Surety based Risk Management - DIGITAL - General Contractor

Leveraging Digital Ecosystem for Supply Chain Risk Management

Contractors interact with various stakeholders beyond just subcontractors, vendors and service providers in the procurement and administration of construction projects and are also subject to regulatory reporting and compliance.

IT systems for contractors will include the contractor accounting and project management systems along with supporting systems for specific functionality.

Streamlining the processing and administration of project data not only saves contractors directly, there are also savings for subcontractors and in the supply chain that can result in lower contract costs to be more competitive.

Many IT system are creating new innovations enabled by data interoperability that will provide value added services to further improve the contractors ability to offer state of the art services to project owners.

Trade groups like the Construction Progress Coalition (CPC), Construction Users Round Table (CURT) Smart Contracts and ConsensusDocs standardized contract and bond forms bring a wide range of contractors and project owners together for collaboration on ways to standardize and modernize to increase efficiency Savings can also be realized with more effective risk management with predicative analytics to mitigate potential subcontract contract or supply chain defaults.

Digital financial reporting and improved risk management can also enable contractors to secure more bank and surety capacity with reduced insurance pricing.

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