GoFor Industries, which works as a last-mile, on-demand, same-day delivery logistics marketplace, is partnering with QuoteToMe, which works on digitizing procurement and finances for the construction industry, a press release says.
QuoteToMe, according to the release, automates purchasing and financial transactions for companies that work with providing construction equipment. The release says this service helps to alleviate inequalities in the industry.
QuoteToMe, which focuses on purchasing, centralizes buy- and sell-side communications, managing quote comparisons and reconciling the purchase orders and invoices.
The process has always been cumbersome, the release notes, without the use of newer digital tools. Those using QuoteToMe end up seeing savings of around 20 percent, which matters in a field infamous for tight margins. Also, suppliers can see cash faster and see less fewer for doing business, reaping the benefits of an automated back office, the release says.
“A partnership between two like-minded companies is a ‘match made in heaven,’ and our two companies – GoFor and QuoteToMe – couldn’t be a better match,” said John Chabluk, founder and CEO of QuoteToMe. “We both offer services that extract unnecessary costs from processes anchored in the pre-digital world, and we are both fiercely focused on supply chain innovations that have long been dreamed of, yet are now finally being delivered.”
PYMNTS writes that construction companies have had a hard time in the current environment, facing time and cash constraints as work opportunities decrease and payment times slow during the pandemic. Several companies said it was common to wait as many as 60 days before receiving a payment.
The solution thus far seems to be AP innovation, which sees companies scrutinizing how their practices would be improved. Among the ways: automation would decrease the manual efforts which take up too much time. A study claims the automation could save construction firms between 5,000 and 8,000 hours of labor per year.