GB2022 Insights: Procore Pay, Predictive Analytics and Pre-construction Solutions

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Procore’s Groundbreak 2022 event in New Orleans brought together the company’s partners, customers and executives under a single roof. Together, these groups celebrated the platform’s success and reinforced its plans to help solve the construction industry’s biggest problems with digital solutions.

Groups in attendance at Groundbreak 2022 include:

  • Partners: 80+ construction technology companies offering integrations with Procore, such as Sage, Tenna, Briq, Agave, Built, Quickbase, Dropbox and more
  • Customers: Construction firms, builders, general contractors, owners, construction professionals and more
  • Executives: Procore founder, president and CEO Tooey Courtemanche, president of product Steve Davis, senior vice president of product Wyatt Jenkins and more

Takeaways from Keynotes

Procore highlighted several important points during the event's Keynote sessions. First, the company listens to its customers closely and understands their challenges. And because of this, it can deliver products and solutions that are relevant in the field. Functions like group chat and daily logs are simple but very effective in streamlining communication and reducing errors on construction sites. According to Jenkins, the company develops some of its products starting with the customer's challenges. 

“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 Jenkins.

Next, the platform’s mobile-first strategy is paying off and will continue to benefit its customers as more mobile-centric features are developed and released. Construction professionals have embraced mobile technology for a wide range of tasks, from site layout and tracking to invoicing and BIM models. Procore believes mobile will drive digital adoption in the construction industry.

Procore Pay

Procore announced the launch of Procore Pay at Groundbreak 2022. In collaboration with Goldman Sachs Transaction Banking, the new service will launch in 2023. Procore Pay is designed to help construction companies get paid faster. The company cited that 80 percent of construction companies waste time chasing down payments. This service will speed up the process through expedited invoice review, reduced data entry and streamlined lien waiver collection. Procore will leverage Goldman Sachs’ expansive payment options, giving customers flexibility over the final stages of financing.

“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.”

Preconstruction Solutions

Procore is releasing products designed to ease the challenges of preconstruction. A notable release incudes Procore Connect on Drawings, which synchronizes data between teams and stakeholders’ accounts. This ensures the latest version of drawings are always readily available. 

“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.

Predictive Analytics

Procore’s advice to its customers is to not get stuck always playing defense when it comes to the way they operate their business, but to also start playing offense. What does this mean exactly, and what tools does Procore provide to their customers to help them with their offense strategy?

Procore’s offense strategy revolves around predictive analytics. For example, at the early stages of planning, customers would be able to forecast with relevant financial data whether the project under consideration would exceed their budget. This would help minimize risks and enable the customer to proactively turn down the project or find the required funding in a timely manner.

“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 labor shortage by arming teams with previous experience and knowledge from similar projects.”

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