What owners expect from procurement and reporting

Owners' expectations

When managing a development, owners expect a seamless flow of information and updates regarding their projects.

From real-time tracking to transparent reporting, subcontractors now need to provide more data and insights to ensure the project stays on course. Here’s what owners typically look for:

• Real-time updates: Owners want accurate visibility into material availability, costs, and project progress. Delays can be costly, so having real-time information allows for proactive decision-making.
• Cost tracking: With material procurement accounting for up to 60% of a project’s expenses, owners need precise tracking of costs throughout the project timeline to avoid going above budget.
• Enhanced communication: Owners look to maintain open lines of communication, offering clarity on potential issues and facilitating collaboration when needed.

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The importance of real-time data and transparency

Transparency and real-time data are no longer optional – they are essential for project success. Owners like to see the bigger picture, particularly around long-lead materials that can affect critical project timelines. It’s not expected that subcontractors will share every granular detail, but creating transparency in a project is typically beneficial to all parties involved.

SubBase provides real-time data that helps subcontractors communicate effectively with general contractors and owners. The system’s automation ensures that everyone can see the latest real-time updates on procurement and project progress without being weighed down by manual and time-consuming processes. This means fewer surprises, smoother project timelines and workflows, and better stakeholder collaboration.

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Cost tracking and budget management

Effective project finance management is crucial for an owner. The ability to forecast expenses, track spending, and manage cash flow keeps projects moving.

SubBase simplifies this process by helping subcontractors reconcile invoices faster and with greater accuracy, which directly affects the owner's ability to track and manage project spending accurately.

SubBase also provides detailed insights into material costs and purchasing trends. By using these insights, subcontractors can better forecast material expenses and mitigate unexpected budget overruns. Automated reconciliation and integrated reporting features means owners stay on top of the project’s financial status in real-time.

Customizable reporting needs

Every project is different, and so are the reporting needs for that project. Owners want reports that reflect their specific concerns, whether it’s focused on cost breakdowns, timeline updates, or material procurement. SubBase offers fully customizable reporting tools, allowing users to generate reports that fit each project's unique needs.

With SubBase, Subcontractors can run customized reports, presenting owners and GCs with the precise information they need to keep projects on track. This flexibility not only meets the reporting needs of owners but also allows subcontractors to demonstrate their value through clear, accurate data and modern tracking tools.

Enhanced communication and collaboration

Communication is at the heart of any successful project. Owners, GCs, and subcontractors must work closely together to ensure smooth execution. SubBase enhances communication by centralizing all project-related data, making it easy for all stakeholders to access accurate information and data in real time-reducing the risk of missed updates.

Through better communication and collaboration, issues can be identified and addressed earlier, preventing costly delays. SubBase ensures that everyone, from the subcontractor to the owner, has the tools to stay aligned and keep the project moving forward.

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Book a demo with SubBase

Owners now expect more from procurement and reporting than ever – real-time updates, detailed cost tracking, and enhanced communication are just the start.

By adopting modern tools like SubBase, subcontractors can meet these expectations and stand apart from the competition – while ensuring projects are completed on time, within budget, and with greater transparency.

Ready to streamline your project management and communication? Discover how SubBase’s powerful tools can help you meet owner expectations while enhancing your project’s efficiency. Contact us to book a demo today.