Faced with unprecedented challenges over the last five years, the construction industry continues to demonstrate remarkable resilience. Globally, construction is leading the way to economic recovery. By 2030, global construction is expected to grow by 42%---we’re in a time of great opportunity.
Innovation Summit provides an opportunity to listen to our customers and understand how our product investments are helping them seize this opportunity. Over the course of the global virtual event, Procore product leaders highlighted how customers are leveraging Procore throughout the construction project lifecycle to digitally transform their businesses, improve project cashflows and drive better business outcomes.
Here are some highlights from Innovation Summit.
Data Maturity is Helping Address Industry Challenges
Every project and jobsite produces a wealth of data that can be used to improve future projects.
However, the majority of that data, about 96%, is left unused. Achieving data maturity—when data drives your business to create predictive actions across the entire build process—is the key to gaining a competitive advantage.
Julian Clayton, vice president of product for general contractors at Procore, spoke with Atul Paralkar, director of business intelligence at J.R.M Construction Management to discuss why data maturity is an essential business transformation. Throughout their conversation, Paralkar highlighted how data is a strategic asset, helping mitigate risk and improve visibility across J.R.M’s entire business portfolio.
“Every company wants to understand how much exposure they have for the work that has to be done or that they want to take on at risk,” said Paralkar. “To gain that kind of insight effectively reduces your risk exposure and you’ll get to see benefits that go well beyond just the financial outcome of a project. It'll go towards the business of construction, not just the construction business.”
Creating Value for Builders in Every Stage of the Project Lifecycle
Procore product leaders showcased recent product updates empowering Procore users to make their projects more productive and predictable, from the preconstruction to closeout. A few key enhancements included:
- Connected Drawings: No more manually uploading and downloading drawings between projects and teams. Now in closed beta, users have access to real-time updates to ensure all stakeholders are working off the latest revisions, saving both time and money.
- Procore Analytics Risk Report: Easily identify leading and lagging indicators that drive financial, schedule and safety risk. Teams can better identify trends and patterns to mitigate risk and increase productivity – across their entire portfolio of projects.
- Action Plans: Ensure that project-specific requirements, safety regulations and quality specifications are centralized. Construction pros can create plans outlining critical milestones that represent the standards of quality for their defined scopes of work.
Streamlining Construction Financials
To empower customers across the globe, we have continued to make our Financial Management solution even more flexible and easier to use. We’re working to revolutionize the construction payment process and better connect office and field teams so they are working with consistent financial information.
By delivering new accounting integrations with Quickbooks Online, Xero and Jobpac, real-time cost data is now more accessible than ever before. We’ve also released improvements to MYOB, CMiC and Yardi integrations.
To make change management more efficient, we recently introduced a suite of new Project Financials enhancements. Customers can now experience a sleek new Change Events layout, an improved way to create multiple Commitment Change Orders, updated data points for measuring the age of change events and the ability to sync Budget Codes & Line Items across several tools.
We also unveiled Procore Pay, the only payment solution built on the Procore construction management platform that handles all aspects of the payment process between general contractors and subcontractors.
Kaitlyn Mar, senior product manager, financials at Procore, spoke with Tiffanie Artigas, director of operational excellence at Verdex Construction and participant of the Procore Pay pilot program, to learn more about Verdex’s experience leveraging the solution.
"We've rolled out Pay at one of our larger projects in Tampa and the subs are loving it. They are already working inside of it and they're having no issues because they're used to Procore,” said Artigas. “There's nothing new that they need to figure out. So now they get to submit their information with ease and they get the added benefit of getting payments faster with a more transparent process."
For those interested in learning more about Procore Pay, join our waitlist to stay up to date.
Want to hear more from product leaders and customers on how the Procore platform is helping users take control of construction outcomes, minimize risk and protect profits?
Watch the full length Innovation Summit here.