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2 min read

Strengthening the Supply Chain

Today's globalized world has created a need for fast, accurate, and reliable delivery of goods and services to the job site. As buildings have become increasingly complex in their construction, we find more players than ever participating in a single project. This phenomenon has given way to the growth of specialized subs and globally sourced materials and supplies.

With the resulting fragmentation, there's never been a greater need to understand and break down the components of the supply chain and the diversity of products, people, activities, and resources that come into play on any job site. Here are three key areas to consider for strengthening your supply chain.

Relationship Management

Most working relationships on a construction project are short-term with a specific start and end date, often developing informally, falling into the distinct silos of design and construction. Fostering collaboration and building continuity across teams and projects and areas of specialization is critical to the breakdown of silos. It establishes the necessary trust and commitment to achieve shared goals and objectives, as coordinated actions and more transparent communication yield more benefit than uncoordinated siloed efforts. Having the right technological tools to work together to achieve shared objectives is critical. When it comes to electronic procurement, cloud-based apps and forms make it much easier for teams to share information and resources, synchronize their decision-making, align their goals and objectives, and share knowledge. Project teams working together achieve more success in delivering projects on time and under budget than those working alone.

Technology Investment

PeerAssist can help companies by offering state-of-the-art electronic tools and applications more inexpensively than in-house operations. Whether small, medium or large, a company may find it overwhelming to handle a growing supply chain network, let alone manage the data that will help them compete in the procurement processes. Forbes writes, "As construction projects become more complex, construction companies must be capable enough to manage the complexity, and responsive enough to react faster than ever before." Cloud-based solutions bring together the multiple components of a construction project in one place, which can predict and monitor supply chain activity and trends. Greater transparency on costs and schedules streamlines operations, and in turn, improves cash flow. Technology investment shines in the area of procurement, which "doesn't have to be a leaky cash bucket" (Forbes).

Data Collection and Tracking

Every project generates a wealth of data, but having access and managing that information often eludes busy owners and managers. Forbes writes, "Intelligent automation and predictive processes can improve efficiency, timelines, and project collaboration across planning, construction, and operations." An effective procurement process not only affects a company's bottom line and increases efficiency, but it also enables a team to develop a competitive edge. A cloud-based, well-designed application that improves procurement processes by navigating a project through a complex supply chain and unforeseen roadblocks (for instance, financial problems, natural disasters, pandemics, labor shortage/surplus, economic volatility). When fully optimized, the right technology can help locate and resolve any issues up front or in the field through enhanced collaboration and communication, help distinguish between the successful from the underachieving vendors and consultants, and most importantly, give a company's a powerful tool to track and evaluate project performance over time.

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