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To help make sure they remain profitable and get the insights they need, subcontractors require their own data just as much as general contractors. Unfortunately, subcontractors aren’t in control of a project's overall management, which often results in lost data when a project wraps up. With the help of a reliable financial platform like Briq, subcontractors can gain full ownership of their data. In doing this, subcontractors benefit from a single source of truth that allows for improved planning and reporting.
To further illustrate the importance of implementing the latest construction technology for subcontractors, the following are some advantages that these businesses will see with the right solution.
Reduced risk
Oftentimes, disputes develop at some point during a construction project, which is increasingly likely the more teams there are involved in the project. While contractors, subcontractors, and others may settle these disputes during the project, disputes could develop after the project has finished. This would require property inspectors or owners to identify the precise problem and address it. In the process, subcontractors may need to reassess their own efforts and detail what they specifically contributed.
With access to relevant, accurate, and timely data, subcontractors can effectively confirm their actions and subsequently mitigate liability risks if their actions were justified.
More accurate reports
Many subcontractors still rely on outdated Excel spreadsheets that users would have to manually update, but this data entry often leads to inconsistencies and errors. This is particularly the case when subcontractors need to balance their own data with that from general contractors. Using construction software, subcontractors can consolidate all data into a single system that eliminates the inefficiencies of old-fashioned spreadsheets. This helps ensure that everyone's on the same page and prevents potentially damaging errors.
Based on the data collected, subcontractors can engage in more accurate labor forecasting along with project forecasting, which helps them plan ahead.
Increased profitability
Unlike general contractors, employees with subcontractors normally receive hourly wages. As a result, each task that subcontractors perform can affect profitability. This factor makes it important for subcontractors to ensure employees receive proper pay and that they accurately bid on projects. Using a reliable platform, subcontractors are able to view detailed historical data that helps them submit more accurate bids for future projects. They'll be able to learn from past issues and make informed decisions in the future, which ultimately boosts profitability.
Implement Briq to facilitate long-term success
If a subcontractor wants to experience these and other benefits, they must have the right software behind their operations. With the help of Briq, subcontractors of all types can gain more and better insight into their labor and materials, enabling them to make better decisions that fuel success. Using Briq, subcontractors will be able to utilize a platform that maintains continuity and accuracy of data across all systems, allowing for more accurate reporting, improved forecasting, and more overall efficiency. With the help of Briq, subcontractors can thrive with every project. Contact us to learn more.
