US$1 trillion construction milestone for Oracle

By Andy Brown12 October 2021

Drone image from Oracle Innovation Lab Drone image from Oracle Innovation Lab, which tests a whole host of new construction technology

Oracle Textura Payment Management Cloud Service has revealed that it has been used to manage subcontractor payments on construction projects valuing US$1 trillion.

This milestone represents work on more than 78,000 projects since Textura first launched in 2006.

The system is used by general contractors, owners, and subcontractors of all sizes improve efficiency and mitigate payment and compliance risk by processing approximately US$9 billion in monthly payments.

Since 2018 alone, the construction value managed on the system has doubled from US$500 billion to US$1 trillion.

“Subcontractors are the lifeblood of construction projects, but paying them in a timely fashion is a problem in the construction industry,” said Mark Webster, senior vice president and general manager, Oracle Construction and Engineering.

“Textura was created to solve this complex issue and today is counted on by thousands of general contractors, owners, and subcontractors... As the digital transformation of the industry continues, we welcome the opportunity to continue strengthening project partner relationships and helping our customers succeed and grow their businesses.”

MAGAZINE
NEWSLETTER
Delivered directly to your inbox, Construction Europe Newsletter features the pick of the breaking news stories, product launches, show reports and more from KHL's world-class editorial team.
More News from Construction Europe
XCMG robots complete highway project
‘Largest unmanned road construction fleet ever seen’ resurfaces one of China’s busiest roads
Trackunit expands Kin functionality
New capability collects movement data from tagged assets in real time
GCCA reveals 7 ways to reach concrete ‘Net Zero’
The world’s leading cement and concrete manufacturers have made a global commit to cut CO2 emissions by a further 25% by 2030
CONNECT WITH THE TEAM
Mike Hayes Editor, Construction Europe Tel: +44 (0)1892 786 231 E-mail: mike.hayes@khl.com
Simon Kelly Sales Manager Tel: +44 (0) 1892 786 223 E-mail: simon.kelly@khl.com
CONNECT WITH SOCIAL MEDIA