The construction industry has long worked toward and talked about field efficiency. Resource loading, crew rotations, and supply line management lead to less idle time. Bringing the contractor into the design phase ensures constructability reduces changes and rework later in the project.
Maybe slightly less visible—but every bit as important—are an ever-growing number of companies looking across their entire businesses, including back office and staff development, to ensure optimal value and efficiency for themselves and their supply chains.
Today there is ever more emphasis on working smarter and more collaboratively to meet business goals. One leading US contractor, DPR Construction, focuses on how “innovation increases efficiency.” This forward-thinking organization is always seeking new approaches to improving how they work.
DPR has grown to be a US $6 billion global organization ranking at number 10 on Engineering News- Record’s 2019 Top 400 Contractors list. The organization is employee-owned and encourages entrepreneurialism and innovation through a variety of methods.
For example, DPR doesn’t use job titles. They empower employees to take on new responsibilities and growth. Anna Bickford on the DPR finance and accounting team was engaged to support the program management of Oracle Textura Payment Management Cloud Service.
Impact of Oracle Textura Payment Management at DPR
-Tens of millions of dollars reach subcontractors up to seven days faster.
- Accounting team saves 360 hours each week processing subcontractor invoices.
In this process, Bickford was given new challenges and found a new passion.
“I really love program management and collaborating internally and externally on strategic initiatives from start to finish. Discovering this passion is beneficial for both my development and our core business, and I am actively seeking my next challenge,” Bickford says.
Developing and challenging employees is just one way DPR engages its workforce to support organizational goals and personal development. The benefits of an engaged workforce include retention and efficiency.
Bickford has worked at DPR for 14 years. She is happy to step up to new challenges and goes the extra mile—not only because that is who she is, but also because she feels valued and empowered.
Another example of how DPR supports their employees, customers, and the entire ecosystem: DPR selects tools and technology that improve overall project delivery. Recently, DPR received an Oracle Construction and Engineering Excellence Award for their implementation and results from Oracle Textura Payment Management.
DPR needed a streamlined and efficient way to collect, approve, and pay subcontractors for the 500+ project starts and 7,000 subcontracts that are written on average each year. After an evaluation process, DPR found Oracle Textura Payment Management delivered the process improvements they needed.
Oracle Textura Payment Management streamlines and automates invoicing and payment processes. The system integrates billing, review, compliance management, and the digital exchange of lien waivers for electronic payments.
Oracle Textura Payment Management has been used for more than a decade on more than 63,000 projects and processes around US $8 billion in construction payments each month.
Oracle Textura Payment Management also supported integration with the contractor’s ERP system. The cloud-based solution brings project participants into one online portal, providing real-time information that allows DPR and its subcontractors to access information instantly.
Oracle Textura Payment Management's direct impact on DPR’s business includes time savings, strengthened subcontractor relationships, and improved cash flow.
“Solutions that help us increase efficiency and deliver better value for our customers are always our focus. That extends beyond the field and into the back office. We’re all builders at DPR. Oracle’s Textura Payment Management has been an important part of how our accounting team contributes to that goal," says Bickford.
Each of DPR’s 90 accountants save about four hours per week (360 hours total) processing subcontractor invoices for payment. DPR can now pay subcontractors daily via ACH, instead of a weekly manual check-run process, by integrating Oracle Textura Payment Management with their ERP system.
In collaboration with Oracle, building the owner funding integration between their ERP system and Oracle Textura Payment Management allows the systems to communicate in real-time, prompting tens of millions of dollars to reach subcontractors up to seven days faster. System integration also enables sending invoice documents from Oracle Textura Payment Management back into DPR’s ERP system, saving an additional 90 hours each week.
This new breed of contractor is just what is needed to build our future.
Watch our on-demand webcast to learn how Oracle Textura Payment Management can help your organization improve payment outcomes for all project stakeholders.
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