Owners, Developers and Contractors Increase Efficiency and Control with Cloud Solution for Subcontractor Payment Management
NEW YORK, April 10, 2018 /PRNewswire/ -- Oracle Industry Connect - Oracle Construction and Engineering today announced that its Oracle Textura Payment Management Cloud Service since its inception has now been used to manage subcontractor payments on projects representing more than $500 billion in construction value.
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By streamlining, automating, and standardizing payment management activities—including invoicing, compliance management, approvals, lien waiver collection, and disbursement—Oracle Textura Payment Management helps improve payment outcomes and enable organizations to scale operations for growth. General contractors, subcontractors, and project owners/developers can all benefit from increased productivity, reduced risk, and improved communication across stakeholders from the application, which was launched in 2006.
"Our customers rely on Oracle Textura Payment Management to improve efficiency, enhance visibility, mitigate risk, and improve cash flow," said Mike Sicilia, general manager, senior vice president, Oracle Construction and Engineering. "Reaching this milestone is a testament to the value our application brings to the industry."
The $500 billion in construction value represents a significant number of projects, documents, and payments that Oracle Textura Payment Management has been used to manage since its launch:
About Oracle Construction and EngineeringOracle Construction and Engineering delivers best-in-class project management solutions that empower organizations to proactively manage projects, gain complete visibility, improve collaboration, and manage change. Its cloud-based solutions for global project planning and execution help improve strategy execution, operations, and financial performance. For more information, please visit www.oracle.com/construction-and-engineering.
About OracleThe Oracle Cloud offers complete SaaS application suites for ERP, HCM and CX, plus best-in-class database Platform as a Service (PaaS) and Infrastructure as a Service (IaaS) from data centers throughout the Americas, Europe and Asia. For more information about Oracle (ORCL), please visit us at oracle.com.
Oracle Industry Connect
For more information about how Oracle is committed to empowering organizations through best-in-class, industry-specific business solutions, visit oracle.com/industries. To learn more about Oracle Industry Connect 2018, go to oracle.com/oracleindustryconnect.
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