If you were to visit the Phoenix, Arizona, area these days, you’d see a construction boom in the Valley of the Sun. Phoenix also is the nation’s fastest growing major city, and local commercial construction company MT Builders Companies is well-positioned to compete in this market.
Formed in 1995, the company has completed over $1 billion of construction work since its founding. They specialize in multi-family apartments and senior living facilities with an average project size of about $45 million and duration around 24 months.
The award-winning company prides itself on repeat business from satisfied clients as a testimony to their ability to deliver quality buildings.
I caught up recently with Kris Anson, senior vice president, who oversees financial operations for MT Builders to find out how they thrive in the competitive Phoenix market.
Anson shared that MT Builders has taken advantage of cloud construction applications, as that model makes it possible for companies of every size to access the technology without needing expensive in-house IT support.
One such application is Oracle Textura Payment Management, a cloud application that helps general contractors, owners, and subcontractors simplify the billing and payments process. With the collaboration construction payment management solution, project participants can accelerate payments, mitigate risk, improve lien waiver and compliance management, and improve cash flow predictability.
In early 2020, and having recently become a partner in the company, Anson needed to step away from day-to-day administrative tasks and devote her time to business strategy and growth. She and her partners made the decision to implement Oracle Textura to streamline and automate payments.
“When 2020 came and I wanted to streamline our payment process, the only program I wanted was Oracle Textura,” says Anson. “I talked to several of our valuable subcontractors who I knew were familiar with Oracle Textura and received all positive comments. My subs wanted a simpler process, and we all wanted to get rid of paper.”
The implementation went live mid-2020 and all new projects were put on the system, with the goal of having all projects on the Oracle Construction and Engineeringsolution sometime in 2022 as traditional projects get closed out.
“The main aspect of our implementation was how easy it was to set up. Client services customized everything to MT Builders and from there it was simple. Another aspect is our subcontractor base was already in Oracle Textura,” says Anson.
Accounting time has been significantly reduced by the implementation of the construction payment management software solution. According to Anson, they can review and process the monthly pay apps in a couple of hours rather than days.
The automated approvals that loop in the project management team is a more efficient workflow. The PM can immediately review a schedule of values from a subcontractor and communicate any changes or clarifications directly with the subcontractor.
That saves a few minutes to a few hours each time, adding up to substantial productivity gains.
“We don’t have to hire to handle more jobs because of the accuracy and efficiency of the system. I can give the accounting team more responsibility, and that lets me focus on the business,” says Anson.
Oracle Construction and Engineering, the global leader in construction management software and project portfolio management solutions, helps you connect your teams, processes, and data; empower better decision-making; and synchronize activities across the project and asset lifecycle. Drive efficiency and control in project delivery with proven solutions for project controls, construction scheduling, portfolio management, BIM/CDE, construction payment management, and more.
Lucie is an experienced technology marketing professional with a current focus on payment and cost-related products in Oracle's construction and engineering global business unit. At Oracle, her work in product marketing is centered on customer engagement and creating the right content to support our customers.
She has over 20 years experience in engineering, product management, marketing, project management, and sales. She holds a BS in Electrical Engineering and an MBA, from McGill University, Montreal, Canada, and can be found most nights at the dance studio, prepping for her next ballroom competition.