This article will demonstrate how datatechnology can help to better managematerials, labor, and supply chain issues,as well as give contractors a clearer picture of what is going well (or poorly) intheir projects.
BEFORE TECHNOLOGYManaging material costs and labor efficiency relies on financial transparency,multiple supplier relationships, andsound long-distance supply chain management practices.
Traditionally, these have been managedthrough long-held relationships, managerand estimator intuition, multiple Excelfiles, and good negotiation. However, intoday’s data-centric economy, contractors have an opportunity to extract evenmore savings and profitability from theirsupply chains.
UTILIZING DATA TECHNOLOGYData technologies such as blockchain,robotic accounting, artificial intelligence(AI), and machine learning can help toanalyze large amounts of data at scale ina way that no human could replicate. Asa result, estimators can find more savingson materials, controllers can have moreaccurate predictions of labor hours needed to install them, and CFOs can enjoy aconsiderable decrease in overhead costs.
Blockchain is not a computer program;similar to generally accepted accounting principles (GAAP) and HypertextTransfer Protocol (HTTP), it is simply aprotocol or a way to store data in a more
Construction financial executives are increasinglyusing deep analytics to find new opportunities, evolvetheir strategies, and develop their company cultures.
The most forward-thinking leaders see new narrativesforming from this analysis and have found ways toincorporate them into their team management.
Companies that embrace data as a source of decision-making will outlive those that do not.
EMPLOYING TECHNOLOGY TO
Manage the Supply Chain
BY BASSEM HAMDY