Open ECX, the construction industry’s electronic exchange service, held an exclusive Mercedes-Benz World Driving Day in Weybridge, Surrey on Thursday 4th October.
Designed to increase industry awareness on improving the management of subcontractors in construction, including the tracking of applications for payment and improving compliance, the event featured morning sessions delivered by Rob Driscoll, advisor to the Cabinet Office and Build UK Payments.
An expert in this field, Rob Driscoll advised attendees on the benefits of digital solutions to de-risk commercial models and prevent hazardous risks to business, including litigation.
Reflecting on the event, Rob Driscoll said: “I thought the day went extremely well and that the broader picture, coupled with the issues of trying to streamline everyday contractor life, enabled us to explore some of the largest problems in the construction industry.”
Following Rob Driscoll’s presentation, sessions relating to leading contractors, Geoffrey Osborne and Readie Construction, explored the benefits of Open ECX’s cloud-based solution, WebContractor.
WebContractor is a business-changing tool that manages multiple subcontractor processes, including applications for payment, insurances and bonds, authenticate VAT receipts, as well as minor works and work order instructions.
Mark Mitchell, Operations Finance Director at Geoffrey Osborne, discussed how WebContractor has improved end-to-end management and visibility of its payments and finances, forging better relationships with their valued subcontractors.
Mark commented: “The key challenges we had within the applications for payment process were the recording of information submitted with the applications, having applications all stored in a central place, and making sure we received everything on time so we could establish future cash flow requirements. We never really had the visibility of any of that because we were reliant on people getting it in to our accounting system, as opposed to a proper solution that manages the application for payment process.”
He continues: “Now, we have visibility of all applications for payment across all of our different contracts which are widespread geographically. We also have visibility of our cash flow requirements.”
After lunch, an afternoon of AMG track driving awaited the event’s attendees – an exhilarating way to celebrate a morning of networking and discussion on one of the key topics in the construction world.
Speaking on the event, Kerry Fry, Accounts Manager at Readie Construction, noted: “A big thank you from myself and the Readie team who attended the Open ECX Driving Day yesterday. It was incredibly insightful and whipping about in the Mercedes – what a fantastic experience!”
Open ECX is also delighted to welcome a new customer, 21construction, which will be using WebContractor. Caroline Sealey, Senior Commercial Manager, thanked Open ECX for a brilliant day, saying: “It was a very informative and enjoyable day. It was great to get the opportunity to get some feedback on what seems to be a very successful product.”
Open ECX is extremely thankful to all of its guests and loyal customers who made the driving day event so enjoyable and insightful.