Materials procurement can significantly impact the overall success of a project. The good news is advancements in technology are transforming the sourcing of materials within the construction industry. Digital platforms and the data they provide are unlocking benefits that include informed decisions, greater efficiency and a reduction in costs.
The Build Chain online procurement platform provides access to and generates data that can be used to help contractors and housebuilders make informed decisions and source their materials more strategically.
Transparency in Spending and Pricing
One of the most significant advantages of using data in construction procurement is the increased transparency it offers. By using a platform like The Build Chain, contractors and housebuilders gain a clear and comprehensive view of their materials procurement activity.
This visibility ensures that procurement teams can easily identify opportunities for cost savings and track what is being spent with which suppliers.
The platform brings all procurement activity into one dashboard, enabling users to quickly access suppliers and compare their pricing and location. The provision of up to date, accurate pricing and information helps contractors and housebuilders make informed decisions about which suppliers are best suited for their projects.
By maintaining a transparent, data-driven approach to sourcing materials, construction companies can avoid overspending, improve budget management, and foster more strategic supplier relationships.
Enhanced Communication With Suppliers & Colleagues
The Build Chain’s centralised procurement dashboard allows procurement managers to approach negotiations informed and prepared, enabling them to secure better terms and pricing.
Additional features, such as in-platform live chat, facilitate strong communication between buyer and supplier, ensuring each party is on the same page, and minimising the risk of miscommunication.
The platform can also assist with internal communication and inventory optimisation. The increased transparency of and access to procurement data helps ensure buying teams have access to vital data, reducing problems like over-ordering.
Risk Management
By providing quick access to suppliers with the right materials in a suitable location, The Build Chain can help minimise risks like price fluctuations and supply chain disruptions. More traditional methods of sourcing materials often lead to relying on a small number of suppliers on a repeated basis with no review of rates received.
On The Build Chain, new suppliers can be accessed in seconds and the enquiry is only delivered to suppliers who fit the category the enquiry falls into, so the likelihood of the suppliers having the required materials is high.
Being able to quickly connect with a new, diverse range of suppliers increases the likelihood of competitive pricing and improves ability to negotiate with existing suppliers.
Sustainability and Compliance
The Build Chain supports sustainable procurement by offering features that track the environmental impact of materials and ensure compliance with regulatory standards. The platform promotes local sourcing of materials by providing clear statistics about the carbon emissions that be saved when choosing the closest vs the furthest supplier from the construction site.
Integration With Emerging Technologies
As technology continues to evolve, The Build Chain is continually evaluating its platform and integrating new technologies when available and appropriate. In the future, the process of requesting quotes will become simplified through AI, and AI will also assist in the quote comparison process.
The Build Chain’s robust data-driven features exemplify the application of data in construction procurement. By providing access to accurate, current pricing information, new suppliers, and a single source of truth for materials sourcing, the platform not only enhances the efficiency and effectiveness of procurement processes, but also aligns with the broader industry trend towards more data-centric management practices. This ensures that companies using The Build Chain are well-equipped to handle the complexities of modern construction projects with agility and foresight.
Get started with data-driven digital procurement today
A demo is the best way to see the difference The Build Chain could make in your business. During the demo, we’ll learn more about your business, and tailor our discussion to your needs.
