The solution aims to improve productivity and remove inefficiencies in the sector’s procurement and payment processes.
DBS Bank has partnered with Singapore fintech Doxa to pioneer a procure-to-pay solution for Singapore's construction sector, according to an announcement on Thursday.
DBS worked with main contractor Tiong Seng Group and its supplier network to validate the construction industry’s process flows and develop a solution to eliminate manual administrative processes that plague the industry. The solution, Doxa Connex, digitalizes and automates the majority of the manual procurement and payment processes and documentation, which could lead to a reduction in administrative fees and processing costs of at least 50 percent, the statement said.
«Covid-19 has accelerated the need for many industries to turn to digital solutions to continue operating safely even amid manpower constraints, and the construction sector is no exception. Proactive and timely digital transformation will put construction companies in good stead for recovery and growth when economic activity picks up and demand for construction services resumes,» Chew Chong Lim, DBS managing director and global head of real estate, institutional banking, said.
Important Sector
The construction sector accounts for more than 4 percent of Singapore’s gross domestic product, but has been slow to embrace technology along the construction value chain. The announcement cited a recent study by Autodesk and IDC that said only 2 percent of construction firms have automated most of their manual processes.
«Tiong Seng is keenly aware of the need to embrace Integrated Digital Delivery (IDD) in the entire value chain of the built environment sector…We have thus made digitalisation one of our core drivers for industry transformation,» John Keung, Chairman of Tiong Seng Contractors, said about the launch of Doxa Connex.
