The dynamics of expense management are evolving, and construction firms can gain a competitive advantage if they embrace these digital transformations.
As we step into 2024, big changes are sweeping through the financial management landscape in the construction industry. The dynamics of expense management are evolving, and construction firms can gain a competitive advantage if they embrace these digital transformations.
In this blog post, we dive into five game-changing trends that are reshaping the expense management terrain in construction for 2024.
So, grab your digital blueprints and a cup of joe… here we go!
1. Building Partnerships: Banks and Tech Experts Join Forces
Expense management compliance has become a complicated dance. Regulations are growing more intricate, demanding more attention to detail in this area. But, as it usually does, technology is the best problem-solver.
Advanced software solutions streamline expense management processes, offering enhanced visibility into approval and payment procedures. This ensures construction companies stay compliant while focusing on what they do best: building the future.
2.Focus on Secure Verification and Credit Innovations
In this evolving landscape, two important things have taken the spotlight: secure customer verification processes (known as KYC/authentication) and innovative credit solutions.
Companies ensuring safe customer data are thriving, showing how important it is to keep our information secure. At the same time, new and exciting ways to handle credit are gaining attention, showing a change in how people handle their money.
The construction workforce is experiencing a monumental shift. With a large portion of staff above 60, there's a pressing need to fill the gaps left by retirees.
Therefore, attracting new talent is key, and here’s where technology comes in again. When these firms adopt automated expense management, it simplifies the workflow and makes the job more appealing to the younger workforce.
Bottom line: It’s a win-win, ensuring construction companies have the right people in the right roles and attracting new talent into their organizations.
3. Data is Everything: Unlocking the Power of Information
In the construction industry, access to real-time data can seem like a treasure map. Expense management departments need 24/7 visibility into cash flow for project management and accurate projections.
Enter expense management automation: By providing instant access to crucial financial data, these solutions empower construction firms to make informed decisions, leading to streamlined operations and more successful projects.
4. Cybersecurity Threats: Building Fortresses Around Sensitive Information
With technological advancements come increased risks, especially in the realm of cybersecurity. Construction companies have been particularly susceptible to cyberattacks, in large part because cybercriminals are aware that the industry is under-protected.
Automated expense management solutions act as digital fortresses, safeguarding sensitive information and processes.
By reducing vulnerabilities, these tools ensure construction firms can focus on constructing masterpieces, not worrying about online threats.
5. Embracing Paperless Expense Management: Saving Time, Money, and the Environment
In the construction industry, inefficiency comes at a hefty price—rework and conflict resolution costs the construction industry more than $177 billion annually in the US.
Embracing paperless expense management powered by automation can make a big difference for these organizations. These tools not only save valuable time and money and contribute to a greener planet by significantly reducing paper waste.
Automated expense management solutions free up staff from mundane tasks, allowing them to focus on strategic initiatives that can really drive the business forward.
The Wrap: Trends Shaping the Future of Expense Management
At Outpave, we understand the unique challenges faced by the construction industry. Our mission is to empower construction companies with simplified, efficient, and innovative expense management solutions. By embracing these trends and integrating cutting-edge technology, construction firms can pave the way for a brighter future.
Are you ready to transform your expense management? Outpave is here to guide you. Request a demo today, and let’s build a future where financial management is seamless, compliant, and empowering for construction companies everywhere.
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