ARCO Enhances Construction Payment Processes with Oracle Textura Implementation

ARCO Enhances Payment Management Using Oracle Textura

In a significant move to improve its construction payment processes, ARCO, a prominent design-build construction firm in the U.S., has recently integrated Oracle's Textura Payment Management into its operations. This innovative step aims at streamlining and automating various facets of construction payments, a vital function in any large-scale building project.

Located in Austin, Texas, ARCO is known for its leadership in the construction industry, providing services across diverse project types, including cold storage warehouses and light industrial facilities. The company decided to adopt Oracle Textura after conducting a thorough year-long evaluation, recognizing the platform's potential to effectively manage their extensive payment workflows and further enhance their operational efficiency.

Austin Moore, ARCO’s CFO, emphasized the importance of this transition, stating, "Textura equips us with the tools needed to securely handle high volumes of payments while reinforcing our relationships with subcontractors, which translates into better overall industry standing. We are optimistic that the efficiencies gained, particularly in project accounting and risk management, will be substantial."

Streamlined Invoicing and Compliance Management

With Oracle Textura, ARCO has revolutionized its invoicing process and improved compliance regarding lien waivers. This tool not only accelerates payment handling but also bolsters the secure management of compliance documentation. It has successfully managed payments for construction undertakings valued collectively at over $1.5 trillion.

One remarkable element of this implementation is its integration capacity with ARCO's existing Vista Construction Accounting Software, presenting users with a seamless single sign-on experience. Within just three months of adopting Textura, ARCO onboarded around 700 in-house employees, inclusive of 100 accounting personnel and 600 project managers, alongside engaging approximately 10,000 subcontractors into the system.

Moore credited the collaboration with Oracle for the smooth transition, adding, "Training and support from Oracle have been instrumental throughout this journey, keeping us aligned with our timelines and goals. Their expertise has ensured that every step of the adoption process was handled with utmost care."

Improved Collaboration and Transparency with Subcontractors

The functionality of Textura shines particularly when it comes to lien waiver management. It provides ARCO with a comprehensive audit trail, hence eliminating any chance of losing or misplacing crucial documentation. More importantly, subcontractors are now afforded greater visibility concerning the status of their invoices, nurturing a stronger collaborative environment.

Mike Antis, Oracle Textura's global vice president, highlighted the historical challenges many construction firms face concerning timely subcontractor payments, often leading to financial complications and trust erosion. He expressed that ARCO’s commitment to refining this process ensures subcontractors remain informed about their payment status, thus improving relationships and outcomes.

Furthermore, by transitioning their payment management processes to the cloud, ARCO can effectively supervise lien waivers within a centralized, secure framework. This advancement not only boosts operational efficiency but also serves to mitigate risks linked with financial transactions, allowing for superior project execution.

Commitment to Continuous Improvement

As the construction industry evolves, ARCO's investment in innovative solutions such as Oracle Textura signifies its commitment to maintaining high standards of efficiency and collaboration. With enriched operational processes and enhanced relationships with subcontractors, ARCO is poised to navigate challenges in the construction landscape more effectively.

About ARCO: ARCO is a nationally recognized firm specializing in design-build construction, offering comprehensive services that range from feasibility studies to complete contracting. They pride themselves on direct engagement, ensuring clients receive streamlined communication and cost-effectiveness throughout their project lifecycles. The organization is notably 100% associate-owned, aligning the interests of its workforce with those of its clients.

About Oracle: Oracle is a global leader in integrated cloud applications and secure autonomous infrastructure, enhancing business performance through its innovative solutions. For further insights into Oracle’s offerings, visit www.oracle.com.