By automating the manual process of bidding and approving contracts, firms can reduce time-consuming offline work and improve efficiency and workflows. (Image: ipopba/Adobe Stock)
The introduction of digitization into the surety industry in construction has created an environment of efficiency where digital bonding is far more common than it once was.
The pandemic helped expedite this process. But there are still efficiencies to be achieved as it is common for surety brokers to issue performance bonds manually. Despite that, it's easy to see a future for digitization in surety for the construction industry, simply because it stands to reap significant benefit from the time and cost savings.
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