Conekt Australia
Like all industries, the construction industry has its own standards and requirements when it comes to managing information. Each project, whether it be a private contract, or a residential or commercial build, requires accurate, up-to-date records to be managed throughout the duration of the project.
From contracts and plans to site inductions and incident reports, the construction industry has always relied heavily on extensive documentation. Not only are there myriad documents associated with each project there are often multiple versions of each document to be managed. Working from an outdated version could be significantly detrimental to the project, so document management and version control are major considerations.
Apart from project-specific documents, there is also internal information to consider. For each employee, you must keep on file personal information, qualifications, licences, and other industry certifications. For the business, you also need to maintain records of insurance, finance, workplace health and safety adherence, and many other confidential documents. Many of these documents will need to be renewed on a regular basis, such as licences, certifications, and insurance information.
Despite the fact that more of this information can now be managed digitally, the workload associated with managing all of these documents isn’t slowing down. If anything, it’s speeding up as changing compliance requirements and evolving industry regulations require construction firms to keep ever more detailed and accurate records. And, these records must be auditable.
Simplifying this complexity may seem impossible; however, construction organisations can maintain strong document and information governance and compliance with the right technology solution. Intelligent information management (IIM) is the key to automating many of these processes, thereby reducing errors and lightening the burden of manual work.
How an IIM solution can help
Digitalising documents is part of the battle. Turning paper-based records into searchable, digital versions reduces the amount of paper that can (and does) go missing or takes up valuable space in the office. However, if you haven’t applied an IIM solution, then you could be simply swapping a hardcopy problem for a digital one.
IIM can optimise business workflows, improve productivity and operations, and reduce the time, resources, and physical space needed to store printed documents. More than that, an IIM solution brings your business closer to having efficient, integrated, and industry-compliant information.
IIM helps overcome 10 key challenges:
1. Breaking down silos
Unstructured information is hard to classify and, therefore, search. This can mean that workers can’t find the information they need when they need it. It creates gaps in your business and opens it up to compliance and security risks, which is why it’s important to ensure data is connected via an IIM solution.
2. Capturing paper artifacts
Hardcopy paperwork can be some of the most important documents your business has, including signed contracts, qualifications, and licences. Hardcopy paperwork is notorious for getting lost and damaged; however, an online management system can store industry accreditations and licences in one digital place for easy access and automated reminders that renewals are due.
3. Managing asset operations
Managing your assets can be incredibly complex. From acquisition through maintenance and, finally, decommissioning, the asset lifecycle needs to be carefully documented and managed for optimum outcomes. An IIM solution can ensure that assets are managed and maintained according to best practices and that assets can be accurately tracked.
4. Managing environment, health, and safety
Managing environment, health, and safety is an increasingly important requirement for construction firms. The focus is on preventing injuries and accidents and on complying with environmental standards and legislation. Achieving this requires the ability to track the organisation’s compliance efforts and documentation, analyse this data to identify and assess risks, and provide an audit trail for relevant bodies.
5. Helping meet compliance and regulation requirements
Hardcopy paperwork is notorious for getting lost and damaged; however, with an online management system it can store industry accreditations and licences in one digital place.
6. Managing construction portfolios
Keeping all details of all construction projects in a single location lets organisations make decisions based on a holistic view of the company’s operations, rather than viewing each project in isolation. According to KPMG, top-performing construction firms are ahead in governance and controls, while 69 % have integrated their project management systems with multiple tools for projects and portfolios[1]. An IIM solution can empower decision-makers by putting all the portfolio and project information they need at their fingertips, leading to more effective business decisions.
7. Improving quote-to-cash operations
There are innumerable steps between quoting for a project and receiving payment. Managing all the associated paperwork with these processes is complex and integral to the project’s success or otherwise. An IIM solution can streamline these processes, automating many of them and ensuring that critical steps are never missed.
8. Managing transportation logistics and equipment rental agreements
There are contracts and legal obligations involved in managing transportation logistics and equipment rentals. Maintaining a clear, overarching view of everything involved can ensure that your construction firm fulfills its obligations and gains maximum return on investment.
9. Maintaining accurate financial records
This can help your finance team to see what payments have been made and what payments are pending to reduce any inaccuracies, double payments, or missed payments.
10. Sourcing and procurement processes
Better information management can help identify opportunities, areas for improvement, and provide a better analysis of the business for future decision-making.
Although digitalising documents was the first step your business made in the right direction, now it’s time to implement an intelligent information management solution to bolster your business’s record-keeping and overall performance.
Contact the team at Conekt today for more information on how an intelligent information management solution can benefit your construction business.
[1] https://home.kpmg/xx/en/home/insights/2019/04/global-construction-survey-future-ready.html
