Digital bonding in the construction industry is much more common these days, primarily due to the introduction of digitization into the surety industry. Especially since the pandemic, when many everyday activities suddenly were launched into the digital realm, digitization of sureties for the construction industry has only gained momentum.
Paperless, fully digital bonding platforms are up-and-coming. McKinsey and Company recently reported the world will need to spend roughly $57 trillion on infrastructure by 2023 to keep up with GDP expansion. To meet that immense demand, the construction industry will be forced to embrace more digital options to support organization, efficiency, and finalization.
Surety digitization in the construction industry has a bright future since time and cost savings can be recuperated. Managing a range of developments can be challenging without a specific digital solution to procure an effective bidding and bonding process. Two essential areas that can help in this realm include advanced analytics for intelligent asset management and digital collaboration, such as moving to paperless projects.
Construction firms can immediately benefit from the simplicity and overall capacity of employing technology in surety and underwriting management systems by implementing cloud-based software. Those already immersed in the digitization transition have found their business growing more rapidly. With the bidding and approval of contracts fully automated, firms can minimize time-consuming offline work, instead focusing on workflow efficiency.
Some benefits of digitization include better managing workflow, automating underwriting, managing portfolios, improving document functions, forecasting sales productivity, and connecting with brokers in real-time.
The construction and surety industries have adapted in previous times of uncertainty, such as the global pandemic, supply chain obstruction, and overwhelming worker shortages. Due to the industry’s apparent resiliency, the future will continue transforming as needs arise.
At Construction Bonding Specialists, we work with new and experienced contractors to find the most satisfactory bond solutions. As a distinct surety-bond-only agency with decades of bonding experience, we work to discover surety solutions for all types of cases ranging from ordinary to challenging. Call us at 248-349-6227 to learn more.
Written by the digital marketing team at Creative Programs & Systems: https://www.cpsmi.com/