Digital procurement, also known as e-procurement, will give contractors a return of investment you can never imagine, but only if it is implemented properly.

In the construction material procurement context, digital procurement is a digital supply chain management. The benefits of a digitised procurement are that it eliminates repeatable tasks among different departments within the construction business, connects sites and the management office on one platform, boosts overall efficiency, and reduces operational costs.

All stakeholders in your construction business will be equipped with an easy-to-use tool that helps them to make better decisions faster with real-time insights and analytics through artificial intelligence (AI).

Construction businesses that are currently implementing manual workflows need to begin their digital transformation soon, or risk prolonging the inconveniences brought on by manual material purchasing processes.

Construction sites frequently place urgent orders, materials purchase can also often exceed project budget, and reports are usually late, all of which makes it difficult to isolate the real cause of the mistakes. However, this does imply that manual processes cost your construction business time and money.

The solution to these problems, which are preventable, is to use a good construction procurement software that will be able to provide the following:

• Real-time Data tells you what is purchased, reason for purchase, and the budget status

• Constant Access allows you to stay with the procurement cycle wherever you are

• Easy Decision Approval where the decision to approve/disapprove is backed by AI analytics

• Efficient Team will be the result of reliable data, thus enabling your team to act faster and better when mitigating risks

• Standard Workflow
  in which there are no shortcuts to jeopardise your company’s standard or bottom line

In the era of industry revolution 4.0, digital supply chain management or digital procurement is the first step to your ongoing digital journey in your construction project management. It creates a great impact and you will see an immediate return of investment.

Soon, we will see an evolution to the next generation of digital procurement with price trend prediction and analytics, providing you with even more useful data that will ease your decision making.

It’s imperative for contractors to start their digital procurement journey now to ensure they still have the competitive edge.

By transforming your purchasing cycle digitally, you stand to benefit from the following:

Digitise now to experience how technology protects your financial health and keeps you competitive. This is the future. And the future is now.

With Speedbrick COMPOSE, the digital procurement software you need for your construction business, you will have access to the following:

• Available historical price trends

• Automatic monthly material report generation

• Seamless accounting software integration

• Overbudget alerts

Speedbrick COMPOSE enhances your supply chain management by:

• Providing real-time actionable insights

• Increasing visibility and accountability across the board, managing stakeholders efficiently

• Allowing convenient and efficient procurement

• Eliminating duplicate efforts

Furthermore, just recently, Construction Industrial Development Board (CIDB)’s subsidiary Building Cost Information Services Malaysia (BCISM) invited Speedbrick to integrate with the Malaysian National Construction Cost Centre (N3C). Through Speedbrick COMPOSE, this integration allows contractors to make use of national data to analyse history price trends when making pricing decisions.