Enabling Contractors to make gains in trust
Digital Cost Assurance offers Contractors the same level of confidence and simplicity that it offers the Client. Like the Client, you engage a whole ecosystem of subcontractors that you rely on to deliver the project, and as a result you need to make sure that subcontractor’s defined costs are correct.
By reducing administrative friction, your applications for payment are assessed efficiently and cash continues to flow through the system far more easily for everyone concerned.
The format and type of data has already been agreed with the Client and your subcontractors enabling all parties to accelerate legitimate cashflow and reduce capital employed, which in turn improves return.
Converting from manual assessment of sub-contract accounts to automated assurance, allows your commercial staff to focus on active change control, reducing your overheads as you no longer need to administer the commercial buffering of that information.
Entitlement management is contemporaneous with progress and payment is quicker – and disputes reduced - resulting in improvements in morale and motivation for all parties.
A side benefit is an improvement in your credit rating across the subcontracting community with your contracting organisation becoming the one to work for. This creates a flywheel of benefits – better cash flow – better rates – better chance of winning work – more sustainable and predictable business.
At a reporting level, having closer control of the accuracy of your cost data enables you to be more secure in your stakeholder management.
With less time spent reconciling disputed contracts and more focus on delivering the project, confidence ripples out across the whole supply chain.
As a result, Contractors don’t just make gains financially, you make real gains in trust with clients and subcontractors alike.