AUSTIN, Texas, Oct. 11, 2021 /PRNewswire/ -- Oracle Textura
Payment Management Cloud Service has now been used to manage
subcontractor payments on construction projects valuing $1
trillion. This milestone represents work on more than 78,000
projects since Textura first launched in 2006. Today, the system is
helping general contractors, owners, and subcontractors of all
sizes improve efficiency and mitigate payment and compliance risk
by processing approximately $9
billion in monthly payments. Since 2018 alone, the
construction value managed on system has doubled from $500 billion to $1
trillion.
"We want to thank our customers for trusting us to help them manage
such a critical part of their business."
Oracle Textura Payment Management is a cloud application that
helps general contractors, owners, and subcontractors to simplify
the billing and payments process. With the collaboration solution,
project participants can accelerate payments, mitigate risk,
improve lien waiver and compliance management, and make cash flow
more predictable.
"Subcontractors are the lifeblood of construction projects, but
paying them in a timely fashion is a problem in the construction
industry," said Mark Webster, senior vice president and
general manager, Oracle Construction and Engineering. "Textura was
created to solve this complex issue and today is counted on by
thousands of general contractors, owners, and subcontractors. We
want to thank our customers for trusting us to help them manage
such a critical part of their business. As the digital
transformation of the industry continues, we welcome the
opportunity to continue strengthening project partner relationships
and helping our customers succeed and grow their businesses."
Construction companies count on Textura to make a complex
payment process easy
"Because of the efficiency Oracle Textura brings to our payment
processes, we've been able to support sustained business growth
over the last decade without proportionally increasing accounting
resources. The solution scales up easily to handle any number of
construction projects, and it also allows our team to handle far
bigger volumes of pay apps. That's a huge benefit for us," said
Jeff Metcalf, vice president –
information systems at Layton Construction Company LLC of
Sandy, Utah. "The automation,
workflows and controls prevent human errors, stop incorrect
billing, and ensure accuracy. The compliance capabilities allow for
standardization across projects and produce reliable data."
"We do periodic reviews of our many strategic technology
partners. Oracle Textura is the one solution we don't spend much
time discussing. Everyone agrees, it's a great product," said
George Heacox, vice president -
finance, Donohoe Construction Company of Bethesda, Maryland. "From the professional
draw packages it helps us produce, to the peace of mind we get from
knowing that lien waivers and compliance docs are easily collected,
we really appreciate the efficiencies we've gained from working
with Oracle Textura."
"What I've always liked about Oracle Textura is the
responsiveness of their people, particularly client services," said
Glen Anderson, vice president of
finance and commercial risk, PCL Construction in Edmonton, Alberta, Canada. "They've given us a
consistently excellent customer experience from that first project
in Minnesota back in 2008, to
developing workflows to help us meet Ontario prompt payment deadlines, supporting
Australian requirements for our expansion there, and now into our
Quebec environment. We use it on
as many projects as we can and both internal and external
stakeholders appreciate the transparency and accuracy of the data
on projects."
Learn more about Oracle Textura Payment Management Cloud
Service and how it helps our customers keep projects –
and the construction industry – moving forward.
About Oracle Construction and Engineering
Asset owners and project delivery teams rely on Oracle
Construction and Engineering solutions for the visibility and
control, connected supply chain, and data security needed to drive
performance and mitigate risk across their processes, projects, and
organization. Our scalable cloud construction management software
solutions enable digital transformation for teams that plan, build,
and operate critical assets, improving efficiency, collaboration,
and change control across the project lifecycle.
www.oracle.com/construction-and-engineering.
About Oracle
Oracle offers integrated suites of
applications plus secure, autonomous infrastructure in the Oracle
Cloud. For more information about Oracle (NYSE: ORCL), please visit
us at www.oracle.com.
Trademarks
Oracle, Java, and MySQL are registered
trademarks of Oracle Corporation.
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SOURCE Oracle