Did you know that in 2022, over 333.2 billion emails will be sent and received every day?
Across the world, email remains the most popular communication and collaboration tool, yet most of us manage it differently, posing huge risks — and with hybrid/remote working taking precedence in most businesses, it often occurs that a lot of people don't have access to the information they need.
On average, companies spend $62 million per year on poor communication, according to a recent study by Geneca. In addition, 80% of project professionals spend at least half of their time on rework.
Legal disputes have increased since the pandemic:
78% of respondents reported having some form of legal dispute since the start of the pandemic
26% said timelines was the most common cause Of these disputes
16% noted payment issues
14% noted project scope changes
The average value of disputes in the global construction industry was $54.26 million in 2021.
The role of information and document management in avoiding disputes
Documents and correspondence typically contain sensitive - and often confidential - information. Moreover, the data can be quite inaccessible, stored in disparate applications, by various departments and offices. It can be very problematic when information is not accessible, especially when it comes to legal disputes.
Data and information are the lifeblood of project and client work, but only if it’s well-organised, accessible, accurate, and secure.
For a complete picture of any project you're working on, you'll need a single place to store all your project and client information. Removing manual processes and increasing visibility are the easiest ways to achieve Single Source of Truth.
The benefits of centralised information
A Single Source of Truth can benefit all infrastructure organisations.
It's a concept based on bringing all information together, ensuring everyone in an organisation has access to everything they need before making any business decisions. For those in the AEC industry, it's also known as the Golden Thread of Information. Some of the benefits of centralised information include:
Your data becomes discoverable
Eliminate human error through automated workflows
Establish version control
Reduce time wasted on searching for and recreating lost documents
Increased transparency and traceability
Comply with regulatory and legal requirements
Technology continues to evolve rapidly in the construction and mining industries, making them safer, cheaper, and faster.
"Mail manager's been really good in basically bringing that information and that data right, to a staff member's computer and really searchable and, indexable essentially, to get staff up to speed a lot quicker in terms of what's happening on a project."- James Hanley, Digital Practice Manager | Associate at Gray Puksand