GigBridge

Our CEO Gabriel Makinwa spoke to business owners and professionals at the recent BITA Surrey networking breakfast this week. Special thank you to Maria Lawless and the rest of the BITA Surrey team for putting on a great event.

In the run-up to the Construction Wave CFO Summit on Monday: we've been sharing our views with the team at Construction Wave. Check out this article on "How to reduce project costs by improving supplier relationships".

How can you beat the labour shortage? ✅ Make sure subcontractors choose you before other contractors by processing payments faster. Up to 77% of subcontractor payments are late or delayed! 🚀 With GigBridge invoices go from submitted to approved in less than a few hours vs weeks. This looks like: 💵 Ensuring invoices are seen by the right people in the right order • Set up an invoice approval policy once and let Gigbridge follow up on each invoice. • We take the guess work out of approvals, see real time updates on approved invoices in one place. ☮️ Give finance peace of mind: • See all your due and paid invoices together and ensure you don’t overpay as well as paying on time. • Free yourself from paperwork and spreadsheets, turn your subcontractors tracked time and approved work into invoices and make payments easily. 💳 Flexibility of payment method: • Clear multiple invoices together with approved bulk payments • Integrate with open banking • Pay offline and mark as paid. • Use ‘Send Now, Pay later’ to extend your payment terms or offer early pay 🔄 Sync with your accounting system • Connect with your preferred accounting system and sync payment data seamlessly. • Two way sync of purchase orders and invoices so your accounting software is fully up to date. • Track and send CIS tax deductions, VAT due and retention held to your account system automatically.

How to build a tech company to solve the problems you're facing in the construction industry. 🌞 The first step is understanding the problem Think about the pain points you face everyday at work. ❓ A pain point is a process or system that causes problems or creates negative feelings for you as a user 🙁 A simplified example on a construction site is, subcontractor invoicing. Each month a subcontractor sends an invoice to the contractor for the amount of work completed. Both parties have to agree how much work was completed and pay that percentage of the total price of work. - Say the invoice amount is £100,000 - If 20% has been completed - The subcontractor will invoice for £20,000 💰 The contractor's finance team then needs to get approval from multiple senior employees before paying the amount. The subcontractor awaits payment and records funds received when they come through. 😅 There's already so much admin work here and plenty of room for error but multiply this by 10 or 20 bits of work and you've quickly built a mountain of paperwork. It's no suprise that 60% of subcontractors get paid late on more than half of their projects (Construction News) ____ 🟢 This is the pain point GigBridge is solving among many others. They have a centralised invoicing system where you can set up what's called an approval policy 🟢 👀 This runs the invoice by all the people that need to sign off and shows them all the context they need in one place. ✅ The finance team can see at a glance which invoices are ready to go and pay them on time. This cuts out all of the internal people chasing, saving time and improving supplier relationships. ____ 🤔 Think about the problems you face on a daily basis and start making notes. The first step to building a solution is to identify pain points that are big enough or common enough for your role. As you make notes you'll start to see patterns which you can use to ideate solutions. If you want a template for this, drop a comment below saying 'notes' To read more about topics like this, sign up to my newsletter (link in profile).

Some great news this week. We’ve been selected as one of the #Top50 Contech startups of 2024 by CEMEX Ventures

So many fantastic conversations - looking forward to catching up with everyone very soon at our demos 😊 #constructionindustry #constructiontechnology

🚨 New article alert! 🚨 🏗️Finding the right subcontractors: Harnessing Data for Effective Risk Mitigation 💻 We delve into the critical data dilemma, the financial risks associated with poor subcontractor selection, the race against time for timely project execution, and the quality compromises that often occur. We then outline data-driven strategies, such as establishing centralised repositories and real-time monitoring, to effectively mitigate these risks and ensure project success. Key Points Discussed: 🔍 The Data Dilemma: Lack of comprehensive data on subcontractors. 💸 Financial Risks: Costs of poor subcontractor selection and industry statistics. ⏰ Timely Execution: Impact of delays on project timelines. 🔄 Quality Compromises: Balancing efficiency and excellence in construction. 📈 Data-Driven Strategies: Establishing repositories, leveraging analytics, real-time monitoring, and fostering communication.

🚧 This stat underscores the paramount importance of choosing the right partners in our projects. ✨ ⭐️ Quality from the Start: The selection of a subcontractor is the bedrock of project quality. Opting for partners with a proven track record ensures that projects begin on a foundation of excellence. 💼 Risk Mitigation: The right subcontractor brings not just skills but a commitment to quality, helping mitigate risks associated with delays, rework, and potential disputes. 🌐 Industry Reputation: A subcontractor's reputation echoes throughout the industry. Choosing those with a positive track record enhances project credibility and attracts collaboration from other top-tier professionals. 🔄 Time and Cost Efficiency: Well-vetted subcontractors contribute to streamlined operations, reducing the likelihood of delays and cost overruns. 🤖 Technology Integration: The right subcontractor embraces technology, enhancing project efficiency, transparency, and communication. 🌟 Long-Term Impact: Collaborating with reliable subcontractors isn't just about one project; it's an investment in a long-term partnership that can yield consistent quality across various endeavours. 🚀 Let's use this as a catalyst for a renewed focus on the subcontractor and supplier selection process and working with solutions such as GigBridge that make this easy. By prioritising finding the right subcontractors, we pave the way for projects that not only meet but exceed expectations 🌐💡 #ConstructionTechnology #Subcontractors #BuildingExcellence

🎉 Subcontractors Can Now Create & Upload Quotes! 🧾 We're thrilled to bring you another update to our platform, specifically designed to make the quoting process smoother and more efficient for subcontractors and contractors alike, eradicating the need for email back and forths and information on quotes getting lost. Features: - Responding to Requests with Ease Now, when a contractor requests a quote, subcontractors will receive an email notification, streamlining communication and ensuring that no opportunity is missed. Subcontractors can effortlessly upload or create a quote directly within the system. - Creating a Quote with Precision The quoting feature also allows users to tailor their quotes based on the settings outlined in the Request for Quote (RFQ). Whether entering a total value for an entire package or breaking it down to quote individual works within the package, users have the flexibility to align with project requirements seamlessly. - User-Friendly Interface The quoting interface has been designed for user convenience. Subcontractors can preview their quotes before submission, ensuring accuracy and completeness. The system automatically pulls essential details from the user's profile, streamlining the process. And where information is incomplete, users can easily add the necessary details. - Fine-Tuning Individual Works Adding further flexibility, users can assign values to each line item within the package. The system will automatically calculate the total, providing a comprehensive overview. Before finalising and sending, subcontractors have the opportunity to preview and confirm their quote, ensuring confidence in every submission. Stay tuned - GigBridge is only getting bigger & better! #constructiontechnology #constructiontech #buildingthefuture

Great start to the day at #TechFest with keynote Dev Amratia, CEO at nPlan on 'Embracing the potential of AI' and Greg Demchak, head of innovation labs at Bentley Systems on 'Exploring how the metaverse will transform the delivery of infrastructure projects'. Many thanks to our sponsors and partners: AtkinsRéalis Bentley Systems Tarmac COLAS DataCow GigBridge Hitachi Solutions Europe Octopus Energy Polypipe Safetytech Accelerator #civilengineer #newcivilengineer #constructionnews #festival #conference