According to most estimates, the construction industry has a promising year ahead of it.
Building construction enterprises may anticipate continuous growth in 2022 and beyond, thanks to demand growth of 40 percent on an annualised basis and the implementation of national infrastructure programmes.
At the same time, the industry is confronted with a number of obstacles that, if not addressed appropriately, have the potential to obstruct the realisation of these opportunities.
Labour shortages have made it harder for contractors to build teams for their projects, and inflation has resulted in increased supplier costs and reduced profit margins for the industry as a whole.
To make matters even more problematic, the supply chain has not yet reached a state of equilibrium since the outbreak began.
As of fall 2021, 88 percent of construction businesses had experienced project delays in the previous two years according to a poll by the Associated General Contractors of America.
Because of these circumstances, it has become even more critical for construction companies to accelerate other aspects of their operations, particularly the signing and management of contracts. Even while you sign on Google Docs.
Towards this end, DocuSign has collaborated with Procore, a major global provider of construction management software, to provide digital agreement technology to help general contractors, specialty contractors, and property owners keep organised and on schedule.
How Paper-Based Techniques Affect Construction
Construction projects are notoriously difficult to complete successfully. In addition to managing huge teams, contractors frequently deal with day-to-day changes that necessitate the expenditure of additional time and resources.
One of the most difficult administrative difficulties contractors confront is completing agreements as quickly as possible and locating them when they are needed. Only 42 percent of construction organisations employ an e-signature solution, according to a DocuSign survey. It makes an electronic signature legally binding in the US.
This is despite the fact that the majority of construction workers complete over 100 projects each year and sign an average of 50 documents per project. Because of this, many builders are missing out on a significant opportunity to improve their efficiency.
When contracts are handled manually, a lack of visibility into contract status slows everyone down; mistakes and errors enter the picture; and misplaced documents can lead to confusion about scope, pricing, milestones, and other key details.
When contracts are handled electronically, a lack of visibility into contract status slows everyone down. Because of the consequent delays and speed bumps, profit margins are reduced, while the likelihood of rework and lawsuit is also increased.
Furthermore, they can jeopardise a builder’s connections with business partners, destroying the trust that has been created over time between the two parties.
The Advantages of Integrating DocuSign with Procore are As Follows:
Firms will be able to take full use of the industry’s promise while weathering the headwinds of 2022 thanks to the DocuSign and Procore integration, which was created to make modernising and speeding construction agreement processes as simple as possible.
When Procore app users connect their accounts to their DocuSign accounts, they may submit, review, and sign contracts and construction documents directly from the app on their mobile device or tablet.
Because of this, they are able to access and manage contracts from any location, even the project site.
In addition to being convenient and simple to use, the DocuSign and Procore integration can aid in the reduction of financial and legal risks that construction companies are exposed to.
Procore users won’t have to worry about losing a document or someone opposing a contract after it’s been signed because of centralised digital storage and an audit trail built into the system.
Furthermore, when contractors are able to fulfil agreements more quickly and transparently, they have greater peace of mind knowing that everyone is aware of and has legally agreed to their responsibilities, which increases their productivity.
Furthermore, project teams may take advantage of DocuSign’s sophisticated visibility features to keep track of the status of their contracts, including who has signed or approved each one.
Other than helping builders and owners remain on schedule by speeding up the specialty contractor onboarding process and lowering change order turnover time, the integration also provides support in areas like risk mitigation.
Following that, the benefits of a faster contract and project completion trickle down to subcontractors and owner developers, who in turn recognise and appreciate the value that the company brings—and continue to bring their business to the company.
Reduced bottlenecks and faster turnaround times can result in a more productive network, as well as a more profitable firm and bottom line.
It is possible that the integration will assist construction project stakeholders in improving their business practises, reputation, and outlook during a time of both opportunity and uncertainty