The Billder's Boardroom: Stay at the top of the game with guides, templates, and tools created by subs, for subs
Blog
/
Podcasts, Press

Built with Billd: How outdated labor tracking is hurting your bottom line

Published: September 06, 2021
Last updated: April 19, 2022
Read time: < 1

Summary

Ineffectively tracking your labor productivity can have massive effects on the bottom line of your company. Zach Scheel, Co-founder and CEO of Rhumbix, experienced this issue first hand after spending nearly a decade in the industry. Zach handled project and cost control and worked with the United States Navy Civil Engineer Corp and Bechtel Corporation. In the construction industry, labor productivity is measured by what work is being done, and how long it takes to do that. Productivity tracking is the leading indicator on whether or not you’re making money on the job site. Historically, the cost of data collection has been prohibitive in the feedback on estimates. Understanding your budget vs actual helps you better estimate for future jobs. 

Rhumbix helps to streamline the collection of productivity data in order to understand actual performance vs. estimated performance. The goal of Rhumbix is to help standardize how labor is getting recorded across job sites. It’s important to buy a solution that meets your workers where they are. You can have the most expensive softwares and programs on the market, but if your workers in the field don’t understand how to use it and management doesn’t understand how to interpret the data – it won’t lead to any actionable insights and will ultimately waste money. 

“ The last job I was on with Bechtel involved a $3.5 billion copper concentrator in northern Chile. The data that we needed to better understand costs in real time was coming from 1,000 paper time cards handwritten in Chilean Spanish. It took three weeks to digitalize and clean up so it could be analyzed. That was the big epiphany moment that lead me on the journey which eventually became Rhumbix.” – Zach Scheel, Co-founder & CEO, Rhumbix

About Billd: Billd stands alone as a partner that truly champions the subcontractor. Founders Christopher Doyle and Jesse Weissburg, industry veterans in both construction and finance, witnessed the detrimental impact to subcontractors of the longstanding broken payment cycle in construction. Their time in the trades inspired them to launch Billd in 2018, bringing the financial power of Wall Street to the construction job site. Billd's financial and payment products empower subcontractors to bypass project hurdles by providing access to upfront funds to cover their most pressing costs, including materials and labor. Unlike traditional financing outlets, Billd provides flexible lines of credit to accommodate the unpredictability of cash flow in construction, and extends their customers up to 120-day terms to align with industry payment standards. Billd knows traditional credit metrics are poor predictors for risk and has built a variety of industry-specific, proprietary analytic and financing tools to allow subcontractors to stabilize cash flow and more effectively grow their businesses.

Learn More

FAQs

Are you ready to unlock more working capital for your business?

Related posts

Talk to one of our financial experts to see how Billd can help your business grow.