Webinar: Technology and Construction Credit Management

Technology and Construction Credit Management

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Construction Credit Knowledge

http://www.zlien.com/credit-academy/webinars/

PAY WHEN PAIDPAY IF PAID

JOINT CHECK AGREEMENTSBANKRUPTCIES

DELAY DISPUTES & DAMAGESWORKMANSHIP DISPUTES

CHANGE ORDERSSCOPE OF WORK ISSUES

CODE INSPECTION VIOLATIONSPREVAILING WAGES

There are a lot of reasons why

getting paid is tough in your industry

PAY IF / WHEN PAIDJOINT CHECK AGREEMENTS

BANKRUPTCIESDELAY DISPUTES & DAMAGES

WORKMANSHIP DISPUTES

CHANGE ORDERS

SCOPE OF WORK ISSUESCODE INSPECTION VIOLATIONS

POOR TECHNOLOGY ADOPTION

NO COMPREHENSIVE TECH SOLUTION

Managing Projects, Securing Debt, Tracking Deadlines and Timelines, Managing Relationships & Contact with Customers . . .

THIS CAN ALL BE MADE EASIER WITH APPROPRIATE TECHNOLOGY

Why are Construction Industry Companies Slow to Adopt New, Helpful Technology?

Not only does the use of available technology assist with the financial management process,

but the FAILURE to adopt technology can have dramatic consequences.



1. Falling Behind Competitors with respect to tools used.



1. Falling Behind Competitors with respect to tools used. 2. Irrelevance



1. Falling Behind Competitors with respect to tools used. 2. Irrelevance3. Inability to compete in the marketplace

Sometimes standing out is a good thing - but you don’t want to be the last one to adopt a “game-changing” technology.

DON’T BE THE ONE LEFT STANDING WHEN THE MUSIC STOPS

EXAMPLE:Think all the way back to the ‘90s . . .

There was this new thing primed to revolutionize the world, business and otherwise.

The INTERNET

More than a series of tubes, the internet revolutionized business practices - construction included.

Nearly every company has at least SOME web presence today.

!

And late adopters were put at a sever disadvantage.

Current State of Tech Use in Construction29% of Companies use some cloud-based accounting software


Most Companies use software programs that don’t communicate with each other


Most Companies use software programs that don’t communicate with each other

Construction Companies spend 25% of what other industries spend on technology

But is the Technology used by Financial Managers in the Construction Industry even

really Helpful Technology?

According to a survey by JBKnowledge, Inc., 85% use Accounting Technology . . .




But 1/3 of those are only using Microsoft Excel





The same survey found that only 21% use Client Relationship Management (CRM) Technology, and guess what . . .





The same survey found that only 21% use Client Relationship Management (CRM) Technology, and guess what . . .

1/3 of that 21% are only using Microsoft Excel

Excel was also the most popular response for what a company used to transfer data between software applications that don’t integrate or communicate with each other

I’ve Got an Idea

The Construction Industry is TOO RELIANT on Excel

And that is causing problems

Microsoft Excel is a great program - so why is it the wrong tool for Construction Financial Managers?????

* It’s too general



* It’s not collaborative




* Its use results in multiple spreadsheets saved all over with no ability to tie that data together.




* Its use results in multiple spreadsheets saved all over with no ability to tie that data together.

* Sometimes there is too much data or information to be reliably and consistently tracked using a spreadsheet

Different alternatives depending on function, e.g. Accounting:

WHAT ARE THE ALTERNATIVES?

QuickbooksSage

ViewpointOracleMaxwell SystemsJonasetc. . .

The Answer is the Cloud

What benefits come attached to cloud-based technology?

Don’t need (most of) your traditional IT workers

Connect Your Products Through APIs, Web Services, and More

Pretty Things

If they are still talking about Microsoft certification, server rooms, etc. – it’s time. You don’t need them anymore. Software companies are your new IT workers. They manage the servers, the software updates, and usually, technical support. All you need to do is start your company and go to their website. This is a very large benefit.

Don’t ever do double data entry again. Also, don’t export data from one system and import it into another. Forget how to use the extensions .csv and .xls. Your systems can very easily talk to one another when you use cloud based technologies. Data will flow between applications without much technical effort at all. Invest in that technical effort.

Log in from any device, anywhereYou don’t need VPNs, server access, certain operating systems, or anything like that. All you need is the internet. If you have the internet and that’s all, and you can’t access your systems, something is wrong.

Stop using ugly software. It’s hurting your ability to do things correctly, and nobody want to look at it to use it anyway. Web based technologies are pretty - and that translates to more, and better, use.

Questions?

Ask Me [email protected]

Feel free to think it over

and

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Webinar: Technology and Construction Credit Management

Technology

Transcript of Webinar: Technology and Construction Credit Management