Follow Us:


NHD Blog

The Top 4 Challenges and Solutions for Contractor Invoicing

Our conversations with numerous companies consistently reveal a common thread: invoicing stands out as a substantial source of frustration and inefficiency for both internal staff and external suppliers. However, it’s crucial to recognize that this invoicing pain often signifies deeper fractures within the broader contractor engagement and management processes. 

This is part 2 of our series which delves into five emerging trends asset-intensive companies can expect from their contractor workforce in 2024. We highlight trends related to Contractor and services management programs, contingent labor programs, VMS trends, and how AI can be leveraged as a cost-saving channel to support contractor agreements.

Given that blue-collar contractors can represent upwards of 80% of an asset-intensive company’s labor engagements, it is important to be aware of the trends impacting this labor group if you are workforce planning for an asset-intensive company. Knowing what to expect can save asset-intensive companies time and money as they prepare for changes taking place in the contractor industries.

Can Savings Shift Their Shape? In today’s highly digital world, chances are pretty good that you have at some point been impacted by or actively participated in a software implementation or update.  Acquiring new software or making upgrades can certainly rack up the savings, but it can also create the opportunity for savings to turn into hidden costs if the company is not careful in how they approach the changes.

There are three primary types of software that we will explore in this article: Source-to-Pay, Contractor Management Solutions, and Vendor Management Solutions. Knowing what each type is designed to support and how to properly incorporate them into your software network can empower you to make strategic decisions that establish a lasting legacy of success for your company, and it all starts with remembering the basics.

Managing a global contractor program in an asset-intensive industry comes with a high degree of complexity and is regularly impacted by outside forces that affect how business is conducted. As companies in these industries are looking to gain more visibility and improved oversight to their contractor engagements on a global scale, how can they navigate the amplified complexity with a Contractor Management Software? 

Oilfield services companies play a critical role in supporting the oil and gas exploration and production sector, providing essential expertise, equipment, and services to enable the successful execution of complex projects. In many instances, these companies rely on 3rd party service providers to fulfill specific components or execute entire turnkey projects on their behalf. While this arrangement offers several benefits, it also introduces a layer of complexity for oilfield services companies to effectively manage these 3rd party service providers. 

It may seem counterintuitive to rush out and purchase software in financially challenging times. However, investing in the right software solutions during all these challenges can be a strategic move that yield long-term benefits for businesses. By leveraging technology to optimize processes, improve management, and stay competitive in a rapidly evolving market, businesses can position themselves for growth and resilience, even in uncertain times.

BearingPoint and NHD are pleased to announce a strategic partnership that will help companies maximize the impact and return on their contractor workforce management. 
Ralf Dillmann, Partner with BearingPoint, and Dietrich Pankratz, Managing Director with NHD, participated in a Q&A to provide more details about this new partnership. 
This blog post will explore how to approach building a holistic external workforce program in an asset-intensive industry. From there we will take a deeper dive into NHD’s AES/32 software solution and explore how it can be the perfect primary solution to support your holistic external workforce program.
This blog post will explore the challenges that asset-intensive companies often face when it comes to gaining visibility and management of their external labour workforce and why Vendor Management Solutions (VMS), the most commonly offered technology to gain visibility and management of external workers in this space, are not adequately meeting these challenges.
We are pleased to announce that Heubach has joined our growing community of clients utilizing the capabilities of our AES/32 software solution.
Safety is a top priority in the chemicals industry, and contractor management software can help organizations manage their contractors and subcontractors in a way that maximizes safety.
Our client, a large Chemicals organization, was facing challenges with various processes, including an insufficient application landscape with standalone systems. They struggled with audit, accounting, and contract compliance and had minimal reporting capabilities.
Contractor management software is a powerful tool that can help industrial construction companies streamline the management of contractors and subcontractors.
How can organizations improve efficiency, reduce costs, and increase safety during plant shutdowns? One approach is utilizing a contractor management software.
The use of a contractor workforce has become increasingly popular in recent years as companies look to fill specific skill gaps or take on temporary projects without committing to long-term hires. However, managing a contractor workforce can be a difficult task. This is where digitalizing the management of contractors comes in.