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Novade and Riverchain Announce Strategic Collaboration to Enhance Supply Chain Financing in Construction
Novade Solutions and Riverchain, are excited to announce the signing of a Memorandum of Understanding (MOU) to embark on a strategic collaboration aimed at transforming supply chain payments and financing within the construction sector.
This collaboration seeks to harness construction data to provide tailored financial solutions. Both parties recognise the pressing need for innovation in the construction supply chain and aim to address these challenges through their partnership.
The traditional invoice payment process in construction is often manual and paper-based, leading to inefficiencies, disputes, and delayed payments. Contractors submit invoices based on project progress, which require multiple approvals, resulting in common challenges such as disagreements over work completion and a lack of transparency.
Utilising real-time field data can significantly streamline the invoicing process. This data, collected from job sites, provides immediate validation of work, increases transparency among stakeholders, and automates documentation. Advanced digital tools, like Novade’s field management software, facilitate field data capture, enhancing accessibility and accuracy.
Accurate and reliable field data can also aid in invoice financing, enabling contractors to secure funding against outstanding invoices. This reduces risk for lenders and can lead to better financing terms for contractors.
Overall, the partnership between Novade and Riverchain aims to leverage field data to enhance the invoicing process and provide improved financial solutions for the supply chain in the construction industry.
“We are thrilled to partner with Riverchain” said Denis Branthonne, CEO & Co-founder of Novade. “This collaboration is a significant step forward in enhancing financial solutions within the construction sector, empowering contractors with the necessary tools to thrive in a competitive market.”
Riverchain’s CEO, Ben Wong, expressed enthusiasm for the partnership, stating, “Together with Novade, we aim to leverage our collective strengths to create innovative solutions that will transform the construction supply chain and provide substantial benefits to contractors.”
SOURCE: Novade
