According to McKinsey, construction is one of the largest industries in the world, with more than $10 trillion spent on construction goods and services. Because of fragmentation and underinvestment in digital technology in business operations such as accounting and compliance, labor productivity has averaged only 1 percent yearly compared to 2.8 percent in other industries. …
First and foremost, let us acknowledge that risk is inherent in any construction project. Risk assessment protocols for construction firms can vary from company to company, and every project presents unique challenges; implementing comprehensive risk assessment protocols is crucial. From unforeseen weather conditions to uninsured vendors and safety hazards, construction projects are inherently risky. The…
General Contractors are responsible for ensuring third-party vendors maintain the necessary insurance coverage by requesting a certificate of insurance and the appropriate endorsements. Often this process takes a lot of time and effort to do correctly. It’s not unusual for project teams to spend time communicating the requirements to a vendor, who in turn has…
In the fast-paced world of construction, efficiency is paramount. Every delay, error, or inefficiency in your compliance process can lead to significant costs and disruptions.
In this blog post, we’ll delve into the often-overlooked aspects of compliance management, shedding light on ten hidden costs and inefficiencies that might be slowing down your projects.
In the fast-paced world of construction, efficiency is paramount. Every delay, error, or inefficiency in your compliance process can lead to significant costs and disruptions.
In this blog post, we’ll delve into the often-overlooked aspects of compliance management, shedding light on ten hidden costs and inefficiencies that might be slowing down your projects.
