to read the article?
We’ll forward it to your inbox.
Single solutions are a necessary part of your construction business, but you’re losing out on important information when project managers are working in one system and the finance team is in another. This siloed way of working means the only way one learns from the other is through printouts, emailed data points, or quarterly reports — all outdated information.
This is unacceptable in the modern workplace.
Although necessary, single solutions alone aren’t cutting it anymore. These disparate systems are making it harder, not easier, to complete and analyze the success of construction projects. So, what’s the solution?
Essentially, your business needs to see a transformation. But before you rush to buy the latest technology and put another bandaid on the problem: stop!
Your first action needs to be an audit of your current business processes. Single solutions are tracking estimates and actual data, but what then? The information sits there unused and useless. What your business is missing is a feedback loop.
Innovate your business
- How do you currently connect finance to operations and wider business departments?
- Are employees able to look at the business goals and understand how they performed in relation to them?
- Is your data being used to its full potential?
The quicker you get insights from your data, the better your business predictions will be.
Construction finance as we know it is a slow process. With the way most companies are set up, employees are manually taking information from one software and entering it into another, searching for insights from huge spreadsheets, and taking weeks to pull quarterly reports. With all that repetitive manual labor — is your data even accurate?
If you don’t have to work that way, then you shouldn’t. First thing to do is ask why you work a certain way and what would the ideal process look like.
For example, if you have a financial workflow that has 30 steps you’ll want to know what each step is, who is involved in the entire process, what software is being used for what and by whom, and how you can streamline it.
Essentially, you’re trying to find the quickest path between the start and endpoints of each business process.
With a financial automation platform like Briq, a 30-step process can be simplified as our platform can perform time-consuming manual tasks, like entering data and developing financial reports.
Day-to-day manual tasks become automatic work happening behind the scenes, freeing up employees' time to focus on high-value work and strategic initiatives.
Not only that, Briq can take the data from your systems and manipulate it for you into helpful reports or multiple scenarios. When planning and forecasting, your finance team and project managers will be able to use all the historical data your business departments have captured in order to make better predictions and decisions for current and future jobs.
One unified source of information.
No more gray areas
This way of working is more than convenient. Now with all business data unified in one place and people connected through automated workflows on the platform you can start working more strategically.
The benefits of this are huge:
- Control over task completion.
There is no second-guessing whether a report has been sent or a forecast made as Briq bots alert each team member about the tasks they need to complete. Your business is becoming more efficient thanks to intelligent, automated workflows. Everyone is doing the right thing at the right time.
- You know where everything is.
There is no longer a need to make requests for information or wait on quarterly reports to be created and emailed to make informed decisions. Log into the Briq platform and run the report you need knowing you’ll have access to the most up-to-date information.
- No more arguing about the accuracy of numbers.
As data is being automatically pulled from your connected software and people are automatically notified when they need to update their project information, you can trust there is no human error or missing data when you run a report. All financial information is available a click away and in the format that you need it.
- The ability to see and replicate success.
The biggest benefit is being able to see trends across the company and having the technology in Briq to be able to analyze how a job performed and learn from it for the future. With Briq, you don’t just see the data, you can manipulate it and learn from it.
Save on resources
Managing the single solutions your departments use is an easier endeavor with Briq as you can monitor them together in one place. There is no need to have someone monitor where the data is coming from and where it needs to go now.
Briq builds that financial workflow to extract the right data out of your software automatically. Then, it does the financial modeling and pushes the results back into the original software. Employees who used to complete tasks like this manually are free to put their attention elsewhere and have become more valuable to your company thanks to Briq.
The digital transformation payoff
Connecting your people, processes, and systems to the Briq platform means predictable profits, more stable business, and better decisions.
It’s simple when you know how.
Our implementation team will help you critique the current processes in your business, find the gaps and help create a more straightforward solution to achieve the same — or better — all with Briq. Our platform allows all previously siloed technology and departments to work together building off the knowledge each is collecting and sharing, and working smarter because of it. Find out how Briq can improve your digital transformation and grow your business, get a demo here.