When it comes to processing construction applications for payment, “technology” and “collaboration” may not be the first words that come to mind.
As the construction industry continues to innovate, technology is doing more than just making processes easier.
4 ways we’ve seen new construction technology influence team collaboration and overall success:
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 make edits, so you make changes and save a new version. You don’t delete the older versions “just in case”. Once the spreadsheet passes through others, there’s suddenly have 5 or 10 versions of the same document. At that 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 alleviates this problem altogether!
SaaS platforms like Dropbox and OneDrive are a central location for all your documents to be saved and easily accessed by your team members. But even with a file sharing tool, you’re likely to have several versions of each document floating around.
Increase your team’s collaboration with a payment application software. GCPay provides that desired single source of truth. All your contract and billing data is saved in the system and matches your ERP. Change orders, schedule of values, and compliance documents are all stored right there. No need to make edits to a spreadsheet and upload it. Don’t dig for that exact lien waiver template – it’s all in GCPay already.
Clear communication with your supply chain is paramount to running a successful business. Even if you have solid relationships, communication can be a hang-up that takes up valuable time and resources for your internal team. To preserve your internal resources, rely on transparency rather than back-and-forth communication.
Pay app software offers that transparency,
General contractors can communicate with their supply chain without ever opening their email or picking up their phone.
The GCPay portal provides visibility so folks can answer their own questions. Subcontractors who are concerned about a pay app or change order can log into GCPay and see the status of all their documents. Likewise, general contractors can assess, approve, and request information from. It’s collaboration at its finest!
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. Working in isolation can make your team feel shut off from one another.
Tech is never meant to replace your team’s communication with one another, but it can help streamline their workflow.
GCPay, 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.
Running your business smoothly has a lot to do with saving time and resources whenever possible. Though it may seem daunting to incorporate new tech – especially at a time like this – doing so can have a massive impact on your team’s time.
General contractors using GCPay save an average of 50% of their accounting team’s time once they get up and running. Think of what your team could accomplish with that many additional labor hours!