General contractor Pankow estimates that using Oracle Textura Payment Management Cloud Service has saved the general contractor six figures annually by streamlining and automating the subcontractor billing process.
Pankow was an early adopter of the solution, which facilitates collaboration to increase efficiency, enhance visibility, improve cash flow, and mitigate risk across subcontractor payment management activities. Prior to implementation, Pankow’s project teams were spending a significant amount of time manually collecting and processing all of the paperwork associated with construction payments – from compliance documents to lien waivers.
Pankow Controller Vicki Martinet says her organization particularly values the system’s automated notifications, which alert subcontractors in real time to important tasks and information – including draw open and closing dates, payments, and compliance status – and cut down on the time project teams spend tracking down documents.
She also notes that Pankow found the solution easy to implement, in part due to the exemplary support received every step of the way.
Watch a short video to hear from Martinet how Oracle helps this tech-forward general contractor save time and money while holding down headcount.
Learn more about how cloud technology can improve payment outcomes in our white paper, “Modern Payment Management – Optimizing Processes to Increase Efficiency and Reduce Risk”.