The construction finance industry, like many other industries, is facing the challenges of outdated processes and systems. Despite the advances in technology, many construction companies still rely on manual, paper-based processes, such as laborious bill entry, manual bill and document signature from project managers, and record-keeping. This not only slows down the pace of business but also creates paper piles of disorganization within a company.
In addition, outdated processes also make it difficult for construction companies to access real-time information about their finances, projects, and suppliers. This can result in a lack of visibility into the overall financial health of the company, making it difficult to make informed decisions about budgets, cash flow, and other critical aspects of the business. Outdated processes also make it challenging to keep up with changing regulations, compliance requirements, and industry standards, putting the company at risk of penalties and other negative consequences.
With potentially negative consequences comes opportunity and room for process improvement. Out with old processes and in with new isn't such a bad thing but these shifts come down to to keeping up and not getting left behind.