ICON Co. has left a lasting impression on the Australian urban landscape with its reputation in the construction industry for quality and reliability. Icon Co have delivered over 125 projects and $2.5 billion in work completed. 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 were streamlining payment terms and managing cash flow as optimally as possible. Having several sites meant that there was 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 key success factors for us were simplicity, flexibility and the Timelio team”
Andrew Ford, National Corporate Affairs Manager, ICON Co.
The Supply Chain Finance service utilises Timelio’s proprietary technology platform which has been made available to subbies 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 their bank account the next day. Icon are also keen on driving innovation within the construction sector, so this was a natural fit.
“We’ve found it invaluable to be able to access early payment for our approved invoices to allow us to assist funding the business.”
Top Knot Carpentry & Joinery, ICON Supplier
“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 simplicity, flexibility and the Timelio team; and 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 Co’s National Corporate Affairs Manager.
“The simple onboarding and tools to engage suppliers has 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”.