Technology is changing the landscape of industries across the board, and project management is no exception. It’s always a good idea to stay on top of the latest developments, and an even better idea to do your research to determine if these developments are the right fit for your team. If you’re wondering whether including smart contracts is a good move for your next project, read to learn more about what they are and how they can impact your next job.
Smart Contracts for a Smart Industry
No matter where you fall on the technology spectrum in regards to either personal or professional use, you can’t deny that technology has taken a strong foothold in the project management world. More and more people are relying on apps and cloud-sharing services to connect with team members, business partners, and anyone who they rely on to do their job well.
Many project managers have started using smart contracts, which utilizes a shared system between all parties to ensure that everyone has the information they need as soon as its available. Smart contracts allow you to keep everyone on your team in the loop about goals and deadlines, as well as track the status of your purchased services from your construction management company.
When it comes to connecting people, smart contracts are paving the way for faster, more efficient communication and problem resolution. In order to make the most out of a smart contract, you need to understand what makes it so appealing.
Smart Contracts for Smart Team Members
You have a lot of items to juggle as a project manager. Whether it’s trying to keep track of how much progress team members have made, updating your ever-growing list of tasks to accomplish, or even just communicating with your construction management team, you always have multiple priorities competing for first place.
Utilizing a smart contract can help you alleviate a lot the stress that comes with managing each of these responsibilities. You can use the shared system to set deadlines for each member of your team – and then check their progress along the way. Instead of multiple emails back and forth to discuss invoices and payment questions, you can use the shared system of your smart contract to make all necessary payments. If a team member has a question about which deliverables they are responsible to provide, they can simply check the smart contract to find all the details. The best part is, thanks to the continued advancement of technology, much of this can be done right from your tablet or phone.
Your time as a project manager is precious. Every minute spent answering the same question for five different team members is time not spent focusing your project. A smart contract not only keeps you organized, but it also provides you with much-needed time management and increased efficiency. Each member of your project, from your construction manager to your local city contacts, can be part of the smart contract and stay updated on your project and its progress.
Is a smart contract a smart move for your next project? Only you can decide – take some time to learn how it can change the way your team operates.
About Impact Construction Management
Headquartered in Indianapolis, Indiana, Impact Construction Management is a full-service construction management firm. Founded by Louis Buonaiuto and Richard Bowlin, Impact Construction Management has been managing construction projects for clients throughout the Midwest and South for over 10 years. From our very first project to today, our focus has been on delivering the results our clients want by providing responsive service, up-front pricing and the highest-quality workmanship.