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How Procore is Powering the Future of Real-Time Cost Management

A Platform Purpose-Built for Construction

As a platform purpose-built for construction, Procore intimately understands the industry’s greatest challenges and offers unlimited users, unlimited support, and unlimited data to enable collaboration. Over 11,000 owners, developers and contractors around the world use the Procore to connect their technology, processes, and people throughout the project lifecycle. And with nearly 350 integrations in the Procore App Marketplace, from ERPs, lien waiver tracking, and digital signature solutions, all of your data is connected on one true platform.

Procore’s Vision for the Future of Cost Management

As the industry leader in project-cost management, Procore’s Financial Management solutions are built to give you real-time insight into the financial health of your projects and portfolio with centralized, accurate data connecting all stakeholders.

With construction projects and teams becoming more disconnected, the need for fully integrated cost management is only growing. “The systems you use to manage scope and schedule need to connect to the system you use to manage project costs”, said Eloise Hoegh, Senior Product Manager at Procore, echoing sentiments shared by Procore Founder and CEO Tooey Courtemanche at Procore’s Cost Management Summit. Hoegh re-emphasized that having these tools connected on one platform is how you gain real-time insights into the financial health of your projects.

According to Hoegh, Procore is continuing to advance its cost management solution by focusing on four key pillars:

  1. Collaboration with internal and external stakeholders
  2. Information transparency for all team members
  3. Configurability for data consistency and financial control
  4. Forward-looking visibility into project costs

Collectively, these pillars help guide Procore’s product vision of connected cost management. Here are three features that are helping the vision of connected cost management become an even greater reality:

Invoicing Approval Workflows - The workflow builder allows you to configure and administer approval workflows for subcontractor invoicing, with the ability to set conditional logic thresholds such as invoicing dollar amount, to dictate additional approvers as necessary.

Cross-Tool Financial Reporting - Procore’s reporting engine allows you to connect data from across multiple financial tools all in one report. For example, report on all change orders across commitments on active projects.

ERP Connector Platform - The ERP Connector platform gives companies the ability to integrate ERP or accounting systems with Procore. This ERP Connector platform empowers third-party app developers to leverage Procore’s API to build integrations with the functionality that Procore-built accounting integrations deliver, so your field and office teams can collaborate in real time.

How Ryan Companies Is Benefiting From Real-Time Cost Management

Lisa Leighton, Senior Project Controls Manager at Ryan Companies is focused on what’s possible for companies who digitize their cost management processes and take control of their costs by leveraging the data in Procore. According to Leighton these five tactics are important for companies to implement if they want to take control of their costs:

  1. Prioritize a collaborative culture based on accountability
  2. Invest in technology for project cost management
  3. Leverage real-time insights
  4. Create company-wide alignment around costs
  5. Standardize processes for consistency and visibility

Leighton doesn’t just talk the talk, but walks the walk and makes sure Ryan Co implements these priorities.

For example, this project health dashboard helps Ryan Companies give their teams easy access and equal visibility into critical items such as profit, general conditions, and revenue billings, so they can manage their costs better.

This commodities dashboard, which they pulled together in 24 hours in response to the commodities pricing unpredictability.

The insights from this dashboard brought clarity to an unknown situation and allowed Ryan Companies to make smarter business decisions. “Without Procore and our financial integrations, this commodities dashboard would not have happened in the timeframe that it did,” said Leighton.

Real-Time Cost Management: Construction’s Next Wave of Digital Transformation

Procore is redefining what the industry should expect from a cost management solution by connecting all stakeholders to accurate financial data on one secure platform, enabling real-time insights into the financial health of projects, and providing the ability to integrate with any industry leading ERP solution through Procore’s ERP Connector Platform.

From budgeting, forecasting, and reporting to contract, invoicing, and change management, Procore’s complete cost management solution was built to help companies get control over their bottom line.

To see it in action, watch the cost management demo in this live session from Procore Solutions Engineer, Michael Guerra.

The next wave of construction’s digital transformation is here, and collaborative, real-time cost management is at the forefront of it.

To find out more, watch Procore’s Construction Management Platform Powering the Future of Collaborative, Real-Time Cost Management session on-demand here. To learn more about Procore’s cost management solution, visit our website or schedule some time to talk with us.