Few construction businesses escaped the negative impacts of the COVID-19 pandemic. The latest data finds that around 40% of construction companies are experiencing significant financial difficulties. These are hard times for an industry already struggling with thin operating margins and operational inefficiency.
Yet by overhauling the procure-to-pay process there are some concrete steps that construction firms can take to succeed coming out of the crisis. By digitally connecting suppliers on a modern business network, construction firms can start to streamline back offices processes, cut costs, and optimize working capital.
But that’s not all. By all estimates, construction companies lose 6% of annual revenue to fraud. And 37% of that fraud involves billing or accounts payable-related scams. By going digital with advanced accounts payable technology paired with the latest fraud detection systems, construction companies can begin detecting and preventing this fraudulent activity, potentially saving millions of dollars in lost revenue. And this will benefit all regional construction companies!
Join the Tradeshift and SiS-ID webinar to learn:
- Why accounts payable is an untapped source of opportunity for construction firms
- How to digitally connect with your suppliers to cut costs, reduce risk and unlock new opportunities for growth
- Why there has never been a better time to deploy supplier financing to optimize working capital and support suppliers
- Why accounts payable fraud is costing companies millions in lost revenue every year and how the latest technology mitigates this risk
- How Tradeshift and SiS-ID are already supporting construction firms like Eiffage, Bilfinger, Vinci, Colas and Bouygues with their accounts payable and anti-fraud digital platforms