According to a recent IDC research survey of more than 500 construction project owners and developers, those most likely to report the highest project delivery success were also those with formalized processes in place.
But is it enough to just have a formalized process? The answer is likely, “no”. Owners who want to drive the most value out of their processes need to ensure they are executing them properly. Owners should look for technology that:
- Provides a centralized location for stakeholders to plan, execute, and report on critical processes.
- Identifies past issues and uses insights to proactively improve processes in the future.
The Procore Platform can help owners digitize their processes while leveraging the data that is captured to help continuously drive improvements. This robust Capital Project Governance solution builds off Project Financials and Procore Analytics. When combined with clear and controlled execution plans provided by Action Plans, executives have efficient capital project governance standardized across their entire portfolio.
Facilitate Process Engagement and Visibility
Procore Action Plans helps drive compliance with critical business processes across the project lifecycle. Because information typically associated with these processes is historically spread across teams and tools, it has been very difficult for stakeholders to know when a process step needs to be executed, or if a problem has occurred. Action Plans brings all that information together.
Action Plans empowers team members to verify completeness and compliance before moving forward to the next stage of a process, allowing teams to identify quality issues before they balloon into bigger problems. Action Plans also provides teams with push notifications to solve engagement and visibility issues and keeps everyone on the same page.
For executives who want better transparency and control, Action Plans centralizes all information about the process within a single tool.
Identify Trends and Leverage Insights to Build Better Processes
Project Financials also helps establish a robust single source of truth where all project stakeholders have access to the most up-to-date information. Once portfolio owners have financial data and data from their execution plans accessible in one place, they can make connections between how their processes affect their budgets and improve their project governance.
With Procore Analytics, owners can leverage that single source of truth by using customized reporting tools to analyze historical performance data and determine underlying issues. If a trend that has a negative impact is identified, a portfolio owner can use that insight to build a better delivery process and improve their portfolio health.
From Pre-development to Operations and Maintenance
Managing capital projects efficiently across your portfolio can be difficult due to the number of moving parts and players involved. To mitigate the risk of unidentified issues creating setbacks to the schedule and budget, Procore’s Capital Project Governance solution suite helps owners establish project governance and oversight that is easy to execute against and provides visibility and control at the executive level.
Better capital project governance leads to better planning, delivering, and managing your assets so that they can better support your core business.
To learn more about how the Procore Platform helps streamline workflows and improve business outcomes, request a demo now.