Recent Experian research, focused specifically on the construction sector, found that the number of CCJs incurred in the first four months of 2022 has already exceeded 50 per cent of 2021’s total. While monthly average insolvencies for the first four months of 2022 were 30 per cent higher than the 2019 monthly average.
Users of our construction management software are now able to combine internal customer and supplier data with Experian’s credit risk data to optimise credit terms.
The intuitive dashboard provides an accurate picture of outstanding debt and associated payment risk within their supply chain in one single view. This is supporting construction firms to make more informed decisions around the strength, performance and creditworthiness of both new and existing customers and suppliers.
Designed to help the entire construction cycle run more efficiently, the dashboard also allows construction teams to identify where productivity could be improved on site, further reducing risk and boosting profit margins.
Carol Massay, Head of Construction at The Access Group, said:
“According to Begbies Traynor, more than 75,000 construction firms could be at risk of collapse due to a mix of inflation, cash-flow squeezes and shortages of materials. Bad debt seems to be a sad fact of life for subcontractors, being placed under huge pressure to find a replacement and ensure the project doesn’t fall behind schedule when a supplier folds.
“By partnering with Experian, our customers can use its credit risk data to obtain a far more detailed understanding of both customer and supplier portfolios and we are confident that this will have a hugely positive impact not only on the decision making process, but also the bottom line.”
James McGarva, Managing Director of Business Information at Experian, continued:
“Combining the client's internal data with Experian’s external view of their customers and suppliers enables them to have a more 360-degree view and be more proactive in their engagements through an optimised risk strategy. This is the first time our data is being incorporated into a construction management solution and we are delighted to be able to support The Access Group and customers.”
To find out more about the Business Health Dashboard, please visit our construction financial software page.
Also, take a look at our construction management software solutions as we cover everything from estimating software and job costing, to accounting software, HR and plant and asset management. We have mobile apps that captured data in real-time, and dashboards that analysis and report back to your business in one place.
Get in touch with our expert construction team to find out more about our solutions.