Transparency is The First Step Towards Redefining Construction

A construction payments report found that, for 45% of construction companies, lack of visibility across projects is a top challenge.  This is why TRP’s core business is based on being transparent in terms of product specification and pricing of #construction materials for #procurement.

The definition of transparency is presenting clear and detailed information of what you’ll do. Transparency in purchasing usually refers to the idea that money can be tracked along transactions to make sure that the required amount was transferred to the right vendor without any money disappearing along the way. 

However, there are two requirements to demonstrate a project is transparent when discussing transparency in construction procurement. The first is that in order to prove that every rupee spent on the project was justified, you must be able to produce an entire record of purchase orders. The second is that every purchase needs to be in line with the project's scope.

Now to truly understand our audience's needs we asked our audience about the most recurring problems faced in the #constructionindustry at the time of procurement of materials. And we somehow knew what would be the answer, but the percentage showed us the real picture.

64% of the audience face the problem of lack of pricing transparency. Now, lack of pricing transparency means that people don’t have enough data points to see if they are buying the right products or not. Now, there are many factors which determine the price of one particular construction material thus, the prices vary during every purchase. 

However, the buyer doesn’t have access to the required purchase history to refer to the prices at which the items were purchased previously. The purchase history makes it easier to make estimations on the prices and procure the items at reasonable prices. 

Another reason why the end client may not get the correct pricing is because they might be buying some new materials and are not aware about the market price of the materials as the pricing and the market is so skewed.

Furthermore, most customers make the mistake of not reviewing the product specifications, as it is a complicated data sheet to comprehend. Either product specification is not in detail or they simply don’t have much time to go through it. As a result, they end up buying the wrong items or the product might be inferior, as they did not get much product specification to check. 

TRP is redefining construction through technology for the procurement of construction materials as it incorporates solving the industry's problem of lack of transparency in general and pricing transparency. Moreover, with our technology, we have huge data points for each material, which helps clients give the specified data to make the right decisions.

Furthermore, with industry knowledge and expertise, we know the right questions to ask our clients and we are also educating our clients to make sure that they get the items that they need. With enough  demand aggregation and purchase price history we are always sure that we can get competitive prices for all our customers. 

With projects getting more complicated and deadlines becoming tighter, the need for quick and transparent processes has grown stronger. Having the ability to quickly capture and catalogue information helps the client focus on other important aspects of their business.

As a result, improving transparency on construction sites eases communication, boosts productivity, and reduces the time it takes to deliver the procured construction materials. Therefore, TRP helps you estimate, negotiate, technically evaluate, and purchase every item for your projects with complete #transparency.

Visit TRP today!