The construction sector is changing, and with so many processes and management of various vendors, there is no space for guesswork anymore. In fact, managing the vendor relationship is an integral part of operations for construction companies. But what happens when someone drops the ball? Construction vendor management focuses on matching the right vendors with the right project and managing the vendors’ services to execute the project seamlessly.
Building the Future with Vendor Data Management
Managing vendor data matters. Taking a strategic approach results in reduced costs, project agility, and achieving revenue goals. Why? It can improve significant features like contractor/subcontractor relationships and project matching management, which can streamline the workflow. And Talisen is no stranger to modernization, which is why we’ve adopted procedures and technology innovations to promote transparency in our vendor relationships by mitigating risk and maximizing success.
Improved Contractor/Subcontractor Relationships
Building solid relationships between construction project managers and subcontractors are foundational to delivering a successful construction project. To put it more simply, a good relationship has the power to make or break a project. Transparent analytics remove preconceived notions about bid invitation frequency and win rates, allowing for honest conversations between the contractor and subcontractor regarding their current standing within the firm and how they might improve that standing in the future.
Improved Project Matching
The more data collected, the more informed decisions the contractor can make about which vendors are best suited to any project’s scope, size, and location. This allows the subcontractor to bid on projects they are comfortable performing and minimizes potential delays once it gets started, streamlining the entire project for the general contractor. In other words, ensuring that the vendor’s goals align with the goals of the project, synergies are created that will pay dividends in the project’s success.
Construction companies require agile, flexible systems to manage the operation and workflow of their business. An easily customizable and reliable system requires orchestrating complex approval processes and managing task-based workflow. Tracking subjective data from both sides of the contractor/subcontractor perspective allows for process innovations from both parties to achieve the best possible workflow solutions for billing, safety, and project paperwork.
Working for the Win-Win
When implemented efficiently, vendor management can help get the best contracts with high-performing, long-term vendors – and in the end, the results get passed to the client with:
- Faster speed to market due to project matching and strong contractor/vendor relationships.
- Increased budget efficiencies.
- A safer project. Tracking established safety records such as EMR and OSHA records offer an initial assessment of safety protocols and procedures.
Talisen understands the challenges and complexities associated with construction projects, so our relationships with our vendors are collaborative and highly transparent. We promise that no matter what different challenges come with the job, our clients will be delighted by our delivery.
Let’s get a conversation going. Reach out using our contact form to chat more about vendor management processes!