Called Doxa Connex, the solution will let construction firms automate manual processes and digitize documentation.
The platform, according to a release, lets companies cut down administrative fees and processing costs by 50 percent or more.
One of the companies working on the pilot for Doxa Connex will be Singapore-based building and construction firm Tieng Seng Group, which will be the first to use the project in a local industry.
Tieng Seng will be able to look forward to fewer working days for administrative tasks, wherein talent will then be able to work on other things they’re better suited for. Per a release, the automation should reduce human error as well as solve issues with accounting conflicts or financial discrepancies.
Edmund Ng, co-founder and managing director of Doxa, said, “It has been a privilege to work with DBS to develop Singapore’s first supplier automated payments solution and to have the opportunity to implement this with Tiong Seng for the construction industry.” Ng added, “Being a fellow SME [small to medium-sized enterprise], we can empathise and relate to the challenges of having payments delayed, especially during this period of economic uncertainty. We hope to continue this journey with DBS to develop solutions that equip companies with the right tools to navigate the uncertainties of the new normal. I believe that digital transformation is the right step forward, regardless of the size of the company, in any industry.”
PYMNTS wrote last month that the construction industry has often been plagued with B2B troubles, with the issues stemming from complex supply chains full of contractors, subcontractors, suppliers and other people. The industry has also had trouble digitizing back-end workflows.