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Construction Cost Management Summit Recap Part One

That’s a wrap for Procore’s 2021 Construction Cost Management Summit! Thousands of construction financial professionals from around the world joined this first of its kind virtual event to engage, educate, and discuss the future of project cost management.

Here are some of the highlights including product announcements, customer comments, and more:

What’s Next Starts With Project Cost Management

Expectations for project quality, cost, and schedule are changing.

The Construction Cost Management Summit kicked off with Procore CEO Tooey Courtemanche sharing his vision for the future of construction cost management,

“Increased project complexity and the demand for faster completion are changing expectations for quality, cost, and schedule. With disconnected technology, teams, and processes, the need for fully integrated cost management is only growing.”

Your technology needs to be collaborative

Tooey took attendees on a journey over the past two decades as he summarized how construction’s digital transformation has focused on digitizing drawing and documentation management, while largely ignoring cost management, making it nearly impossible for teams to know where they’re making or losing money on a job on any given day. Over the last four years, Procore has been investing in building a comprehensive cost management solution, “The technology you use to manage project-scope and schedule, needs to connect to the technology you use to manage cost,” said Courtemanche. “We believe the second wave of construction’s digital transformation is here and collaborative, real-time cost management is at the forefront of it.”

By putting collaboration, connectivity, and real-time data at the heart of Procore’s financial solution, it redefines what the industry should expect from a comprehensive, cost management system.

The keynote then showered attendees with almost a dozen new product enhancements that delivered powerful reporting and flexibility, configurable workflows and approvals, improved user experience, and integrations that connected office and field teams. Here are just a handful that attendees were excited about:

  1. Advanced Forecasting - Stay on top of cash flow needs by streamlining and enhancing monthly reporting, and execute forward-looking financial planning.
  2. Flexible Work Breakdown Structure - Organize and report on financial data in Procore to the level of detail or customization that a project or the business demands.
  3. Connected T&M Tickets to Change Orders - Self-perform contractors can flag, manage, and recoup payment for out-of-scope work more efficiently with a seamless workflow to change management
  4. ERP Connector Platform - Will allow users to build more connectors to leading ERP systems, bridging the gap between operations and accounting teams with access to real-time financial data.
“With the addition of Procore's advanced forecasting feature, our project teams can finally move away from offline spreadsheets,” said Carl McFarland, Market Sector Executive, Kitchell Contractors. “This will enable us to enhance our cash flow projections, volume of earned revenue, and profit forecasting by leveraging this new feature in conjunction with Procore Analytics.”

These new enhancements further help companies gain visibility in the financial performance of their jobs or portfolio, while keeping their teams connected on a single, secure platform. By challenging the status quo, Procore’s Financial Management offering is leading the way to a more collaborative, connected future for project cost management.

Customers are using Procore to put Cost Management at the center of their business.

Nima Darabi, VP at Hoffman Construction Co. shared his company’s story on how they used Procore to put cost management at the center of their projects and their business. With a successful partnership on implementation, an easy to use solution that connected office and field teams, and a single location to manage project costs, Hoffman Construction was able to standardize cost management processes across their company and leverage real-time insights to improve decision making and overall project performance.

“From an executive perspective, I’m inside Procore everyday. I have full visibility into the financial health and risk across all of my projects. Procore has made it so easy for us to track this,” said Darabi.

The Future of Project Cost Management is Collaborative and Procore is Leading the Way

To achieve truly effective cost management, everyone needs to own it, and it needs to be collaborative. Which means the technology you use to manage project scope and schedule, needs to connect to the technology you use to manage cost, and this can only be enabled by a platform. Procore’s platform brings teams into a connected, collaborative space, and enables cost data to continually flow throughout the project lifecycle—providing real-time, comprehensive insight into the financial health of your project or portfolio. This creates visibility and connects office and field teams with accurate data—resulting in informed, data-driven decision making.

To learn more about Procore’s industry-leading cost management solution, visit our website or schedule some time to talk with us.