No CPE was offered for the Ignite Sessions
From floppy disks to BIM, learn how ERP solutions have continued to evolve and positively impact the construction industry. Gain insight into when it may be time to implement a new solution vs. fine-tune the one in place. See how BIM, BOTS, cloud computing, and mobility are all changing the way we access and utilize information.
• Understand how to better leverage your ERP system to improve profit and cash flows
• Learn how implementing new technologies can improve your team's efficiency and work environment
• Learn how a well-implemented ERP solution with contemporary technology can help mitigate risk on the job
• Take away ideas that you can use to make improvements to your existing systems
• Understand what your expectations of ERP solutions should be
No CPE was offered for the Ignite Sessions
When it comes to strategy, your company doesn't have to embark on this by itself. It can seek outside advice by using an advisory board.
In this brief and exciting session, you will learn:
• The benefits and challenges of having an outsider involved
• How to define true objectives and what makes the process successful
• What to look for in an advisor/director and who shouldn’t be on your board
• How to define priorities and create an effective agenda
Cash flow is one of the most important issues facing contractors today. Companies are faced with starting new projects, hiring staff, and investing in assets to support the business. More companies go bankrupt due to cash flow issues than due to profitability. Many things can and should be done to improve cash management practices. Practical tools and strategies to improve cash flow will be discussed.
• Increase profits with better billings and collections practices
• Apply tools and techniques that optimize cash flow
• Maximize cash flow with process standardization
• Create transparency and accountability with measurement
• Quantify the impact of slow payment
Continuing from the “Anatomy of a Bond Claim – The Underwriter’s Story” presented at CFMA's 2016 Annual Conference & Exhibition, this session will follow this real-life subcontractor default circumstance through the surety claims process, provide details on how different approaches were used by the surety to complete the bonded projects, and discuss the overall effects this had on a number of parties.
• Develop a better understanding of how sureties handle claims on defaulted bonds and the options they have to perform under the bonds
• Learn about the responsibilities of the obligee (GC) in a bond claim situation to avoid potential issues with the surety
• Understand how cooperation between the obligee, surety, and defaulted contractor can vastly improve these situations
• See how Subcontractor Default Insurance is also affected in these situations
Most companies use KPIs to set financial targets they would like to achieve in their business. These include margin, cash flow, and other similar financial-oriented KPI measures. What companies often fail to do, however, is to define how the organization will achieve these measures.
This presentation will explore implementing performance management techniques to translate vision and strategy into action and results including how KPIs can help measure progress toward achieving those results.
• General overview of common KPIs currently utilized in the industry
• Understand the process to create KPIs to help achieve desired results
• Understand how to implement action steps and processes linked to KPIs to measure whether those action steps or processes are achieving desired results
• This presentation will include an example of how to manage capacity costs to improve bottom-line performance for companies with aggregate mining, asphalt, and paving operations.
Historically, the construction industry has been thought of as a haven for sexual harassment, with stereotypes of catcalls at a construction site being played out in movies and on TV for decades. Have you ever thought about how YOU can help change that perception? This session will focus on steps that YOU can take with you back to your organization to start to change its culture in a positive way. No one thinks this will be easy, but it is possible.Speaker(s):
Attend a 30-40 minute "mini-trial" where a subcontractor claim is presented through lively and engaging direct testimony and even more lively and engaging cross-examination, followed by questions to and from the audience about practical ways to deal with the issues presented before they turn into a trial. Attendees decide who wins.
• Negotiate and preserve change order claims
• Understand how different change and notice provisions affect your company's risk profiles and potential recoveries
• Implement a change negotiation strategy that is realistic, preserves relationships, and allows the subcontractor to help the general with owner negotiations
• Understand how evidence should be gathered and preserved and how that will affect your company's recovery in the event of a change dispute
This session will provide updates on the U.S. standard setting agenda, including deep dive discussions on industry-relevant standards that have been issued in the current fiscal year.Speaker(s):
Contract negotiation is a key risk management function in every construction company. While knowledge of contract language is central to the negotiation process, the communication, approach to negotiation, and inclusion of key stakeholders are also essential to success.
After attending this interactive session, attendees will:
• Have an understanding of a comprehensive approach to reviewing contracts and other legal documents
• Identify and involve key internal and external stakeholders as partners during the review and negotiation processes
• Assess their project and contract risks
• Understand methods to effectively utilize outside legal counsel
• Recognize contract negotiation options for key risk areas as demonstrated with role-playing and case studies
The CFO of a sub-specialty contracting company has many different audiences relying on their work. We think of our presentations to external users – banks, bonding companies, GCs with which we are prequalifying – but do we consider as closely the internal users?
Consideration must be given to the level of knowledge that the internal user has – the CEO may be business savvy but not financially skilled.
• Identify the users of financial data and what information is most meaningful to them
• Explore strategies for communicating financial data to non-financial users
• Provide examples of KPIs that may be meaningful to sub-specialty contractors to include in their reporting
• Examine the other company performance data that could be added to internal reporting to help monitor multiple organizational functions