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, we’ve found that technology is doing more than just making certain processes easier. Below we highlight four ways we’ve seen innovative 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 save a new version and make your changes. You may not want to delete older versions just in case, so you leave them in place. Once the spreadsheet passes through several hands, we now 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 are emailing 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 for 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 GCPay is so impactful for easy team collaboration. GCPay provides what we call the single source of truth. All your contract and billing data is saved in a single place in GCPay 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 exact lien waiver template – it’s all in GCPay 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 GCs are relying on transparency rather than back-and-forth communication.
GCPay offers this transparency so that GCs can easily communicate with their supply chain without ever opening their email or picking up their phone. The GCPay portal allows that 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, 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.
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.
4. Time Saving
Last but certainly not least, we know 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 who switch to 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!
We are excited to see many contractors adopting technology and making big strides in their collaboration as a result. We truly believe technology is the future of our industry. But, we also believe we are only as agile as our slowest process. Now more than ever, it’s important to consider leaving manual, paper-based processes in the past.