Technology adoption in the construction industry can lead to optimized workflow across an entire project lifecycle—from takeoff, estimating, design, prequalification, and bid management to submittals, field management, and payment. Solutions that integrate with existing IT infrastructure can be particularly beneficial to a company looking to create efficiencies and to reduce opportunities for errors.
When Ryder Construction, www.ryderconstruction.com, New York, N.Y., a construction management, general contracting, and consulting-services company, used a payment-management software solution at the request of a client, the company was impressed with the benefits it experienced by automating processes that had previously been performed manually. In fact, the technology was so beneficial Ryder Construction decided to adopt it full time.
The solution, Textura CPM (Construction Payment Management)—Enterprise from Textura Corp., www.texturacorp.com, Deerfield, Ill., electronically integrates the components of a construction payment-management process, including billing, progress claims, lien waiver collection, statutory declarations, sub-tier waivers, compliance management, and payments, into a single workflow. By streamlining and automating these components, companies can experience better visibility and control over the entire payment process.
It was this visibility and control, in addition to reduced risk and lower costs as a result of new efficiencies, that Ryder Construction felt was game changing enough to use the solution for all future projects. The company says Textura CPM’s ability to integrate with systems that were already in place, such as Ryder Construction’s existing accounting system, made the adoption much smoother.
For instance, the company can now download subcontractor invoices from Textura into its accounting system, relieving a good deal of man-hours by eliminating the need for manual data entry. Textura, which provides collaboration and productivity tools for the construction industry, says technology can reduce time investment in processes that used to take days—from filling out forms to obtaining signatures, transporting documents, and cutting paper checks—to mere minutes.
Software that provides access to project information in realtime while reducing a construction company’s reliance on paper processes often offers a quick ROI (return on investment). The technology can not only improve the accuracy and efficiency of integral processes such as payment, it can dramatically and irrevocably reduce costs in both the long and short terms.