Value Rather than Price – Implementing WebContractor
With technology becoming more central to day-to-day activities in construction, the benefits will now outweigh any inconveniences involved with implementation. Within a construction project, from start to finish, there are many different partners and now multiple digital platforms involved, to allow a consistent and accurate flow of information to be shared with everyone involved, enabling the process and project to be more efficient and effective.
For every business including those in the construction supply chain, it is becoming more important to implement innovative solutions to improve the efficiency, and accuracy of their process, transactions and operations, moving away from previously manual, time-consuming methods in the back-office, making things more streamlined, and hopefully, profitable.
WebContractor allows companies to add value to their operational processes, have a fully auditable and traceable Application for Payment journey and improve their relationships with subcontractors. The software can offer a solid opportunity to improve existing margins and 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 Applications for Payment are handled and processed, and the more positive experience they have, the stronger the relationship with the contractor can become.
WebContractor allows subcontractors to upload their applications at any time, in any location with an Internet connection. As well as being convenient, subcontractors have full confidence that their important documents won’t get misplaced and have full visibility of the status of their application as it moves through the contractor's approval and payment process. This level of transparency can be one of the important elements in maintaining a positive working relationship.
So, what is the potential cost of not implementing a solution like WebContractor? Along with a potentially more complicated, time-consuming subcontractor payment process, heavy administration costs and poor visibility of potential risks, main contractors can now face potential adjudications if they miss key notification dates and can be excluded from the bidding process for government projects if prompt payment thresholds are not met.
Relationships with their subcontractors could also be negatively impacted by unintentionally delaying subcontractor payments, with a possible knock-on effect of de-valuing their reputation within the supply chain, making quality subcontractors harder to attract Any payment delay can also cause potentially catastrophic financial issues with subcontractors, with the potential loss of talented subcontractors into administration.