This analyst call centered around the utilization of accounting and payment solutions within the AEC space, especially among medium and large-sized contractors. The FinTech space is constantly growing and offering innovative solutions that help to effectively manage cash flow digitally, complete cost tracking and financial reporting easily, and connect project team members together. This call was hosted by BuiltWorlds Research Analyst, Sean Wrenn, and featured guest speakers, Ciaran Brennan, CEO, LiveCosts.com; and Bassem Hamdy, CEO Briq.
The ever-shifting built environment is in a constant state of evolution, facilitating the emergence of innovative projects and solutions within the space. It is important to address that these FinTech solutions hold an immense amount of value for contractors, as it manages vital financial and cash flow initiatives within the company. With the workforce in the industry on a decline, having tech that can alleviate the loss of work through automation tools within a project.
“How do you automate your business? Regardless of how similar construction [projects] can be in this world, it absolutely needs to be personalized…The idea that automation can be generalized isn’t true. I think that’s the number one thing when we talk about financials–the reason why the use of forecasting tools, which have existed in accounting and project management systems for years, is under 15%.” Bassem Hamdy, Briq
As the industry continues to adapt and learn, there are many global influences and solutions that are beginning to tackle region-specific problems. The FintTech sector is a huge asset that is helping to bridge this gap between different spaces and make solutions more accessible from anywhere around the globe.
“What we find is that [technology is] the universal language to address the same problems companies are facing around the world. The same stuff is happening everywhere and that’s what I love about what’s happening with technology. Global companies are not thinking about just the local region or the local market because it doesn’t have to be that way. Technology is advancing us in a way that makes us understand that construction is not as complicated as we were maybe once taught.” Ciaran Brennan, LiveCosts