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Built with Billd: The transition to efficient material purchasing – What you need to kno‪w‬

Published: February 10, 2021
Last updated: November 04, 2022
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Material management, like many areas in construction, has long been overdue for technological improvement. On this episode of the Built With Billd podcast, Robbie Reynolds (Billd’s Director of Business Development) was joined by Or Lakritz, Co-Founder and Chief Product and Strategy Officer of StructShare. The two discussed the improvements currently being made to material management, and where we can expect technology to take this area in the future.

Make no mistake about it – change is coming fast. Companies like StructShare are working hard to streamline different components of material management and reduce associated costs for contractors. And, as Or points out, suppliers and manufacturers will need to buy in to the changes in order to maximize their impact.

These solutions are originating from the digital purchasing world of e-commerce, where workflows and processes surrounding purchasing have been heavily refined since the late 1990s. For construction, this means a more efficient purchasing process between contractors, suppliers, and manufacturers.

I think that the purchasing ecosystem in construction will evolve pretty similar to other industries… It starts with an email-based workflow, to digitization of the workflows themselves, followed by smart algorithms that help make better decisions, optimize prices, optimize their shopping… Streamlined and frictionless communication between the buyer, the supplier, and the manufacturers.” – Or Lakritz, Co-Founder and Chief Product & Strategy Officer, StructShare

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.

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