Are construction payment processes deliberately obfuscated to delay payment?
At a recent roundtable, we discussed how the industry can tackle its late payment woes - bit.ly/2X61dLh
See how Payapps can help simplify payment processes - bit.ly/2OxWVbh
Taken directly from CBI's excellent industry report, (bit.ly/2Q7pfkI);
'Better cashflow will increase trust between firms, reducing the industry’s dispute culture.'
That is precisely what Payapps was designed to solve.
Find out more here - bit.ly/2OxWVbh
Have the UK's package of measures gone far enough to protect the #Construction industry and its workers against #coronavirus?
Should sites stay open to maintain the productivity of the industry, or better protect workers by closing all sites?
How to recession-proof your business - the 5-key ways that contractors can best prepare to face an impending recession from @constructiondive
bit.ly/3dxgn1T
Payment has long been one of the most contentious issues in the Construction Industry. Has the 'Construction Act' and its various amendments made any difference? bit.ly/2LLWFnI
We often talk about digital construction and how our technology can help firms achieve efficiencies and drive growth, but one equally important but less obvious area where digital can benefit is the opportunity to put a dent in the skills crisis.
bit.ly/2OxWVbh
By treating their supply chain as key business partners, Baxall Construction yield enviable profit margins of 4%
This is perfectly in line with our research whereby we understood that subcontractors load their bids by 4% to cover the risk of slow or non-payment.
'Disrupt or be disrupted'
So far, big tech companies have stayed away from the construction space, but if the industry doesn't adopt digital technology more rapidly, the sector might become the next taxi industry, looking around wondering what just happened.
Construction minister Nadhim Zahawi recently stated: “Whilst most in the construction industry favor change, there is no consensus to a possible solution"
What do you think? Is there a possible solution for all parties?
It's nearly two years since Carillion's insolvency rocked the construction world. But as an industry, have we really learnt from this?
In our blog, we lift the lid on three learnings that all construction businesses should heed.
bit.ly/2wwvAPL
What can the construction industry learn from tech?
Innovation is happening in construction, just not at the rate that it is in tech. That said, here we look at 5 technical innovations that will transform the construction space.
bit.ly/34EAi9y
#innovation
Back In 2015, Construction News conducted a survey to understand the current state of payment in the construction industry.
A raft of measures have been attempted over the last 15 years, of which we cover here - bit.ly/2K5itIK
What do you think the solution is?
The balance of power is shifting on payment terms and there’s no better sign than what’s happening with the Prompt Payment Code.
Maybe now is the time to think about differentiating your business by taking a lead on supply chain payment?
bit.ly/2lqn4Nb
Former Kier director Jonathan Payne is joining Torsion Group in a period of rapid growth for the construction business.
Torsion's growth has been supported by Payapps, helping them maintain visibility, control, and efficiency of the payment process.
bit.ly/2lqn4Nb
The media are well-used to lambasting early payment schemes, seeing them as a way to cover up an increase in payment terms and a way to squeeze cash from the supply chain.
However, there's a flipside.
From a 2015 survey, we learned that suppliers would discount by up to 2.4%.
Rio Tinto slashes supplier payment terms days after scrapping dynamic discounting.
This is a dramatic U-Turn and we'll be interested to see what other large businesses take the same approach.
What do you think?
bit.ly/2w1Js4B
2020 will be a critical year of growth in the construction industry and this year we will see an increase in the digitization of business systems
Digital transformation of payment processes will be key to achieve greater efficiency, transparency and foster greater collaboration
The public sector has stated a target of increasing procurement spend with SMEs to 33% by 2020.
This makes perfect sense for the industry, the elephant in this room, however, is payment.
At Payapps, we believe there's a solution to this:
bit.ly/2lqn4Nb
