October 2023
What if you could save tens of millions of dollars on your next mega-construction project—while enhancing collaboration and communication across the entire supply chain?
What if you could increase the likelihood that the project would stay on schedule and on budget?
Sound like a dream?
It’s actually the efficient reality that allows Contruent Enterprise customers to achieve their ambitious objectives. And it’s backed up by third-party research that quantifies the savings.
Driving accuracy and data consistency across the supply chain
Your firm’s reputation—and billions of dollars of public money—are at stake on a vast capital construction project thousands of miles away on another continent.
The only way such a massive endeavor can succeed is through close collaboration—even though oceans and time zones lie between your headquarters and the construction site.
Your office-bound project estimators, contract managers, procurement professionals and accountants must be able to engage fully with the contractors and suppliers at the site. All parties need to be reviewing only the most current and updated estimates, contracts, invoices and change orders.
And there must be one single source of truth that ensures data and metrics are consistent across all contractors, suppliers and vendors.
This is the precision and transparency Contruent Enterprise delivers for capital construction projects across the globe, through innovative features such as our contract workflow and our gated contractor portal.
An accurate picture of the movement of money and resources
Capital construction projects are vast webs of complexity whose tangle begins long before ground is broken. Thousands of estimates, contracts and invoices must be processed and managed each month.
Contruent Enterprise’s templated contract workflow and gated online contractor portal are ready to deploy right out of the box, so the efficient management of this enormous amount of paperwork can begin quicker and progress more accurately.
Executives get a current and continually updated picture of the cash flow across the entire supply chain. Visibility into project spend is significantly enhanced, and forecasts become much more accurate.
Contractor and supplier invoices and timesheets can be processed quickly and efficiently (a requirement of many government projects). Contract disputes—and the fees that can accumulate—are minimized, and any issues that may arise can be resolved quickly with a readily accessible paper trail.
You’re able to steer clear of costly work stoppages and the even more expensive ripple effect they create across the supply chain. Significant delays are reduced, resources can be reallocated as needed, budget-busting traffic jams are avoided, and work follows the schedule much more closely.
More efficient management of your supply chain results in a reduction in the number of change orders, which drives down your costs as it speeds progress.
And you’re able to close a period faster and push invoices out more quickly, which improves your cash flow.
Templated contract workflow speeds the entire process
The templates that fuel this efficiency are built on best practices amassed over more than a quarter century of industry experience, so virtually every need is addressed. Work can begin and progress can be shown immediately.
Customizable software solutions, by contrast, require expensive months of protracted blank-sheet discussions among shareholders about what to do and how to do it—all before any work can commence.
Accelerate efficiency and save tens of millions of dollars
Hobson & Company, a research firm that focuses on return on investment (ROI) studies, explored the challenges owners and contractors in managing capital construction projects via spreadsheets, particularly as projects, programs, contracts and portfolios increase in complexity.
The Hobson & Company study found that Contruent Enterprise addressed these challenges and delivered measurable results, including:
- a 1% reduction in contract spend
- a 1% reduction in annual project spending due to better forecasting/fewer overruns
- a 4% reduction in contract overspending due to improved change management
- a 50% reduction in time spent on contract administration
- a 65% reduction in the number of days needed per period close-out
- a 70% reduction in time spent on change management
- an 80% reduction the number of missed/delayed payments
The study concluded that Contruent Enterprise customers would realize $20 million in savings for every $2 billion in project spend.
Are those the kind of numbers you’d like to see on your next capital construction project? Speak to a Contruent professional today.