to hire and keep good employees. Firms are refining their
hiring, retention, and benefit strategies as a result. Mobile
training technology can help onboard unskilled workers faster,
allowing companies to draw from a larger talent pool. Virtual
reality technologies also offer promise for quicker training.
With the wealth of new, purpose-built technology that is
now available, there is some real movement toward digitizing
the construction industry. Construction firms need to prepare
to handle a flood of data from the field as paper processes
become digital. Finance teams should prepare by enabling
themselves with modern cloud systems for accounting, spend
management, and payments. They need to enable their field
staff members with tools that communicate data back to the
office in near real time. Most importantly, every department
within a construction firm must coordinate its efforts toward
safety, productivity gains, and growth.
Selected for reader interest by the editors.
www.concreteinternational.com | Ci | SEPTEMBER 2019 43
firm must also look at safety and security practices. There is a
lot of technology that can help reduce jobsite risk. Drones and
machine-learning algorithms can monitor jobsites for safety
and security issues. Sensor-equipped wearables can alert
workers to smoke or toxic chemical exposure, and geofencing
can provide alerts when workers are entering a hazard
zone. Firms can also use autonomous equipment to do work in
environments that are too hazardous for human workers. In
the office, payment automation software such as Nvoicepay
can mitigate payment fraud as part of an overall riskmanagement
Business continuity planning
Family-owned businesses are common in the construction
industry, and many thriving midmarket and even large
companies are still majority-owned by founding families.
Finance leaders need to create business continuity plans,
whether that is figuring out how to transfer company
ownership to the next generation, establishing an employee
stock option plan (ESOP), or selling or merging the company.
There is a lot of work involved in the valuation of a
business, figuring out the best planning scenario, and helping
negotiate relevant deals. Industry-specific ERP software (such
as Viewpoint’s Vista) and cloud procurement platforms (such
as Concur) can give finance professionals a better view of
their numbers, help with planning scenarios, and standardize
the purchasing process across acquired or merged companies;
Concur and Viewpoint are Nvoicepay partners.
Onboarding and training
With unemployment in the United States at new lows, it
has been difficult for companies facing growth opportunities
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Jason Krankota is Vice President of
Construction Sales, West Region, at
Nvoicepay. His expertise in construction
business technology spans 20 years,
with 10-plus years focused on corporate
payments, accounts payable, and
expense management solutions.