Icon has left a lasting impression on the Australian urban landscape with its reputation in the construction industry for quality and reliability. With a strong pipeline of projects across Victoria, New South Wales, and Queensland and the backing of leading Japanese construction firm Kajima Corporation, 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 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.
The Supply Chain Finance service uses Timelio’s proprietary technology platform which has been made available to subcontractors across all Icon construction sites. Subcontractors benefit substantially by receiving payment quickly as soon as Icon have certified their claims. It’s simply a couple of clicks and the funds can be in the supplier’s bank account the next day. Icon are also keen on driving innovation within the construction sector, so this was a natural fit.
“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 National Corporate Affairs Manager.
“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”.