Procore Enhances its Preconstruction Solution for Better Cost and Risk Management
Procore Technologies, Inc. (NYSE: PCOR), a leading provider of construction management software, announced an enhanced Preconstruction solution at today's Procore Innovation Summit. This solution connects people, designs, and data across preconstruction and the course of construction on Procore's platform, with analytics tools to support the entire process.
According to a 2018 study conducted by FMI, correcting work that was incorrectly done, or rework, cost over $500 billion in 2018. On average, 52% of that rework was caused by poor project data and communication. Procore Preconstruction is tailored for owners, general contractors and specialty contractors looking to win and build more profitable projects, while reducing risk and rework. Every project stakeholder can now be connected to a project's design, estimates, bidding and budgets within the Procore platform.
Improving Estimates by Connecting Estimating to Financials
Procore Preconstruction starts with estimating and takeoff, and the data flows into bidding and financials tools. This allows users to better manage project costs through all phases of construction, by connecting the preconstruction teams with the field.
Procore acquired construction estimating and takeoff company Esticom in October 2020. Esticom's technology is now integrated into the Procore platform and its user interface, enabling users to:
Better Design Coordination to Ensure Constructability
If the first half of reducing cost risk is to make better estimates, the second half is better design coordination to ensure constructability. Constructability review is an all-hands-on-deck process with the design team and the project team collaborating to flag issues and ultimately ensure that the plans put into action can be delivered as designed.
Procore Preconstruction has tools for effectively managing design collaboration, including:
Josh Soules, Foreman at North Mechanical Contracting, said, "Having access to elevation drawings, on-the-fly, in Procore, is just one more tool that enables me to do my job more efficiently."
This press release contains forward-looking statements about Procore and its industry that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this press release, including, but not limited to: statements regarding the expected performance of Procore's business and objectives of management for future operations, are forward-looking statements. Procore has based the forward-looking statements contained in this press release primarily on its current expectations and projections about future events and trends that Procore believes may affect its business, financial condition, and operating results. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties, and other factors that could cause results to differ materially from Procore's current expectations. You should not place undue reliance on Procore's forward-looking statements. Procore assumes no obligation to update any forward-looking statements to reflect events or circumstances that exist or change after the date on which they were made, except as required by law.
Procore is a leading provider of construction management software. Over 1 million projects and more than $1 trillion USD in construction volume have run on Procore's platform. Procore's platform connects key project stakeholders to solutions Procore has built specifically for the construction industry-for the owner, the general contractor, and the specialty contractor. Procore's Marketplace has a multitude of partner solutions that integrate seamlessly with Procore's platform, giving construction professionals the freedom to connect with what works best for them. Headquartered in Carpinteria, California, Procore has offices in Canada around the globe. Learn more at Procore.com.
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