Material management is a critical system to all businesses, especially commercial construction. According to Foundry Magazine, inventory and materials represent on average 15% of a business’s total firm asset. And improper management leads to costly consequences.
The goal of material management is to efficiently plan, purchase, procure and distribute all resources needed for a construction project. When properly implemented, material management ensures all construction components are available without the threat of an out-of-stock item that could cause delays or harm to the budget.
Materials represent a major cost in construction. Poor planning can result in project delays and increased costs. Read on to learn how to keep your budgets on track with these effective material management tips.