Sponsored content by ProcurePro
Procurement has never been more important
“Procurement is the biggest risk for our business” is a statement that has echoed through the construction industry over the last three years.
Procurement has always been mission-critical to setting projects up for success.
But now “speed to contract” is critical to lock in trades to deliver said projects, rather than relying on relationships or letters of intent, in a hyper-inflationary environment.
Insights that can change outcomes, not just report on them
“Procurement Schedules are one of our most valuable assets, but an underutilised resource.” – Head of IT, Tier 2 Head Contractor.
Why? They contain information about the future that Construction Executives and Management can still act upon.
Financial outcomes (i.e. a subcontract sum, and gain/loss against budget) have not yet been decided, and can still be influenced if you act ahead of time.
Project profitability is at stake.
1 in 30 ain’t bad… it’s untenable!
Having up-to-date information to act on just 1 day per month (when reports are due), does not cut it in the modern world.
Industry leaders are now accessing up-to-date information at their fingertips every minute of every day of every month.
It all comes down to visibility – instead of waiting for monthly reports and being reactive to what’s presented, act proactively by identifying risks and opportunities daily.
What the industry wants!
The Construction industry now has access to never-before-seen live procurement insights:
- Supply Chain Insights – where Subbies are being engaged across Projects or Tenders
- Purchasing Opportunities – where the same trade is being let across multiple Projects
- Estimating Performance – budget accuracy, gain/loss by trade to feed insights back to Estimating
- Lead Time Risk – where trade letting is behind schedule
- Cost Escalation Risk – where Subbies have been approved, but no contract entered into
- Time to Contract – to drive velocity and performance of team and individuals
- Project Performance – aggregated procurement statistics, across one/many projects
- Staff Workload – to improve resource allocation and reduce bottlenecks
And the beauty of this? You don’t need to lift a finger…
How to find the procurement data gold
If you want to DIY, it takes a bit of work:
- Live procurement to capture data as actions are taken
- Software Engineers to unify and warehouse your data
- Data Analysts to interpret, manipulate & present a clean picture
- Construction Experts to speak the language & understand the nuance
- Continual iteration/maintenance as you use & learn
If you’d prefer the plug-and-play approach, specialist software vendors will do the work for you.
You then receive the collective wisdom of the industry – improvements suggested by one Head Contractor are able to benefit the entire network.
ProcurePro’s live procurement dashboards give Head Contractors a birds-eye view of actionable insights.
Want to implement a data strategy that’s hands-free, and works?
Find out why Head Contractors such as Roberts Co, Watpac, Richard Crookes, Hutchinson Builders and Kapitol Group are partnering with ProcurePro for the ultimate procurement data solution, at https://procurepro.co
ProcurePro is construction’s #1 procurement software for head contractors, setting a new standard of innovation for the built world.
Future of Construction Summit
ProcurePro is a ConTech Innovation Sponsor at the Future of Construction Summit taking place on 3-4 May 2023. Where 400+ key industry leaders will come together to challenge the status quo, collaborate, find new ideas and source partners. Appropriately themed ‘FCON disrupted’, the focus of the 2023 Summit is on transformation and how to achieve this successfully through brave leadership, policy reform, new approaches and emerging technologies.