Market Overview

Procore Delivers Artificial Intelligence to Unlock Insights from Construction Data

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CARPINTERIA, Calif., Oct. 27, 2020 /PRNewswire/ -- Procore Technologies, Inc., a leading provider of construction management software, today introduced new artificial intelligence (AI) features on the Procore platform, and an initiative to increase the use of data in construction. Announced at Groundbreak, the company's annual conference, these advancements help Procore customers unlock the power of data across the Procore platform.

Procore CEO and founder, Tooey Courtemanche, said, "With our AI-powered insights and industry benchmark data, Procore users can make better, real-time decisions, improve their construction processes, and mitigate risk. The ways Procore is applying automation and machine learning is making Procore users fundamentally better at their jobs."

Key initiatives and product updates are below.

Acquisition of Avata Intelligence

Procore is committed to investing in next-generation analytics products and approaches that will create new ways of interacting with data. As part of this commitment, Procore acquired Avata Intelligence, an AI firm, and brought world-class AI talent into Procore earlier this year.

This acquisition has expanded Procore's AI functionality and improved processes throughout the construction lifecycle. For example, Procore is further investing in ways to automate repetitive laborious tasks, uncover hidden information, and provide actionable insights to drive better outcomes for its users.

Search Everything from One Place with Procore Search

The documents, photos, and communications that exist within a given project in Procore are a valuable bank of information for project stakeholders. With the new feature Procore Search, Procore has improved how this project information is structured and accessed.

Procore Search offers a single and consistent search experience that uses machine learning to quickly and accurately return search results across an entire project, regardless of what Procore tool is being used when a search is conducted. This search functionality is possible because the Procore platform is built on a singular, integrated system.

"This is a game changer in how we search for and find information throughout the different elements of our project management tools," said Matt Redman, Del Amo Construction. "It brings contextual search to a full project scale, and has allowed our people to find and connect information that would have been extremely difficult to correlate before."

Enhanced search is one more way Procore is redefining the expectations of a modern construction management solution. Procore Search is available to all Procore users.

A Smarter Way to Build Submittals

Procore Submittal Builder automatically generates a submittal register within minutes by scanning every page of a specification book. This form of automation saves Procore customers valuable time as they are no longer required to read and manually create submittals. Procore customers have reported saving 5-7 days of work per project with Submittal Builder, and there is room for automation to further improve the submittal process and save even more time.

Procore is using machine learning to improve submittal recognition on specifications to make the process of creating submittals easier and more efficient for customers. Procore is also applying machine learning models that improve the accuracy and speed at which submittals can be generated. This technology works behind the scenes so customers can spend more time focusing on other critical aspects of a job.  

Customized Reporting Capabilities with Procore Analytics

Procore Analytics gives customers an easy way to analyze their data from Procore, as well as data from their integrated tech stack, in one central location. Procore Analytics was created alongside construction professionals, ensuring that its reporting meets the specific needs of the construction industry. Recent additions to Procore Analytics' reporting capabilities include:

  • Key Influencers: New AI-powered visuals give clear insight into what's impacting project metrics. The Key Influencers report uses machine learning to identify and display factors that lead to certain outcomes. For example, through AI and visualization, users can easily understand which factors in their data most influence a project metric to fall into a certain classification, like "late," "high," or "over budget." Learn more here.
  • Root Cause Analysis: This report allows users to break down a metric by a specific field and its values, or have AI identify and display which field impacts a metric the most. For example, users can explore the root cause of injuries where "equipment" is identified as the harm source, with the injury count metric and other data presented in a visually interactive format. Learn more here.
  • Owners Reports: Owners of capital projects, in particular, have been forced to rely on analytics platforms that require teams of analysts and engineers to generate even the most basic reports. Procore's Owners Reports are now available through Procore Analytics. They include Project Status and Benchmarking, and are specifically built for owners of capital projects. Learn more here.

Industry Benchmarking

"For years construction companies have lacked meaningful, reliable industry benchmarks against which they can measure their own performance," said Kris Lengieza, Senior Director, Business Development at Procore. "As the industry shifts towards being more insight driven, the importance of external benchmarks is increasing."

Procore is leveraging machine learning to identify objective industry and project level benchmarks for its customers. The insights these benchmarks provide will help customers prioritize their daily activities while optimizing for project success. Procore is continuing to expand its benchmarking capabilities, and invites customers interested to see how their performance stacks up against the industry to request an invitation to join the benchmarking initiative.

Find out more about how Procore is advancing the use of AI in construction, while providing greater access to insights from construction data by attending Groundbreak on Oct 27-28, 2020.

About Procore
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 around the globe. Learn more at Procore.com.

CONTACT: press@procore.com

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SOURCE Procore Technologies, Inc.

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