How Labor Shortages and Virtual Work Are Changing Purchase-to-Pay Processes

Associated Builders and Contractors projects that the construction industry will need to add an estimated 546,000 workers on top of the normal pace of hiring in 2023 to meet demand. But research reveals that many construction companies are having a hard time filling their salaried and hourly craft positions. As a result, they’re looking for new ways to work more efficiently and meet the desires of the current workforce by providing flexible options.

The value of financial technology in the construction industry may not have always been clear, but with skilled labor shortages and unreliable supply chains, it’s time to embrace all that technology can offer—especially in the back office.

In this webinar, we’ll review the trends causing the most pain and adding to the backlog, then dive into solutions that have helped more than 2,000 construction companies. Among other new advances in purchase-to-pay technology, we’ll walk through the ability to retrieve invoices by email, optical character recognition (OCR), paperless invoice routing, lien waiver management, payment automation and more.

Join this webinar to:

• Hear an overview of current construction economic challenges
• Increase efficiency in your AP workflows
• Hear an evaluation of construction workplace trends
• See how to embrace purchase-to-pay technology
• Eliminate labor-intensive tasks with optical character recognition (OCR)
• Save time with lien waiver management