Construction companies deal with a long list of suppliers, from subcontractors to wholesalers. Procurement may recognize the critical role of suppliers, yet there’s no strategy in place. Continue Reading
Construction teams face unique procurement challenges due to the complex nature of the business.
Many office administrators are initially hesitant to make an investment in procurement software. They know that their current system has some problems, of course, but their employees are already used to it, and it eventually gets the job done.
Within the supply chain, several components must work together to ensure that a project runs smoothly. In construction, things are a bit more complicated, as every building project is different.
Construction contracts are especially vulnerable to fraud. According to a global study from the Association of Certified Fraud Examiners, the median loss in over 40 construction fraud cases was about $245,000. For small or mid-sized companies, that amount is staggering. What’s more, small organizations report more instances of fraud than their larger counterparts.
It used to be fairly common practice to line up multiple suppliers for the same raw materials. This way, you’d have a backup plan (or several) in case a vendor dropped the ball. Continue Reading
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