Growthbuilt's Transformation with Pioneering Financial Health Analytics

About Growthbuilt:

Growthbuilt is an esteemed player in the design and construction industry, recognised for their expansive capability across various sectors including aged care, seniors living, residential, education, mixed-use, community, and commercial projects. With an impressive 18-year tenure, Growthbuilt has not only established but maintained vibrant and trustworthy relationships with their clients, thanks to their steadfast commitment to trust, transparency, and innovation.

About the problem:

The company’s previous Chief Financial Officer (CFO) would spend significant time ordering, reviewing and assessing key financial reports. This involved requesting information from suppliers, analysing the data and sharing feedback with project teams. This was time-consuming and reduced available time to spend on strategic work, ultimately this posed a risk to project timelines.

How we solved the problem:

In response to Growthbuilt's challenges, Fiable provided a solution to streamline and enhance the financial viability assessment process.

• Fiable enabled the team to adhere to a structure and process to follow when ordering financial assessments.  
• Approval workflows were implemented for CFO oversight and process control. Project teams were delegated the assessment ordering process and Fiable captured and assessed the information.  
• The Contract Administrators adopted the new process effectively.
• By leveraging our access to government sourced company data, we provided the right financial information on suppliers and subcontractors to ensure there was no risk to Growthbuilt.
• Our platform served as a conduit between Growthbuilt and subcontractors, ensuring that all critical documents were procured promptly, and communication documented.  
• Comprehensive financial viability assessments were available within 1-2 days. This was a significant improvement for Growthbuilt, which allowed for quicker and more efficient decision-making.
• The Finance department were able to use their time to be more strategic within the company.  
• We implemented a seamless onboarding process for Growthbuilt’s teams, integrating everyone onto our platform which facilitated easy and fast requests for financial assessments. This clean implementation was pivotal in minimising any workflow disruption whilst maximising adoption of Fiable’s platform within operational workflow.

“Fiable’s reports offer a comprehensive analysis that goes beyond just numbers, providing us with deep insights into the financial health of our subcontractors."

     -      Financial Accountant, Growthbuilt

The benefits:

One of the most significant benefits was the enhancement of financial literacy among the team members at Growthbuilt and increased time available to the CFO for higher value tasks.

• With our platform's integrated learning tools and question prompts, departments beyond finance and accounting, such as Construction Administrators, were empowered to interpret financial viability reports independently.  
• This empowerment led to a more distributed decision-making process.
• Fiable’s scalable solution to assess the financial viability of Growthbuilt’s supply chain was implemented across both new and existing supply chains. This significantly reduced the time spent by the Finance department and CFOs in negotiating and communicating with suppliers and subcontractors.  
• Regular meetings were established between Commercial Managers and Construction Administrators to ensure that best practices were followed. This approach improved operational efficiency.  

By adopting Fiable’s innovative solution, Growthbuilt overcame an operational challenge and was able to implement a solution toward enhanced financial health reporting of its supply chain.

Fiable's commitment to transforming the landscape of financial viability assessments ensures that our clients like Growthbuilt can achieve project goals with confidence and operational efficiency. Our focus remains on innovating our services to meet the evolving needs of our clients and the industry at large.

“For each review we saved significant time between the contractors, project teams, CFO and finance teams”

     -      Financial Accountant, Growthbuilt