Procore announces innovations to address challenges associated with payments, preconstruction and labour shortage
November 9, 2022 | By Staff
Updates leverage predictive analytics to make construction more efficient
Procore Technologies, Inc. (NYSE: PCOR), a global provider of construction management software, today announced innovations and new solutions that will leverage the value of predictive analytics to connect everyone on a project team.
The latest solutions will drive efficiencies to solve some of the industry’s most pressing challenges: payments, labour, preconstruction, communication and more.
“Procore is designed to help solve our customers’ greatest challenges so they can manage risk and grow their businesses,” said Tooey Courtemanche, Founder, President and CEO of Procore. “For example, construction is one of the slowest paying industries. According to Levelset’s 2021 Construction Cash Flow & Payment Report, it takes an average of 83 days to get paid after an invoice is sent. For this reason, we are excited to announce that Procore Pay will launch in 2023.”
Procore is working with Goldman Sachs Transaction Banking to embed payments functionality into its platform. The result is Procore Pay, a new service launching in 2023 designed to solve one of the industry’s largest issues. According to the 2020 National Construction Payment Report, 80 per cent of companies report spending a significant amount of time chasing down payments. Key benefits of Procore Pay include:
- Reducing payment friction by expediting invoice review and providing payment options powered by Goldman Sachs.
- Saving time by removing a point solution and associated data entry, integration and payment process friction.
- Streamlining lien waiver collection via an automated lien waiver exchange.
Single Connected Platform
“Procore has been building for the construction industry for 20 years, and is the only unified, end-to-end technology platform that supports everyone on a jobsite, from preconstruction to pay, across mobile and web,” explained Wyatt Jenkins, senior vice president of product at Procore.
In Preconstruction, Procore Connect on Drawings will enable teams to securely connect to projects in other stakeholders’ accounts and synchronize data to reflect the most up-to-date drawings. According to FMI and Procore’s State of Preconstruction survey, investing in preconstruction can provide tangible returns on profit, schedule and client satisfaction.
Additionally, it can alleviate the burden of the ongoing labour shortage by minimizing rework and optimizing the current workforce.
“Procore Connect is a great start to being able to connect across platforms on Procore. It strengthens our ability to connect with the customer and utilize a single source of truth for drawings, so we’re all working the same revision,” said Brad Mohler, virtual construction manager, ColonialWebb.
“Data and predictive analytics will power the next generation of projects. As the current workforce begins retiring, job sites are losing seasoned superintendents and project executives with 30 plus years of experience. To keep building safely and efficiently, we need to arm the next generation of construction leaders with the knowledge and insights captured from every project built in Procore,” said Jenkins. “This creates smarter planning while easing the pains of the labour shortage by arming teams with previous experience and knowledge from similar projects.”
Procore continues to evolve construction intelligence by unlocking data, analytics and artificial intelligence, allowing users to run projects smarter, safer and more efficiently. Examples include:
- Insights provides high-level information on the trends of RFI’s and General Conditions budgets in comparison to historical projects within your instance.
- Automated-Area Takeoff in the Estimating tool gives teams the ability to bid more efficiently and accurately for concrete and roofing trades.
- Quick Capture helps field teams significantly cut down time to log items with voice- enabled input technology.
To learn more about these platform enhancements, register for Groundbreak Live.
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