Procore’s vision is to improve the lives of everyone in construction, including those who commission and fund projects. For these owners, Procore has continuously evolved its platform, most notably through investments that help owners understand and leverage usable data to drive meaningful results.
Data is the Backbone of Competitive Advantage
Owners need a platform that allows them to own and benefit from their data — whether to lower costs or provide insights to improve future projects. Your technology investments must meet these capabilities in order for you to stay ahead of the curve.
Owners and developers need data to stay ahead of risk, to increase efficiency and lower cost, and to deploy capital effectively. Though data is generated across the lifecycle of a capital project - from preconstruction to construction to maintenance - it is often unstructured, siloed or captured elsewhere. Today, 96% of this data goes unused. Owners need to own all of their data to be competitive.
“We feel that the platform that Procore provides enables us to have very clear visibility,” said Titus Maritim, EP&S Major Projects at Exxon. “It also really helps us identify early on some of the issues that might curtail or impact the performance of our projects.”
Enhanced Procore Analytics to Help Control Costs
Procore also expands construction stakeholders’ ability to leverage their data. Owners can put their project portfolio data to work with enhanced analytics features, including pre-built stakeholder templates, out-of-the-box reports, and dashboards that owners and developers care most about, such as a portfolio status report. These reports are configurable and flexible enough to capture data relevant to the unique business needs of each customer.
Beyond making the data owners need more accessible, Procore is putting its previous acquisitions in business intelligence and AI to work. Leveraging the talent from INDUS.AI, which we acquired in May 2021, we developed technology that provides owners with better and more accurate insights. Teams can run a root cause analysis within minutes. Understanding the root cause of a cost or schedule overrun helps owners make adjustments across their portfolio to gain efficiency and keep costs in line.
Upcoming AI Tools to Support Accurate Estimating
Procore is investing in technology that will leverage historical and industry benchmarks to help provide more accurate estimates in the initial phases of a project. Procore’s customers can already see the value in this technology.
“Being able to do some analytics around estimating and benchmarking, I think that would help us maintain tighter controls around our spend,” said Titus Maritim, EP&S Major Projects at Exxon. “These insights really are able to inform how we plan our projects.”
To hear more about new and upcoming product releases, watch this Procore Product & Industry Roundtable: Financial Management & Reporting webinar.