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Artificial intelligence (AI) and automation continue to revolutionize the construction financial management process, bringing innovation and improving how construction finance teams operate.
Thanks to tools like Briq's AI-driven financial automation platform, construction finance professionals can now better manage the array of financial variables at play in complex projects. The result: better efficiency and a more profitable future.
We all know construction is unique and places very particular and often riskier financial demands on labor, equipment, and design. For finance teams — big or small — keeping track of the financial data in such a dynamic context can be overwhelming, let alone making accurate forecasts on future costs and expenditures.
Having to juggle and make sense of incoming financial information across different systems, sources, and teams on the field, and staying on top of the numbers can be extremely difficult for everyone. Fortunately, using AI to help digitize the construction finance workflow makes automating routine tasks, analyzing data, and improving overall financial management much easier.
By unifying financial data, Briq's AI-driven financial automation platform helps companies generate an accurate financial picture of their business.
Let’s look at how this makes your business more efficient and profitable (and how Briq helps!):
Streamlining financial workflows with automation
Automating invoicing, expense tracking, and payroll management frees up valuable employee time (and brain power). By leaving the mundane and repetitive tasks to the behind-the-scenes AI bots, hard-to-find and keep employees can take on more productive and fulfilling roles.
Using algorithms and intelligent systems like robot process automation (RPA), repetitive, labor-intensive workflows can be automated with little or no human intervention, streamlining data processing and collection. Your employees will thank you, even as your financial workflows speed up, becoming more efficient and bolstering profits.
Risk management
With access to real-time financial data, construction finance professionals can better plan for the future and manage risk in the long- and short-term. By monitoring performance and efficiency, companies can also better track and assess various performance indicators and mitigate risk.
AI-driven data analytics allows construction companies to monitor subcontractor performance, detect abnormal variations in time allocation, labor and materials, analyze project trends, and locate persistent problem areas.
They can also use AI's predictive capabilities to gather the data they need to generate meaningful and accurate forecasts that lower the risks associated with (all-too) rough estimates, generating more accurate numbers for projecting profits, cash flow, and labor availability for the next bid.
Optimize resource allocation
AI helps contractors with more up-to-date information around the transportation of equipment, materials, and workers to a job site. It makes just-in-time inventory more manageable, reducing the waste and damage when construction materials are stored on-site.
Data-driven decisions improve resource allocation so that companies and their contractors can increase efficiency and reduce downtime. AI's predictive analytics also facilitate better planning so contractors can maximize maintenance and work schedules. That way, you can better manage the assets they need at any given moment while improving forecasting capabilities.
Real-time financial reporting and analysis
Briq's automated financial management technology makes it much easier for construction companies to streamline the financial reporting process by generating real-time and on-demand reports. Not only is it easier to share information and collaborate across the company, but it can also generate powerful visualizations and business intelligence (BI) solutions.
By providing instant access to financial data, Briq also empowers stakeholders to respond quickly to changing project and market conditions. Our sophisticated AI predictive analytics can help shift your company's focus from reactive to proactive.
Cash flow management
Briq harnesses the power of predictive AI to forecast cash flow and ensure consistent funding for construction projects. It can also help eliminate many agents of fee erosion by automating and improving the billings and receivables process.
Using a more accurate and efficient payment processing system lets construction companies better manage invoicing, and carefully monitor what and how they spend. With better cash flow management, the narrow margins that we've become oh so used to can be replaced by more profit and an improved bottom line.
Enhancing compliance and transparency
Briq’s AI algorithms help construction companies ensure compliance with financial regulations while mitigating risks and identifying fraudulent activities and anomalies. They also ensure that the financial management process is more transparent, detailing workflows and the auditing trail — making company accountants very happy!
As Chris Johnson, CFO of Nycom Inc., points out in our most recent webinar, dealing with compliance issues across over 20 States with approximately 800 different open jobs at any given time can get very complicated. Using AI to automate the compliance and auditing trail, Briq makes life much easier for Nycom's finance team. Briq helps them distinguish between a job in New Jersey and one in Virginia, and automates processes based on the different financial regulations that apply in each state.
Overcoming implementation challenges
Onboarding any new piece of technology can be challenging. That is why Briq designed an implementation process to help your construction business integrate our platform as quickly and smoothly as possible.
No two construction companies are identical, so we make sure we are there to understand the way your company operates – working with you to maximize the power of the Briq platform and adapting the AI and automation tools to address the specific needs of your construction business.
Find out more about Briq's financial automation platform and harness the power of AI for your construction business. Talk to the team!
