In the dynamic world of construction, managing a project extends far beyond the physical labor of building. Behind the scenes, executives grapple with a constant influx of documents and data that are vital for the seamless operation of their projects.
A staggering statistic reveals that a majority of construction executives dedicate over 1,000 hours annually to organizing data from disparate systems and documents. This significant time investment underscores a critical challenge in the industry: the need for efficient document management solutions. Fortunately, advancements in technology, such as Optical Character Recognition (OCR) are paving the way for a new era of efficiency in construction project management.
Benefits of Using OCR for Managing Construction Accounts Payable
The implementation of OCR technology in the accounts payable sector of construction firms is transforming the way financial documents are processed, offering unparalleled efficiency and accuracy.
1. Issuing and Reconciling Subcontractor Payments
Timely payments to subcontractors are paramount for nurturing positive business relations. OCR solutions expedite the conversion of paper invoices into digital formats, enabling faster processing and significantly reducing payment delays. This technological edge ensures subcontractors are paid promptly, maintaining goodwill and streamlining project timelines. Learn about the wide range of document types that Veryfi OCR handles.
2. Creating Construction ERP Processes
Project scopes are fluid, often requiring quick adjustments to billing and contracts, which are integral parts of getting permits and submitting related paperwork to government agencies. With OCR, documents related to change orders are instantly digitized, allowing for real-time updates to billing systems. This not only minimizes errors but also enhances the agility of financial operations, keeping projects on track and within budget.
3. Processing and Issuing Equipment Rental Invoices
The rental of equipment and buying of raw materials are routine aspects of construction projects that generate a substantial volume of invoices. OCR technology simplifies the management of these documents by automatically digitizing invoice data, facilitating easier tracking of rental expenses and improving the efficiency of accounts payable processes.
Process Every Construction Document
Beyond the realm of accounts payable, Veryfi ∀Docs™ OCR offers a robust solution for managing a wide array of construction-related documents, supporting various aspects of project management. Specifically within the realm of construction document management, ∀Docs™ stands out for its versatility beyond handling accounts payable. It offers a holistic solution, efficiently managing various documents crucial to project management. From streamlining the cumbersome submittal process to simplifying the management of critical G702 forms for financial transactions, ∀Docs™ ensures transparency and smooth operations between contractors and clients.
It also does seamless processing and storage of inspection reports, vital for maintaining compliance and upholding project standards, thereby ensuring safety throughout the construction process. Additionally, ∀Docs™ enhances communication by adeptly managing Requests for Information (RFIs) and Requests for Quotations (RFQs), facilitating prompt decision-making among project stakeholders and minimizing delays and miscommunications. Construction projects require document management processes in place that enable it to run with efficiency and smoothness.
By streamlining processes such as submittals, financial transactions, inspections, and RFIs/RFQs, it contributes to a more organized project execution and adherence to timelines and specifications. Veryfi OCR APIs centralize document handling and process extracted fine data into structured JS0N files, which assist in creating foster asymmetrical communications among stakeholders. In modern construction management practices where efficiency and transparency are paramount for success, a capable OCR solution for processing detailed documents is an indispensable tool.
Mahogany Builders Use Veryfi
Mahogany Builders sent us a video showing how their Mondays looked before using Veryfi. Feel their pains? This video depicts a world without OCR.
Mahogany Builders is a full-service remodeler in the Chicago area, with a particular emphasis on high-rise projects. The company has been in business since 2000 and was selected as a Big50 winner by Remodeling Magazine in 2016. Contractors such as Mahogany Builders have a great need to keep track of expenses. Poor bookkeeping can be expensive and also time-consuming, taking focus away from the dynamic projects in Mahogany’s pipeline.
The company turned to Veryfi after deciding it needed a single expense input mechanism that would alleviate its administrative burden. With project and construction managers, a sales team, and admin staff currently on payroll, there was plenty of spending to keep track of.
In conclusion, the construction industry stands at the threshold of a significant transformation, driven by the integration of OCR and ∀Docs™ solutions. These technological innovations not only promise to reclaim thousands of hours spent on document management but also enhance operational efficiency, financial accuracy, and project compliance. As construction firms embrace these solutions, they unlock the potential for streamlined processes, improved stakeholder relations, and, ultimately, more successful project outcomes.
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