Procore targets payments, pre-construction and labour shortage
By Adam FreillConstruction Software
Construction management software provider adds features that leverage predictive analytics that aim to make construction more efficient.
The latest additions to the Procore Technologies construction management platform are looking to drive efficiencies while addressing some of the industry’s most pressing challenges, namely payments, labour, pre-construction and communication.
Company founder, president and CEO, Tooey Courtemanche, and his team outlined the innovations and new solutions during the company’s Groundbreak event in New Orleans, La., this week, highlighting the use of predictive analytics and a communications solution that aims to better connect everyone on a project team.
“Procore is designed to help solve our customers’ greatest challenges so they can manage risk and grow their businesses,” said Courtemanche. “For example, construction is one of the slowest paying industries. According to Levelset’s 2021 Construction Cash Flow and 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.”
Set to launch initially in the U.S., Procore is working with Goldman Sachs Transaction Banking to embed payment functionality into its platform, a service it is calling Procore Pay. In addition to the streamlined payment function across companies engaged in a project, the service will also include an automated lien waiver exchange.
In an effort to provide additional communications flexibility during pre-construction, the company has developed Procore Connect on Drawings, which will enable teams to securely connect to projects in other stakeholders’ accounts and synchronize data to reflect the most up-to-date drawings.
“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 pre-construction to pay, across mobile and web,” explained Wyatt Jenkins, senior vice-president of product at Procore.
“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 at 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.”
In the evolution of construction intelligence, the company is also offering additional information sourced unlocking data, analytics and artificial intelligence across its platform. For example, its Insights feature will provide high-level information on the trends of RFIs and general conditions budgets in comparison to historical projects within area of the project, allowing for better analysis by the construction management teams.
The platform’s estimating tool also includes an automated-area takeoff feature that can be tapped into for companies aiming to bid efficiently and accurately in the concrete and roofing trades.