"Following a comprehensive year-long evaluation process, we selected Oracle Textura due to its exceptional capability to efficiently and securely manage high volumes of payments," said Austin Moore, chief financial officer, ARCO. "With Textura, we have fortified our relationships with subcontractors, which has had a positive ripple effect on our connections with owners and our overall standing in the industry. We are confident that Textura will continue to deliver increased time and cost efficiencies, especially in project accounting, along with enhanced risk management through streamlined lien waiver processes."
Oracle Textura is a construction payment management application used by thousands of general contractors, owners, and subcontractors to simplify and automate processes for invoicing, approvals, lien waiver and compliance management, and disbursement. The system has managed payments for construction projects collectively valued at over $1.5 trillion.
Onboarding and lien transformation
A key factor in ARCO's decision to implement Oracle Textura was the platform's ability to integrate with and provide a single sign-on environment with its existing Vista Construction Accounting Software. In the three months since deploying Textura, ARCO has already on-boarded 700 in-house employees, including 100 accounting staff, 600 project managers, and 10,000 subcontractors.
"A significant part of our success is due to the outstanding training, implementation, and account management guidance we've received from Oracle," added Moore. "Its training, implementation expertise, and continued support, have kept us on track at every step, ensuring a smooth transition to Textura."
In particular, Textura has significantly helped ARCO improve its lien waiver management systems, providing a complete audit trail and ensuring that waivers are no longer lost or misplaced. It has also given its subcontractors greater visibility into the status of their invoices and payments, improving collaboration.
"Subcontractor payments are a notoriously slow and difficult process, which can cause financial management headaches for construction firms and erode trust with subcontractors," said Mike Antis, global vice president, Oracle Textura. "ARCO was committed to streamlining this process and ensuring that subcontractors can benefit from a clear understanding of where their payments are in the process. In tandem, moving their payment management process to the cloud has enabled ARCO to better manage lien waivers in a secure, centralized environment to help them improve efficiency, mitigate risks, and support better project outcomes."
About ARCO
ARCO is widely recognized as a construction industry leader for various industrial project types, including cold storage warehouses, light industrial distribution, and manufacturing. As a national design-build firm, ARCO offers turn-key design-build services that provide a direct relationship with a single point of contact, resulting in cost savings and clear lines of communication. ARCO's capabilities span from project feasibility studies, site selection, and complete design to value engineering, code consulting, and full general contracting. Additionally, ARCO is 100% associate owned as an ESOP. With integrated partners for architectural services and structural engineering, ARCO provides clients with a streamlined and efficient process, ensuring exceptional results.
About Oracle
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www.oracle.com.
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