Technology Ensures Rewarding Sub-Contractor Management Of Infrastructure Projects
By Joydeep Banerjee: Head of Business Development, Highbar Technocrat
The role of sub-contractors in the Infrastructure, construction and real estate domain is becoming crucial with each passing day as projects become more complex. Owing to a cut-throat industry competition, need for innovation, inflating costs of materials, new engineering technologies and complex regulatory norms, Real
Estate players are often partnering with sub-contractors, consultants, specialists etc. for on-time delivery of large scale construction projects. As per an estimate, as much as 75 per cent of the total project size of a contract lands with sub-contractors with their numbers varying from 2-3 and even 25-30
depending upon the scale of the project. For a seamless growth, a cutting-edge integrated end to end IT solution is focal for rapid business transformation. A deep dive analysis of the business process workflow reveals that an efficient, unified billing solution plays a dominant role in excelling on project management A well-managed sub-contractor’s billing system ensure streamlining the project to help fetch better returns by definitive savings on cost, time and resources. On the other hand, an on-premise or cloud-based software solution often
furnishes greater transparency in the business processes and keeps a check on compliance failures.
Project Execution; Procurement; Finance are the core pillars that ensure a smoother billing workflow. A single dashboard offering seamless access to operational and financial information warrants enhanced visibility and stronger decision-making room.
An in-depth access to the business processes also enables the scope to reduce costs, enhance efficiency by a great margin and greater accuracy in bids and tenders provides smarter business management. Effective material management also contributes to the timely completion of projects Below are some of the key features of an industry-leading billing solution
● System driven calculation for advance recoveries
● Real-time Material reconciliation based on considering work done and
physical stock lying at subcontractor
● Visibility of work done and other improvements through detailed Payment
● Approval workflow for the Payment Abstract Approval
● Reporting on Vendor Running Account Bill for subcontractor
● Efficient Running of Business Operations
A strategic tool which integrates diverse business activities to achieve the core business objective ensures smoother business processes and amplifies productivity.
Joydeep is a seasoned business development professional with expertise in managing a broad portfolio of customers across large enterprises to SMBs. A core business professional with a deep interest in solving complex business problems, Joydeep is working on scaling new heights in business growth.