Streamline Contract Workflows with the Procore and DocuSign Integration
By many accounts, the construction industry has a bright year ahead. With 40% year over year demand growth and nationwide infrastructure plans on the horizon, construction companies can anticipate continued growth in 2022 and beyond. At the same time, the industry is facing a number of challenges that, if not handled properly, may impede these opportunities.
Labor shortages have made it difficult for contractors to assemble teams for their projects, while inflation has led to higher supply costs and lower profit margins. Making matters more complicated, the supply chain still hasn’t stabilized since the start of the pandemic. According to a survey by the Associated General Contractors of America, as of fall 2021, 88% of construction firms have experienced project delays in the past two years.
These conditions have made it all the more necessary for construction companies to speed up other areas of business, especially signing and managing contracts. With this goal in mind, DocuSign has partnered with Procore, a leading global provider of construction management software, to help general contractors, specialty contractors and owners stay organized and on schedule with digital agreement technology.
The impact of manual, paper-based processes in construction
Construction projects are notoriously complicated. In addition to coordinating large teams, contractors often have to deal with daily changes that take up extra time and budget. Among the biggest administrative challenges contractors face is getting agreements turned around quickly and locating them when needed. A DocuSign survey found that only 42% of construction companies use an e-signature solution, despite most professionals completing over 100 projects a year and signing an average 50 documents per project. As a result, many builders are missing out on an opportunity for greater efficiency.
When contracts are handled manually, low visibility into contract status slows everyone down; mistakes and errors enter the picture; and misplaced documents can lead to confusion about scope, pricing, milestones and other key details. The resulting delays and speed bumps reduce profit margins and increase the likelihood of rework and litigation. Furthermore, they can threaten a builder’s relationships with business partners, eroding the trust built over time.
Benefits of the DocuSign and Procore integration
The DocuSign and Procore integration was designed to make upgrading and accelerating construction agreement processes as easy as possible, allowing firms to take full advantage of the industry’s potential while weathering 2022’s headwinds. When Procore app users connect to their DocuSign account, they can send, review and sign contracts and construction documents right from the app on their device. This enables them to access and manage contracts from any location—including the jobsite.
In addition to being convenient and easy to use, the DocuSign and Procore integration can help reduce the financial and legal risk construction companies face. Centralized digital storage and an audit trail mean Procore users don’t have to worry about losing a document or someone contesting a contract after it’s signed. What’s more, when contractors are able to complete agreements more quickly and transparently, they have peace of mind knowing that everyone is aware of and has legally agreed to their responsibilities. Project teams can also leverage DocuSign’s powerful visibility to see the status of their contracts, including who’s signed or approved them.
Along with providing support in areas such as risk mitigation, the integration helps builders and owners stay on schedule by speeding up the specialty contractor onboarding process, reducing change order turnover time, etc. The benefits of quicker contract and project completion then trickle down to subcontractors and owner developers, who in turn, see the value the company brings—and continue to return with their business. Fewer bottlenecks and quicker turnarounds can ultimately translate to a healthier network, company and bottom line.
How the DocuSign and Procore integration works
The DocuSign and Procore integration transforms the way Procore users manage construction projects by combining the best of both solutions. Using the DocuSign integration in the Procore app, users can:
- Prepare, send and manage contracts: Generate, complete and store documents within Procore, making Procore the single system of record for projects.
- Send documents for signature: Send everything from contractor agreements to change orders for signature. Received documents can be signed digitally on any device, speeding up one of the lengthiest parts of the contract process.
- Standardize agreements: Templates allow for standardized agreements with common language, reducing redundant work between projects.
- Automate workflows: Design workflows to eliminate manual tasks, like initiating payments or invoices, from your contract process.
- Increase visibility: Check the status of contracts and other documents instantly within Procore, and monitor who needs to sign next.
By leveraging the integration, Procore and DocuSign customer Camden Property Trust, a publicly-traded real estate investment trust, saw contracts completed six times faster on average with the integration—down from 2 weeks to just 2 hours per contract.
In a time filled with both opportunity and uncertainty, the integration can help construction project stakeholders improve their business’s practices, reputation and outlook.