{"id":118384,"date":"2022-11-14T12:33:09","date_gmt":"2022-11-14T12:33:09","guid":{"rendered":"https:\/\/www.pbctoday.co.uk\/news\/?p=118384"},"modified":"2023-03-29T22:47:18","modified_gmt":"2023-03-29T21:47:18","slug":"procore-announces-innovations-to-leverage-the-value-of-predictive-analytics","status":"publish","type":"post","link":"https:\/\/www.pbctoday.co.uk\/news\/digital-construction\/construction-technology-news\/procore-announces-innovations-to-leverage-the-value-of-predictive-analytics\/118384\/","title":{"rendered":"Procore announces innovations to leverage the value of predictive analytics"},"content":{"rendered":"<h2>Procore Technologies has announced new innovations and solutions that will leverage the value of predictive analytics to connect everyone on a project team<\/h2>\n<p>The latest predictive analytics solutions will drive efficiencies to solve some of the industry\u2019s most pressing challenges: <a href=\"https:\/\/www.pbctoday.co.uk\/news\/featured\/preconstruction-taking-control-in-difficult-times\/117850\/\" target=\"_blank\" rel=\"noopener noreferrer\">payments, labour, preconstruction, communication and more<\/a>.<\/p>\n<p>Tooey Courtemanche, founder, president and CEO of Procore, commented:\u00a0\u201cProcore is designed to help solve our customers&#8217; greatest challenges so they can manage risk and grow their businesses.<\/p>\n<p>\u201cFor example, construction is one of the slowest paying industries. According to Levelset\u2019s 2021 Construction Cash Flow &amp; 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.\u201d<\/p>\n<h3>Embedding payment functionality into Procore<\/h3>\n<p>Procore is working with Goldman Sachs Transaction Banking to embed payment functionality into its platform. The result is Procore Pay, a new service launching in 2023 designed to solve one of the industry\u2019s largest issues.<\/p>\n<p>According to the 2020 National Construction Payment Report, 80 per cent of companies report spending a significant amount of time chasing down payments.<\/p>\n<h4>Key benefits of Procore Pay include:<\/h4>\n<ul>\n<li>Reducing payment friction by expediting invoice review and providing payment options powered by Goldman Sachs.<\/li>\n<li>Saving time by removing a point solution and associated data entry, integration and payment process friction.<\/li>\n<li>Streamlining lien waiver collection via an automated lien waiver exchange.<\/li>\n<\/ul>\n<h3>A single, connected platform<\/h3>\n<p>\u201cProcore 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,\u201d explained Wyatt Jenkins, senior vice president of product at Procore.<\/p>\n<p>In Preconstruction, Procore Connect on Drawings will enable teams to securely connect to projects in other stakeholders\u2019 accounts and synchronize data to reflect the most up-to-date drawings.<\/p>\n<p>According to <a href=\"https:\/\/www.pbctoday.co.uk\/news\/tag\/sh-procore\/\" target=\"_blank\" rel=\"noopener noreferrer\">FMI and Procore\u2019s State of Preconstruction survey,<\/a> investing in preconstruction can provide tangible returns on profit, schedule and client satisfaction. Additionally, it can alleviate the burden of the ongoing labour shortage by minimising rework and optimising the current workforce.<\/p>\n<p>\u201cProcore 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\u2019re all working the same revision,\u201d said Brad Mohler, virtual construction manager, ColonialWebb.<\/p>\n<h3>Predictive analytics will power te next generation of projects<\/h3>\n<p>\u201cData 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.<\/p>\n<p>&#8220;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,\u201d said Jenkins. \u201cThis creates smarter planning while easing the pains of the labor shortage by arming teams with previous experience and knowledge from similar projects.\u201d<\/p>\n<p>Procore continues to evolve <a href=\"https:\/\/www.procore.com\/construction-intelligence\" target=\"_blank\" rel=\"noopener noreferrer\">construction intelligence<\/a> by unlocking data, analytics and artificial intelligence, allowing users to run projects smarter, safer and more efficiently.<\/p>\n<p>Examples include:<\/p>\n<ul>\n<li>Insights provides high-level information on the trends of RFI\u2019s and General Conditions budgets in comparison to historical projects within your instance.<\/li>\n<li>Automated-Area Takeoff in the Estimating tool gives teams the ability to bid more efficiently and accurately for concrete and roofing trades.<\/li>\n<li>Quick Capture helps field teams significantly reduce the time to log items with voice-enabled input technology.<\/li>\n<\/ul>\n<p><strong>To learn more about these platform enhancements, register for <a href=\"http:\/\/procore.com\/groundbreak\/live\" target=\"_blank\" rel=\"noopener noreferrer\">Groundbreak Live<\/a>.<\/strong><\/p>\n<div class=\"mk-custom-module-container\">\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Procore Technologies has announced new innovations and solutions that will leverage the value of predictive analytics to connect everyone on a project team.<\/p>\n","protected":false},"author":21,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38487],"tags":[860,464,172727,81122],"stakeholder_rel_tag":[172502],"contributor_rel_tag":[],"class_list":{"0":"post-118384","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-construction-technology-news","7":"tag-construction-app","8":"tag-contributor-profile","9":"tag-featured","10":"tag-sh-procore","11":"stakeholder_rel_tag-procore"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v26.9) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Procore announces innovations to leverage the value of predictive analytics<\/title>\n<meta name=\"description\" content=\"Procore Technologies has announced new innovations and solutions that will leverage the value of predictive analytics to connect everyone on a project team\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.pbctoday.co.uk\/news\/digital-construction\/construction-technology-news\/procore-announces-innovations-to-leverage-the-value-of-predictive-analytics\/118384\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Procore announces innovations to leverage the value of predictive analytics\" \/>\n<meta property=\"og:description\" content=\"Procore Technologies has announced new innovations and solutions that will leverage the value of predictive analytics to connect everyone on a project team\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.pbctoday.co.uk\/news\/digital-construction\/construction-technology-news\/procore-announces-innovations-to-leverage-the-value-of-predictive-analytics\/118384\/\" \/>\n<meta property=\"og:site_name\" content=\"Planning, Building &amp; 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