SMBs and project managers in the U.S. construction market must keep tabs on budgets and how funds are being spent if they want to meet the current projections for industry growth. The following Deep Dive explores how cost management solutions could help these firms quickly issue wages, assisting low-income workers by preventing them from having to incur out-of-pocket expenses.
The $1.8 trillion construction industry has not yet had its moment of digital reckoning. Recent data indicates that construction firms typically rank in the bottom percentage of U.S. industries investing in digitization, falling just above agriculture and hunting.
Construction firms looking to remain profitable must ensure proper cash flows and complete projects on time, but old school practices can get in the way. Project managers and construction workers often have to manage their funds, operating budgets and other related expenses themselves, and losing track of any of these components can increase the time to project completion and final costs.