Attend the webinar for a better understanding of how you can digitally connect your suppliers and how this can transform your business.Register now
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:
First collaborative platform thought and created by CEO and CAC40 treasurers, Sis ID accompanies large companies in the fight against bank fraud. True trusted third party, the My-Sis-ID platform combines advanced technologies and community approach to guarantee bank exchanges between companies and suppliers.