New Survey Reveals Challenges and Opportunities for Construction Project Cost Management in Canada
Procore Technologies, Inc. (NYSE: PCOR), a leading provider of construction management software, today released Canadian-focused findings from a report developed in partnership with Dodge Data & Analytics, a leading provider of commercial construction project data. The report found both owners and contractors in Canada face a variety of challenges when it comes to project cost management, but they believe using one streamlined tool will help facilitate construction projects and cost management more efficiently.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20211116005436/en/
Construction Cost Management Report: Canada led the way in knowing the real-time profit/loss status of projects/portfolio with 68%. (Graphic: Business Wire)
Conducted in July 2021, the report explores the industry's perception of project cost management and how construction professionals across multiple regions leverage technology to effectively manage costs. Participants included construction owners, general contractors, and subcontractors in the public and private sectors across Canada, Australia, New Zealand, the United Kingdom and the United States.
"Cost management is one area that has often taken a back seat as construction has become more digitized," said Jas Saraw, Vice President, Canada, Procore. "Understanding the financial health of your project in real-time can have a significant impact on operations and on the bottom line. This report offers great insight into both the challenges and opportunities for the construction industry, and how technology can play a significant role with project financials."
Technology's Role In Cost Management
When it comes to leveraging technology to track projects and costs, Canadian organizations are split -- with many using multiple applications and spreadsheets to manage the information. While many are confident in their ability to track information to the benefit of their business, there are still many areas where there are needs for improvement.
Key Findings of Procore's New Construction Cost Management Report:
The report shows that owners expressed more confidence in their overall cost management capabilities than contractors surveyed, and each type of owner studied (public and private) is more confident than either type of contractor (general and trade). General contractors are more confident than specialty trades.
When it comes to internal collaboration, third-party collaboration software (18 per cent) and email and attachments are the top tools.
The findings show significant diversity between the needs identified by owners and contractors.
"Contractors and owners are all in it together. The shared understanding of each other's needs is important to move things forward. The key takeaway is to approach cost management as an integrated project team-wide practice," added Saraw.
"The report shows that construction owners and contractors alike are ready and able to participate in a more holistic and integrated cost management approach," said Stephen Jones, senior director of industry insights, Dodge Data. "Focusing on using fewer, more comprehensive technology tools and increasing all stakeholders' engagement with cost management will ultimately generate better cost-related outcomes for all parties."
"While at one point in time spreadsheets were the gold standard in the industry, we are seeing a change and evolution over the last five to 10 years as more construction professionals -- from those in the field, to those in offices -- understand the power of connected data and how it can empower them," said Saraw.
Listen to the conversation between Jas Saraw and Stephen Jones during the Cost Management: The State of the Industry webinar here.
Download The Construction Cost Management Report here.
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. Our platform connects every project stakeholder to solutions we've built specifically for the construction industry-for the owner, the general contractor, and the specialty contractor. Procore's App Marketplace has a multitude of partner solutions that integrate seamlessly with our platform, giving construction professionals the freedom to connect with what works best for them. Headquartered in Carpinteria, California, Procore has offices in the United States, Canada and around the globe. Learn more at Procore.com.
About Dodge Data & Analytics
Dodge Data & Analytics is North America's leading provider of commercial construction project data, market forecasting & analytics services and workflow integration solutions for the construction industry. Building product manufacturers, architects, engineers, contractors, and service providers leverage Dodge to identify and pursue unseen growth opportunities that help them grow their business. On a local, regional or national level, Dodge empowers its customers to better understand their markets, uncover key relationships, seize growth opportunities, and pursue specific sales opportunities with success. The company's construction project information is the most comprehensive and verified in the industry.
As of April 15th, Dodge Data & Analytics and The Blue Book - the largest, most active network in the U.S. commercial construction industry - combined their businesses in a merger. The Blue Book Network delivers three unparalleled databases of companies, projects, and people.
Dodge and The Blue Book offer 10+ billion data elements and 14+ million project and document searches. Together, they provide a unified approach for new business generation, business planning, research, and marketing services users can leverage to find the best partners to complete projects and to engage with customers and prospects to promote projects, products, and services. To learn more, visit: construction.com and thebluebook.com.
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