This process covers compliance management for subcontracts and purchase orders through to processing subcontract requests for payment
CMiC's Approach to Payment Management:
- Subcontract Request For Payment (RFP) is entered by subcontractor into the system and placed against the Schedule of Values (SOV) for a specific contract on a project
- Approval of the Request for Payment is reviewed and approved using CMiC Workflow
- RFP posted into the system after approval
- Payment processed by Accounts Payable and non-compliance issues, if any, are reviewed
Major Efficiency Improvements:- Elimination of the need to manually follow-up and track invoice routing and approval utilizing CMiC Imaging and Workflow
- One step retainage release possible with CMiC
- Improved stakeholder relationship with advanced information
Risk Mitigation:- Real time risk exposure notification based one events in the field
- Realizing risk reduction due to improved compliance management
