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Every industry we know of today has its own raft of challenges to deal with. In addition to the already existing problems that have yet to be solved, each year comes with more additional hurdles stemming from all sorts of causes, big and small; the construction industry is no exception in this regard. Even though the outlook for 2022 is relatively upbeat for Singapore’s construction sector, with it now enjoying activity levels similar to before the pandemic shutdowns, it remains vulnerable and volatile.
Here, we share 3 known challenges in the construction industry today and how the JustGo platform can help.
- The COVID-19 pandemic and the challenges it brings
Developers, contractors, workers, and business owners have all been affected by the pandemic in many ways. The new normal of the post-COVID era impacts almost every aspect of the industry’s process, from the slow movement of supplies to the construction activities themselves.
Due to the onslaught of the pandemic, the construction sector has struggled immensely to complete underlying projects in their backlog while simultaneously trying to protect its staff. However, many companies are implementing new strategies to get around this issue. For example, most have explored downsizing in some areas, while others try to work within more flexible and adjusted timeframes. This agility is crucial for the industry to pull through in these demanding times.
How JustGo’s platform can help
To that end, JustGo allows companies to be flexible with their set timeframe through its job-matching platform. Businesses or merchants can post jobs for tipper truck providers in their area at any time and connect with drivers that are up to the task. Construction companies can get the tipper truck services and logistical support they need anytime, anywhere through a simple process.
- Laggard in technology adoption
Multiple surveys and studies have shown that the construction sector is notoriously slow to adopt new technology, and 2022 is no exception. Underinvestment in technology is an issue for stakeholders and business leaders, despite the fact that many business owners recognise the numerous advantages that emerging technology may provide.
In a world that is largely reliant on technology, the construction sector significantly lagging behind in tech adoption has resulted in one of the lowest worker productivity growth rates over the past 20 years – the industry’s largest challenge. Part of the lack of productivity growth rate stems from construction delays due to problems such as paperwork and payment errors. Furthermore, with Singapore’s government bodies implementing payments via the global e-payments service PayNow, it only makes sense to optimise wherever possible. As we approach the period when contemporary technology will be a core part of the industry, the enterprises and corporations who adopt it first will undoubtedly reap the benefits.
How JustGo’s platform can help
JustGo helps maximise efficiency in this instance through our JustGo app, where tipper truck providers can easily provide tipper truck services to companies in need of them – without the stress of completing additional paperwork. Companies that require these services are able to top up their JustGo E-wallet via PayNow, as long as their bank account is one of the following: UOB, Standard Chartered Bank, OCBC, Maybank, HSBC, ICBC, DBS/POSB, Citibank, and Bank of China. With the E-wallet app, providers can receive payment with ease through online means.
- Commonly used invoice payment term and its issues
Credit terms, also known as payment terms, is an agreement between the seller and buyer regarding the payment and timings to be made for services bought on credit. While it brings convenience in terms of payment methods, it can bring about numerous disadvantages.
For instance, late payments. Extending credit generates more outstanding accounts receivable. To ensure that a client pays on time, companies would have to constantly keep track of these clients. Additionally, the extension of trade credit will result in some clients failing to pay their debts. When this occurs, an employee must devote time to contacting late payers, and the service provider may eventually be forced to write off the unpaid receivables and suffer a loss. Thus, offering credit terms necessitates taking risks and spending extra time monitoring and collecting accounts receivable.
How JustGo’s platform can help
JustGo helps alleviate some of these issues with its consistent payout scheme. When drivers complete their jobs, payment for said services will be paid to the tipper truck providers under the registered entity’s bank account – the amount will be credited to the provider’s bank account when they withdraw. This allows providers to earn an instant income without having to worry about late payments and bad debt.
Enhancing the construction market through JustGo’s mission
At JustGo, we dedicate ourselves to building tools for businesses in the construction market to connect with one another. Through doing so, we aim to achieve sustainability and thrive together, regardless of the status and size. Additionally, JustGo’s app is specially designed to increase the productivity of the construction sector, and more. By diminishing the problems faced by the construction industry one step at a time, we seek to enhance efficiency while providing transparency simultaneously.
Conclusion
Prior to the pandemic hitting the business world in 2020 and causing significant problems, the construction industry has long suffered plenty of issues that ought to be solved. Thankfully, JustGo’s online truck booking app comes equipped with solutions to mitigate the challenges faced by the construction sector.
In the ever-evolving landscape of construction challenges, Just Go steps in not only as a problem solver but as a catalyst for efficiency. Beyond addressing the hurdles of the COVID-19 pandemic, technology lag, and payment terms, Just Go introduces a spectrum of services including specialized tipper truck, lorry crane and trailer services. By seamlessly integrating these offerings into its platform, Just Go enhances the construction market’s capabilities to navigate through uncertainties. Construction companies can now access vital logistical support, streamlining the transportation of heavy loads with lorry crane services and ensuring efficient material movement with trailer services. Just Go’s commitment to industry enhancement goes beyond mere solutions; it’s about empowering construction businesses to thrive in a dynamic environment, one lorry crane and trailer service at a time.
