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The architecture, engineering, and construction (AEC) industry has traditionally been slow to digitize and innovate.
Despite the growth of investment in the AEC tech ecosystem, the scale in the construction sector still needs to grow due to relatively low IT spending, adoption issues, and scaling challenges.
payever’s simple integration helps promote tech adoption, allowing construction firms to access digital solutions including payever Checkout and BFS B2B BNPL for payment methods, in addition to payever Transactions for centralized payment management.
Despite being one of the biggest industries in the world, architecture, engineering, and construction (AEC) have been among the slowest ones to adopt digitalization and create innovation. However, this is changing fast as this sector is pushed to accelerate digital adoption due to pressure for data transparency and integration.
According to McKinsey’s report, the AEC tech ecosystem has witnessed a surge in investment and a significant wave of start-up launches. The industry recorded an estimated $50 billion in investments, or an 85% increase over the previous three years.
However, tech adoption and implementation in the construction sector has yet to reach the scale of other sectors, such as logistics, manufacturing, or agriculture. This slow implementation is reported to be triggered by multiple factors, including low IT spending compared to other industries.
Based on McKinsey’s research, efficient growth from the industry’s ability to grow annual recurring revenues (ARR) and generate free cash flow (FCF) from revenues is particularly tough to achieve for several reasons. Among them are adoption and scaling challenges.
According to the respondents in McKinsey’s survey, users tend to switch tools, platforms, or software between different projects. Sometimes, they need to adopt multiple tools depending on client preferences and staff changes. That factor thus becomes a challenge in driving tech adoption in a project business like construction.
The impact on integration and payment management
The construction sector’s sluggish embrace of digitalization poses major obstacles to integration and payment management. Construction projects typically involve various stakeholders (e.g., contractors, subcontractors, suppliers, and clients) who depend on smooth communication and data sharing to minimize inefficiencies.
Furthermore, the lack of standardized tools in this industry exacerbates these issues. Many construction firms rely on outdated or incompatible software systems, making it difficult to consolidate financial data across projects. When clients or partners use different platforms, it can lead to errors in invoicing, misalignment in contract terms, and inconsistent cash flow management.
These inefficiencies are further compounded by the industry’s reliance on manual processes for tasks like tracking change orders, submitting invoices, and approving payments. These processes increase the risk of human error and slow down project timelines.
Enhancing transparency and trust through payever’s digital solutions
payever can improve payment management by providing real-time data sharing, automated workflows, and a centralized dashboard. These can be achieved simply by integrating payever’s ecosystems into construction companies’ existing systems.
payever’s platform offers comprehensive solutions for construction businesses by addressing issues related to integration, further mitigating slow digital technology adoption. In addition, payever allows construction firms to enable alternative payment methods for flexibility and convenience.
Learn how you can integrate digital payment solutions and flexible payment methods to improve transparency in the construction sector and increase client trust.
Connecting your construction business with digital solutions via payever’s straightforward integration
Integrating payever is a quick, simple process. You can complete the process within minutes to access a wide array of digital solutions already existing within payever’s ecosystem, no hefty technical investment or additional setups required.
Log in to your payever account to effortlessly track client payments via payever Transactions from the unified dashboard, as shown in the image below.
All payments will be automatically recorded, allowing you to track them in real time in addition to immediate access to real-time data and insights.
Offering flexible B2B payment methods to ensure positive cash flow
In addition to payever Transactions, you can also improve your construction firm’s payment management with payever Connect. This solution, empowered by payever’s modern APIs, enables you to offer flexible payment methods with B2B Buy Now Pay Later (BNPL). Read how to integrate B2B BNPL payment methods through payever below.
Click Connect from the dashboard and choose Payments on the left sidebar to explore B2B payment options. These methods guarantee cash flow and protect your income, ensuring your business gets paid in full, such as BFS B2B BNPL, a solution for B2B operations that often involve high-value transactions. Click the Install button to effortlessly connect your business with BFS B2B BNPL.
Alternatively, click the Search button at the top right.
Type BFS B2B BNPL in the search field, and click the + button.
Conclusion
As the construction industry continues to embrace digital transformation, addressing integration and payment management challenges will be key to unlocking its full potential. By leveraging payever’s technologies to streamline financial processes, construction firms can overcome long-standing inefficiencies and build a foundation for future growth.
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