During this year’s Groundbreak Owners Keynote, Ezinne Udezue, Procore’s VP of Product for Owners and Platform, spoke about the continuous evolution of the Procore platform to serve owners’ and developers’ needs.
Procore’s vision is to improve the lives of everyone in construction. For those who commission and fund projects, Udezue detailed the latest investments, demonstrated new tools, and shared customer insights from Exxon, Boston Children’s Hospital, Hines, and First Capital REIT. Most notably, Udezue discussed how Procore is helping owners understand and use their data to drive meaningful results.
Data is the backbone of competitive advantage
Owners need a platform that allows them to own and leverage their data — whether to lower costs or provide insights to improve future projects.
“Your technology investments must provide these capabilities or you are already behind.” -Ezinne Udezue, VP of Product for Owners and Platform.
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 is also expanding construction stakeholders’ ability to take ownership and use their data. Udezue shared enhanced analytics features such as 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. Our May 2021 acquisition of INDUS.AI provides owners with better and more accurate insights. With a few simple clicks, 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
Udezue also announced upcoming conceptual estimating tools, including a predictive cost engine that will consider the company’s typical performance and industry benchmarks to provide a more accurate conceptual estimate in the initial phases of a project. Procore’s customers can already see the value in these upcoming tools.
“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 The Latest Product Updates for Owners webinar.