Icon, which includes Cockram (Intl.), Scenario, Minicon and Barpa is one of Australia and New Zealand’s largest construction providers with over 80 live projects ranging in size from $0.5 million to $400 million and annual revenues exceeding $1.7 billion.
With a strong pipeline of projects across Australia and New Zealand and the backing of leading Kajima Corporation, an $11 billion Japanese construction company with over 180 years of experience and 17,000 employees across 20 countries, Icon are well positioned to stand out as a forward-thinking company.
Icon pride themselves on being a good payer within the industry. Ensuring they have a strong and loyal supply chain is fundamental to how they do business. The challenge for any business is that suppliers will always need prompt payment to bridge working capital and support taking on new work.
For Icon, their key drivers are streamlining payment terms and managing cash flow as optimally as possible. Having several sites and thousands of suppliers meant there was a heavy administrative burden and additional negotiation when early payments needed to be made to subcontractors. The challenge for Icon was finding an innovative early payment solution for subcontractors that could be easily integrated into their construction software and accounting systems.
Timelio’s proprietary technology platform has been customised to suit Icon’s program objectives and integrate into their system providing an efficient and scalable program for all users. The platform has been made available to subcontractors across all Icon sites enabling a flexible and user-friendly early payment option with simply two clicks.
Icon has achieved a standardised approach for early payments resulting in operational efficiencies, reduced administration and enabled them to attract and retain high quality suppliers.
The program provides valuable insights into their supply chain and has grown to include sites across Australia and New Zealand with over $1 billion of invoices made available for early payment across 2000+ suppliers.
“Our decision to work with Timelio was driven by their market-leading easy-to-use platform and their ability to understand our business drivers and industry nuances. The key success factors for us were the simplicity and flexibility. The Timelio team offered expertise around the product which ensured a successful roll out, in a tight time frame. This has reduced administrative burdens on our side and solidified our position as a good payer in the industry”, said Andrew Ford, Icon’s Chief Financial Officer.
“The simple onboarding and tools to engage suppliers have seen a strong take-up by subcontractors – a first in the industry! Partnering together can make a significant impact to the growth of hundreds more Australian businesses. The additional cash in the hands of subcontractors will stimulate more projects, jobs growth and economic expansion”.
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