ARCO Streamlines Construction Payments with Oracle Textura

Rhea-AI Summary

ARCO, a national design-build construction firm, has implemented Oracle Textura Payment Management to streamline its construction payment processes. The system has enhanced invoice management, secure lien waiver handling, and subcontractor collaboration. In the first three months, ARCO has onboarded 700 in-house employees and 10,000 subcontractors to the platform, which integrates with their existing Vista Construction Accounting Software. Oracle Textura, which has managed payments for construction projects valued at over $1.5 trillion, provides ARCO with improved audit trails, payment visibility, and secure centralized management of lien waivers.

Positive

• Integration with existing Vista Construction Accounting Software enhances operational efficiency
• Successful onboarding of 10,700 users within three months shows rapid adoption
• Platform manages construction projects valued at over $1.5 trillion, demonstrating proven scalability

Negative

• None.

Insights

Financial Technology Analyst

The implementation of Oracle Textura by ARCO represents a significant operational enhancement that could positively impact Oracle's enterprise solutions revenue stream. The platform's management of payments for projects valued at over $1.5 trillion demonstrates substantial market penetration. ARCO's rapid onboarding of 10,000 subcontractors and 700 employees within three months indicates strong adoption potential and scalability. The integration capabilities with existing accounting software and the focus on streamlining payment processes addresses a critical pain point in the construction industry, where payment delays and compliance issues can significantly impact project costs and timelines.

The successful implementation could serve as a compelling case study for Oracle to attract more large construction firms, potentially expanding their market share in the construction payment management sector. The emphasis on secure lien waiver management and improved subcontractor relationships adds valuable risk management features that could drive further adoption.

Construction Industry Analyst

ARCO's adoption of Oracle Textura marks a strategic shift in construction payment management, addressing key industry pain points. The platform's ability to handle high-volume payments while maintaining security and compliance is particularly noteworthy in an industry where payment delays and documentation issues often create significant operational friction. The successful onboarding of 10,000 subcontractors demonstrates the solution's scalability and potential impact on industry-wide payment practices.

The integration with Vista Construction Accounting Software and the improved lien waiver management system represents a significant operational efficiency gain. This modernization of payment processes could give ARCO a competitive advantage in subcontractor relationships and project execution, while potentially setting a new standard for payment management in the construction industry.

Leading design-build company deploys Oracle Textura to improve collaboration with subcontractors and better manage lien waivers

AUSTIN, Texas, Dec. 11, 2024 /PRNewswire/ -- ARCO, a leading national design-build construction firm, has implemented Oracle Textura Payment Management to streamline and automate its construction payment processes. With Textura, ARCO has transformed the speed and efficiency of its invoicing, improved the secure management of lien waivers and compliance, and enhanced its collaboration with subcontractors.

"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
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, MySQL and NetSuite are registered trademarks of Oracle Corporation. NetSuite was the first cloud company—ushering in the new era of cloud computing.

 

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SOURCE Oracle

FAQ

What benefits has ARCO gained from implementing Oracle Textura (ORCL) payment management?

ARCO has gained streamlined invoicing, improved lien waiver management, enhanced subcontractor collaboration, better payment visibility, and secure centralized payment management through Oracle Textura implementation.

How many users has ARCO onboarded to Oracle Textura (ORCL) in the first three months?

ARCO has onboarded 700 in-house employees (including 100 accounting staff and 600 project managers) and 10,000 subcontractors in the first three months.

What is the total value of construction projects managed by Oracle Textura (ORCL)?

Oracle Textura has managed payments for construction projects collectively valued at over $1.5 trillion.

How does Oracle Textura (ORCL) improve lien waiver management for ARCO?

Oracle Textura provides ARCO with a complete audit trail and ensures lien waivers are not lost or misplaced, while offering centralized secure management in the cloud.