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You don’t know what you don’t know — and what you don’t know about your finances can hurt you. That’s why better reporting for construction is so crucial to profitability.
Without strong, accurate reporting in place, decision making and planning suffer, and projects end up over budget, delivered late, or both; revenue is lost, clients are unhappy, and disputes or litigation occur. The industry is hit hard by market variables, poor visibility into projects, and process inefficiency.
According to McKinsey & Company, 98% of megaprojects face cost overruns and delays of up to 20 months. And we all know it isn’t just huge projects that can run amok. Without accurate data, construction companies are flying nearly blind — amidst countless obstacles like supply chain shortages, labor challenges, and inflationary pressures.
A lack of accurate data has ripple effects on the business, leading to inefficient processes, bad forecasting, and unclear financial status. In an industry where cash flow is vital, without proper reporting, construction companies are often uncertain exactly what they have on hand to work with.
But it’s hard to have accurate data when reporting activities are highly manual. Manual financial processes take time, resulting in a lengthy gap between when an activity occurs and when and if it's realized. Manual processes also inevitably lead to bad data through human error. (Some research suggests that humans make three to six errors per hour, regardless of the activity, although most are self-corrected or trivial.)
It doesn’t need to be this way. Let’s look at four ways that Briq can help improve reporting processes, helping construction companies have efficient workflows and become more effective.
Automate workflows – By using AI to automate workflows errors are reduced, and reporting and approvals are sped up. Process delays due to someone being pulled aside or a report sitting in an inbox for days are eliminated. Further efficiency gains come from teams being able to spend more time on strategic activities that build the business, not merely hours on data entry (and double-data entry).
Improve data accuracy – In addition to cutting out human error, Briq improves data accuracy by making it timely and complete. Briq can also automate the detection of anomalies and irregularities so that mistakes are caught and corrected, giving confidence in the data being used to make business-critical decisions.
Better shared information – Because Briq automates the collection and sharing of data from various systems across the organization, it can be more easily disseminated to the people who need to see it — in the way it needs to be seen. Departmental silos are broken down as information is delivered to teams in the reports, systems, and business language they are used to.
Security and compliance – Automated workflows are the ultimate paper trail. They make it easy to know what stage a report is at and where to look for it. As important as it is that the right people have access to data, it’s even more important that the wrong people don’t. Briq ensures data security with role- and project-based permissions. Through two-factor authentication or single sign-on teams don’t need to trade productivity for security or vice versa. (A cloud-based SaaS platform, Briq is also SOC 2 and SOC 3 compliant.)
Because teams spend less time on reporting, they can spend more making strategic use of what they learn from reports. With Briq, reporting is more accurate, and report delivery becomes a more real-time activity. This gives decision makers the confidence of knowing directions they are taking the business are based on accurate assessments of what’s occurring in projects, and the business, right now.
That’s why construction companies don’t need to hire more employees to sit in cubicles and offices plugging away at numbers, but an AI-powered, construction-focused financial automation platform that does that for them — and that’s Briq!
Learn more about how we can transform your reporting processes. Reach out to the Briq team at briq.com/demo
