As part of the push for a more modernized construction industry, Congress is earmarking $100 million over five years to accelerate the deployment and implementation of advanced digital construction management systems. Congress rightly believes that a modern infrastructure cannot be built on invoicing and management software which are decades old.
Since Constrafor is at the forefront of the offline-online migration of construction industry back-end tasks, the company is extremely pleased to see that Congress is aligned in helping companies achieve their digital goals.
Constrafor has seen first-hand how these new modern management systems not only improve efficiency and transparency within construction firms, but also cash flows – Constrafor’s most popular product, the Early Pay Program, was predicated on the digitization of invoices. By allowing subcontractors to get paid within days rather than months after the invoices have been approved, subcontractors have a dramatically improved cash conversion cycle, thereby allowing them to chase after larger and more profitable projects.
Also, Constrafor’s industry-leading cloud-based solution for back-office tasks has helped with one of the largest pain points in the construction industry: long hours spent on paperwork. To date, the company has saved its customers millions of hours by providing an organized digital platform for COIs, contracts, invoices, and diversity certifications. By moving the processes away from the traditional approach towards a digital solution, there is also less chance for errors and a lower likelihood of documents becoming missing.
“The inclusion of digital construction management systems in the infrastructure bill highlights how crucial they are to improving infrastructure in America. In today’s digital world, it is no longer possible to do everything on pen and paper. With everything from communication to grocery shopping already firmly in the online world, the construction industry is far behind and needs to catch up,” said Anwar Ghauche, CEO and Founder of Constrafor.
“At Constrafor, we are actively trying to tackle the problem and we believe that this infrastructure bill will be an inflection point in our business. The $100 million investment shows that policymakers agree with us that digitization is crucial to the future of the construction industry. We look forward to continuing collaborating with our customers to make their lives easier and acting as a vanguard in this digital revolution,” Mr. Ghauche concluded.