Managing vendors is an important part of operations for construction companies. But what happens when someone drops the ball? Construction vendor management focuses on enlisting the vendors and managing the vendors’ services and goods to execute the project in a less complex way.
Significant features like contract negotiations, job assignments, reducing risk, and controlling costs require accurate construction vendor management to streamline the workflow. At RedTeam, we’ve made sure to provide a quality vendor and subcontract management system to help construction companies improve their construction vendor management.
A Construction Vendor Management System Built for Contractors
The main component that RedTeam strives to be the best at is complete contract formation fully integrated into the platform. One of the prominent features we made sure to include in our construction software is vendor and subcontract management.
The feature can be accessed by clicking “Companies,” a tab considered the master record file, then navigating to the “Vendors” tab. This section contains vendor contacts with their cost codes, the scope of work, credentials/expiration dates, and their work location.
Our construction vendor management feature helps streamline the estimating and bidding process by allowing users to associate specific jobs with vendors by searching their cost codes, scope of work, and zip code to find the best and exact vendor.
When receiving invoices from vendors at a project level, you want to make sure everything is up to date before the invoice is approved for payment. You also want to check that the credentials needed from the vendor are good to go before doing work with them. Our construction vendor management system organizes and stores all this information in the master vendor tab so users can validate a contract creation or invoices waiting for approval.
How GCs Benefit from Using RedTeam to Manage Vendors and Subcontracts
Not even ten years ago, most contractors tracked vendors and subcontracts with paper or Excel sheets. Manual methods like these can be costly for companies that can result in errors and lost profit.
Manually finding the invoices via sifting through papers, searching the files on a desktop, or even asking accounting for accurate information like credentials. The back and forth loop and tracking information is costly, time-consuming, and increases the risk of error.
RedTeam uses metadata tracking for all documents and contracts. This means that we store all of the documents and contracts in our cloud-based software and track who has access, who opened a document when, and at what time. Our reporting and analytics are thorough and top-notch so that you don’t have to worry about minor details.
Solving Real-World Problems in the Construction Industry
Our robust cloud-based construction software allows you to manage preconstruction, projects, financials, business development, and jobsite management, all within one secure location.
RedTeam was built from hands-on experience to help contractors face the day-to-day challenges of commercial construction. Everything from document control to team collaboration to help you seamlessly manage your projects on-and-off the field.
Learn more about the best value for commercial contractors by scheduling a FREE Demo.