Procore introduces series of new artificial intelligence, BIM and cost control features
Going virtual for 2020, Procore Technologies Inc.’s annual Groundbreak conference highlighted the steps contractors are taking to go digital and showed off some of the many software tools Procore and other tech firms have developed to support them.
Below, are a few of the new Procore introductions revealed at the event:
Advanced cost controls
A series of updates to Procore’s suite of financial management products look to give contractors more and better cost controls.
“Financial management can be one of the most detailed, challenging elements of a construction project,” said Geoff Lewis, vice-president of Product Management at Procore, in a release. “And while the bottom line is most important, there are many steps taken to get there. Our latest updates to Procore’s Financial Management products are designed to make those steps easier to manage, and in turn, protect our customers’ bottom line.”
A few of the updates include: a real-time financial productivity tool that lets users see the cost impacts of labour as timesheets are submitted; the Advanced Forecasting feature, which makes it easy to generate cash flow forecasts by automatically aggregating financial data and spending curves; and a redesigned invoicing home page that makes it easier to track invoice status.
Changes to Procore’s Budget Detail Report will also give customers the ability to configure their report and customize their views with the information most important to them.
Aimed at making it easier for customers to keep track of and make use of their data, Procore has built in a range of new features that use machine learning and automation.
The company’s Key Influencers report, for instance, creates new AI-powered visuals to give contractors clearer views into their most important project metrics and insight into what’s causing delays and cost overruns. Similarly, the Root Cause Analysis report can use AI to break down multiple inputs and display the metrics with the highest impact. In the case of a injuries, for instance, it is able to quickly isolate the leading factors, such as equipment.
Another advancement, Procore Submittal Builder, is able to generate a submittal register within minutes by scanning every page of a specification book. It is estimated to save customers five to seven days per project by eliminating the need to read and manually create submittals. The company anticipates integrating more automation to streamline the process further.
Benchmarking is another prominent area where Procore is integrating AI. Customers can request an invitation to join the company’s benchmarking initiative to get objective industry and project level benchmarks to size up and optimize their operations.
“For years construction companies have lacked meaningful, reliable industry benchmarks against which they can measure their own performance,” said Kris Lengieza, senior director of Business Development at Procore, in a release. “As the industry shifts towards being more insight driven, the importance of external benchmarks is increasing.”
Dynamic Wall Elevations and Follow Me are two new features that have been added to Procore BIM, a platform that gives field teams access to 3D building information models on iOS devices.
Within Dynamic Wall Elevations, users can find the specific dimensions of aspects of projects such as blockouts, backing, embeds, penetrations and surface mounted objects, allowing them to forgo time spent recreating lift drawings for those in the field. Along with other benefits, the feature is designed to help reduce rework caused by crews working off separate models.
Follow Me, meanwhile, is a location-based collaboration tool. It gives users the ability to see others in real-time, clearing up lines of communication for those working in the model.