To succeed in the construction business, owners not only need data—they need to quickly access and see the right data to inform decisions in real time. Unfortunately, an industry survey finds that doing so is much easier said then done. Seeing, connecting and controlling data is in fact a primary challenge for most companies.
It’s Not Just You…
Investment in “contech” is running high these days, but the plethora of technological solutions is not a magic wand: a survey from Foundry and Quickbase reveals that businesses are still “risking project ruin because of inefficiencies, waste, and poor visibility.” As Construction Dive sums up:
An inability to see data easily is clearly the most pressing technology issue facing construction companies. When asked about their primary business challenges, 70% of construction firms agreed that lack of visibility into materials availability and delivery status is the number one challenge they face.With numerous moving parts needing to align for construction projects to finish on time and within budget, the lack of visibility in certain project areas is a cause of daily challenges for construction firms. In fact, 42% said that a lack of real-time information about project status and margins was one of their top challenges, and another 39% cited a lack of visibility into all project-related information as one of the more challenging aspects of daily work.
Among the particular challenges of the moment is: “more” is not leading to “better.”
In other words, the availability and use of a variety of digital apps and platforms does not automatically lead to a better overall workflow. For example: “For some organizations, seemingly every task relies on data from a different app or even more than one. 61% of firms use multiple software tools, and 25% use specific software for individual workflows.Companies are wasting time searching for the right application or trying to remember which tool has the data necessary to complete a task.”
As experts put it, a brutal truth for business owners is they have no choice but to persevere toward the right technical solutions:“The only way to maximize success in all projects is to see, connect, and control your crucial project data with workflow automation.” In plotting the path forward, it often makes sense to start with what you have—and Colonial Surety is here to help. With The Partnership Account for Contractors®, you will have your fingers on the pulse of your surety lines, work on hand, claims and standing—every day. Get an edge as you use this data to strategically grow your business. Learn more and pre-qualify for our free business service today: The Partnership Account for Contractors®.
It’s Not Just You
If you are feeling unprepared for navigating forward, you’re not alone: even experts at Deloitte admit: “Most financial executives are navigating unfamiliar terrain as they deal with overheated prices…The last time many sitting CFOs faced a soaring inflation rate similar to today’s would have been approximately — well — never.” With so much unknown to manage, these days, every financial insight you glean, gives you an important edge—and that’s what Colonial Surety does via The Partnership Account for Contractors®. With this free service, we will help you plot the growth of your business, strategically, one step at a time. The Partnership Account arms you with a private digital dashboard, providing you with a day to day snapshot of your single and aggregate limits, as well as your current and available bond capacity. As your work in progress decreases, you can even update your work on hand—increasing your aggregate so you can go ahead and move that next bid ahead. Take control of your finances—and get an edge issuing your own bid bonds, instantly, using our powers of attorney. Get started today: Pre-Qualify and Get Free Financials Scores Here.
Founded in 1930, Colonial Surety Company is a leading direct seller and writer of surety bonds and insurance products across the USA. Colonial is rated “A Excellent” by A.M. Best Company and U.S. Treasury listed.