Multiplex

About Multiplex

Established in 1962, Multiplex has been a prominent force in the construction industry. They are known for shaping skylines with over 1,100 projects delivered and valued at more than US$100 billion. As a leader in their field, Multiplex has continually sought innovative solutions to enhance operational efficiencies and mitigate risks.

About the problem

Multiplex was seeking a standardised and cost-effective solution to assess subcontractors across specific states in Australia.  

They could foresee the risks and challenges associated with subcontractor insolvencies having an impact on project timelines and unforeseen cost increases. The company were using different providers for their financial assessments across these states and were seeking a cost-effective solution that would provide further structure and rigour to their financial due diligence processes.  

The rapid pace of project acquisitions required a scalable solution to assess the financial viability of their supply chain, both new and existing. This need highlighted a critical gap in their ability to access fast, reliable, and easy-to-understand financial health information.  

How we solved the problem

• A single account for Multiplex with sub domains that allowed different states to order, receive and manage assessments themselves whilst still giving the global team access to a central repository of assessments.
• The online platform enabled collaboration and communication between Multiplex and their subcontractors, without the need to manually email or lose track of critical details or documents.
• Slow assessment response times were reduced to 1-2 days with Fiable’s platform. This enabled a faster procurement process to meet project deadlines.
• Fiable’s platform offered comprehensive insights into ATO risks, PPSR risks, and legal registers. This provided Finance teams with the information required to make informed decisions.  
• The financial viability report structure could be easily understood and analysed by personnel without financial or accounting backgrounds.

"In the last 12 months we’ve seen a lot of pressure on the construction industry. Everyone is having to weather a storm and we have seen a spike in insolvencies. Having Fiable there before we enter into contracts is really important."

Financial Controller, Multiplex

The benefits

The adoption of our solution led to the following improvements for Multiplex.

• Better visibility over the financial health of subcontractors.
• Risk reduction and cost controls from a global level.
• With enhanced insights into the financial stability of their supply chain, Multiplex could make more informed decisions, providing them with better protection against supply chain disruptions.  
• Full customer support was provided with access to Australian Financial Analysts if questions arose from the financial assessments.  
• By utilising Fiable, the company was able to standardise their financial assessment process across Queensland and Victoria.  
• Our reports enabled the Multiplex team to identify and address a potential risk involving an external debt facility that a subcontractor had not disclosed. This early detection prompted further investigation by Multiplex, averting financial complications that could have arisen unnoticed. Our platform not only facilitated these insights but also provided strategies to mitigate such risks.

Fiable’s platform changes the traditional landscape of financial viability assessments. This is done by providing timely assessments, e-learning modules, and a comprehensive support structure, all of which set a new standard for the industry.

The partnership with Multiplex transformed operational workflows and enhanced risk management capabilities. Multiplex has improved efficiency and positioned themselves proactively to reduce supply chain risks.

"Since dealing with Fiable we’ve been able to obtain a better level of insight at a competitive price point - it’s good strategic decision making protection."

Financial Controller, Multiplex