))
Can Poor Payment Practices be Resolved Through Tech? - Episode 10 | Fiona Graham (PAYAPPS)
Manage episode 378689926 series 3505510
Content provided by Peter Sumpton. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Peter Sumpton or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.
We’ve all been there haven’t we, and it always feels like we’re on the receiving end of it - late payments for something or another and depending on your financial situation that can be a brief oversight or a disastrous situation to be in.
But should this be a situation we ever find ourselves in at all? Yes, if you’re in financial difficulty then there is a valid reason for late payments but there is also no shortage of technologies that can manage finances, provide warnings and easily resolve late payment issues, both in our daily lives and commercially.
With this in mind, it can be highly frustrating to work in an industry that relies on collaborative efforts to construct and build, yet when it comes to purchase orders, invoicing and of course payments.
I’ve been lucky enough to work on a recent research project alongside the FIS, AMA Research and the University of Reading (Procurement in the finishes, fit-out and interiors sector) which highlighted these particular problems. Indeed 2 out of 3 formally tendered work packages were asked to reduce the pricing retrospectively, with over half of these respondents admitting that retention monies are rarely released on time.
In short, we all know that payments are an issue within construction. And this isn’t just a UK-wide issue. But what do we do about it? Is tighter legislation the answer, more openness and transparency or does tech have the answers?
Our guest today is Fiona Graham a Senior Business Development Manager from PAYAPPS, cloud construction software for submitting, assessing and approving progress payments for main and subcontractors. PAYAPPS have recently released Building Resilience through Technology reports for both the UK and Australia/New Zealand which highlights the issues we may have when integrating technology into our payment systems. And it seems one thing that may be contributing to these issues is the perception of Digital Adoption. Two quotes that stood out to me from this report were:
“We’re a smaller company and just don’t always have the time to research or find out about these things.”
“We are slower to purchase new technologies that would benefit the company and some employees find it hard to adapt and use the new technologies”
But back to Fiona who has worked within the constriction industry for over 20 years now from British Gas to Causeway Technologies and now PAYAPPS.
Topics Covered
- Current poor payment practices
- Are legislation, guides, and reports helping?
- Implications of late/poor payments
- How tech is helping resolve issues
- The possibilities and barriers to industry-wide change
Adobe Express 30-day Free Trial: https://prf.hn/l/ZYdd028
Website: https://www.builddifferent.marketing/
Further Links
https://www.chaserhq.com/blog/how-construction-businesses-can-reduce-late-payments
https://www.payapps.com/uk/blogs/late-payments-in-construction-the-supply-chain-domino-effect
https://www.pbctoday.co.uk/news/planning-construction-news/delayed-payments-in-the-construction-industry/128598/#:~:tex https://publications.aston.ac.uk/id/eprint/43797/1/Bolton_et_al_LADR_2022_Accepted.pdf
https://www.statista.com/statistics/564807/construction-firms-size-region-great-britain/
Mentioned in this episode:
Adobe Express 30-day Free Trial
Adobe Express 30-day Free Trial: https://prf.hn/l/ZYdd028
46 episodes
Share
