How digital tools like DocuSign help build a better future in the commercial construction industry
Across the globe, the commercial construction industry has taken a hit due to COVID-19. A number of issues – from investment uncertainty to supply chain disruptions – have impacted on the major players. This tumultuous period is the perfect time for construction firms to look at how they can build a better future.
Recently, IBISWorld reported a sharp contraction of 17.4% in construction industry revenue for 2020-21. As revenue slows, it becomes more important for firms to find ways to cut costs, save time, and keep projects moving forward. One of the most powerful ways to do so is to digitise everything from project planning to supply chain management – and, given that the construction sector has been slow to adopt technology innovations compared to other industries, there's a huge opportunity here.
One of the easiest places to start on your digital journey is with DocuSign. Here, we look at some of the key ways that construction firms can embrace digitalisation using DocuSign, and get some quick and easy wins on the board.
Taking stock of your agreement processes
Across the big construction firms, different departments deal with varying volumes of paperwork every day. From purchase orders to work orders, supplier contracts to subcontractor agreements, all this paperwork piles up and has the potential to significantly slow projects down.
For example, if procurement and supply chain orders are still paper-based (and, yes, this is the case in many construction firms still), there’s the real risk that project managers and on-site contractors are working from outdated documents. On complex projects with many moving parts, chasing up the right version and making sure the right supplies are delivered takes time away from keeping the project moving forward. What’s more, issues like these are more likely to lead to mistakes on the construction site – which in turn translate as money down the drain for your construction firm.
Or what about a contractor agreement? Once all the pre-negotiations have been made and the contract is drawn up, if you then have to print and post the agreement – and then wait for it to come back – you could be facing a week or more of delays before the contractor can step onto the worksite.
Transforming construction agreements with DocuSign
Given that time is money in construction, it makes sense to digitalise all these agreements. DocuSign Agreement Cloud is purpose-built to help construction firms automate all the key processes that wrap around these mission-critical agreements – securely and cost-effectively.
Using DocuSign, you can:
Keep projects on time DocuSign cuts the average time for signatures from days to hours. Send or sign POs, RFIs, work orders and change orders in real time from wherever you are – on-site, in the office, or working from home.
Manage all your contracts in one place
Maintain control and visibility from one central location, and give key players the ability to check the status of critical agreements at any time.
How much does your company spend on paper and printing per project? In today’s tight market, you can’t afford to waste time and money on administrative tasks like printing, scanning, overnighting and driving across town to sign documents. DocuSign eliminates these costs.
Getting started is easy
DocuSign integrates with 350+ business tools (like ProCore and RedTeam), making it easy to switch on and start using straight away. It’s a faster and more secure way to send, sign and manage critical construction documents and contracts, while reducing costs and accelerating time to completion.
Thousands of construction companies already use DocuSign eSignature to quickly and securely capture signatures across critical business processes. Want to become one of them? Get in touch today to start a free trial.