Price inflation and supply chain disruption threaten the bottom line for many construction and engineering (C&E) firms, struggling in an industry where profit margins are already low, and increased costs are sparking uncertainty for financial planners. It is clear C&E project and commercial managers need to revise traditional methods of financial control and look beyond simple accounting solutions to overcome these challenges. Project managers need a shift in mindset to proactive fiscal management supported by purpose-built technology—which will ensure construction businesses remain profitable in the face of increasing price fluctuations.
Reprinted courtesy of Kenny Ingram, Construction Executive, a publication of Associated Builders and Contractors. All rights reserved.