The building materials and construction industries are the engine room of the world making our homes, hospitals and hotels. The group represents 13 percent of global GDP. Despite high demand from the public and private sector, the industry has faced its own challenges post pandemic grappling with inflationary pressure, cashflow management and supply chain issues. We will explore five trends or advancements that are being adopted by the build materials and construction industry to manage change and ease these pressures.
Trend one – the high cost of building materials makes rebates essential
Until recently the construction industry had stable supply and demand but supply chain disruptions have caused raw materials to increase. Steel and timber prices have skyrocketed so construction companies that can keep margins under control or have a well-run rebate program with suppliers can protect the bottom line.
You need to have great partnerships with building materials suppliers so you can negotiate flexible pricing and set achievable rebate volumes. Clear visibility of all projects is also necessary with the most recent data available. Construction companies who invest in rebate management software to perform this analysis save both time and money, while avoiding costly pricing mistakes.