is key in order to maintain positive business relationships.
So, what is the real cost of not implementing WebContractor? Along with untraceable subcontractor payments, heavy administration costs and poor visibility of potential risks, main contractors not only face fines and being excluded from the bidding process for government projects, but they could potentially hinder the relationships with their subcontractors by unintentionally delaying subcontractor payments and de-valuing their company. Any delay could cause catastrophic financial issues and potential loss of talented subcontractors. After all, these subcontractors are the ones who produce our infrastructure – homes, schools and hospitals, therefore as an industry, there is a duty of care for us all to help them wherever possible.