Procore Wikipedia

what is procore

The Observation and Inspection functions of Procore support management on the job site and in the office using mobile and desktop devices. You can make real-time decisions on job sites without time-consuming office-based Excel spreadsheets by using Procore’s Field Financials. With Procore’s flexibility and functionality, you can submit payment applications, monitor the payment status, and track change-orders and approvals while on the job. Procore also speeds up the RFI process, making it simple to assign people to respond and instantly link drawings and other information. Procore makes communication between all team members easy, and it works across all devices and platforms. Daily job reports and inspection reports are other features Procore brings to projects and construction firms.

what is procore

Go from professional estimates and bids that reflect your company’s brand to awarded projects and successful project management at the touch of a finger with Procore and ProEst’s integration. More than two-million subcontractors, general contractors, and owners worldwide have adopted Procore and provided in-depth reviews, including some of the world’s top general and specialty contractors. Their experience has helped make Procore a stronger program that works intuitively to support how contracting works and make jobs easier and profitable. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team. You can create users and edit their permissions, as well as create new projects. You can track individual files and folders, and you receive an email whenever they are updated or deleted.

Who uses construction project management software?

This construction payment solution tries to address slow payment issues within the industry. Rabbet saw an excess cost of $208 billion in the construction industry from delayed payments in 2022. Moreover, their report shows that 62% of GCs have incurred billing charges and financing charges when floating payments to others.

Procore is for construction managers who have a lot on their plates and need more than your typical project management tool. Autodesk Construction Cloud offers a range of construction management solutions, including design, planning, construction and operations. It’s a great option for businesses seeking a comprehensive construction management solution.

Connect every program you use to manage construction in Procore and analyze data across your entire tech stack. Impact the future of construction and build your safety culture with an analytical approach to risk mitigation. If we don’t build it, chances are, there’s an app or integration for it on our marketplace.

Procore construction management is packed with every feature a manager will want at their disposal — almost to a daunting extent. Mobile collaboration tools are built for the field, making it easy for everyone to have a clear understanding of what needs to get done every day to stay on schedule and prevent rework. Procore’s north star, from day one, has been to put people first in everything we do. This is the experience customers, partners, collaborators and the general industry can expect to receive every time they interact with Procore’s brand. Procore Sync and Procore Drive help you manage documents in the cloud and give you the storage needed to maintain the files that support your projects. Then, check out some of the construction software options we’ve reviewed and try some more demos to see if you can find a better fit.

  1. Moreover, Procore tries to actively solve working capital constraints for SCs by purchasing the materials before payment by the GCs or project owners.
  2. Connect with a member of our support to team to quickly find the information you’re looking for.
  3. With Procore, if you have access to a wireless internet connection, you have access to real-time information and documents in the platform.
  4. The project address and current weather conditions are shown in a column on the right.

Today, Procore is committed to being the partner that the industry counts on to advance, evolve, and elevate construction as a business, a craft, a career, and a driver of innovative excellence. To that end, we celebrate the best of the best in the industry as Groundbreakers willing to challenge the status quo while leading the way and reaching back to help others succeed. With a singular focus on construction, our goal will always be to provide the people in the industry with technology, culture, and thought leadership that makes their lives safer, easier, and more productive. Used in over 150 countries, Procore provides customers with the tools they need to grow their profits, protect their people, build their business, and get home safe.

Does Procore connect other software and applications?

The Procore app is also impressive, allowing you to easily check on the status of projects and receive photos straight from the job site. Beyond that, it’s not the easiest interface to navigate, but you’ll figure it out in time. At the top of the dashboard, drop-down menus help you navigate to a specific project and to project tools. Procore offers a range of reporting templates, or you can create a custom report from scratch by choosing data points. You simply drag and drop specific data points into the report, and then generate it.

At current levels, however, I would wait for a better entry point given the current macro uncertainty and high assumptions embedded into the share price. Procore has become the industry leader with highly-ranked user reviews because of its user-centric interface. Construction jobs are complex, but Procore is designed to simplify workflow and tasks.

Procore is a great stock to own in the long term, as the company has a strong product portfolio and is poised to capture further market share. The most compelling opportunity I see is in its fintech layer, which could drive top-line growth above consensus over time. My reverse DCF suggests a reasonable valuation at current levels, even though revenue has the potential to surprise to the upside.

Why is Procore better than everyone else?

Procore’s Financial Management module thus provides better visibility into the financials of a construction project by linking the field and the office departments. Construction teams can experience cost savings through better cost management, lien rights management, and improved budget forecasting and tracking. In the future, I can see Procore’s nascent fintech initiative to create significant shareholder value. Procore already leverages its platform and vast pool of data in providing insurance to its customers.

Throughout Procore’s history, the program has been developed collaboratively with users on the job, building solutions for real-world problems. If you want the financial management side as well, it will cost you $549/month (again, on an annual contract). As of mid-2020, the company was reportedly worth around $5 billion and on the cusp of going public. It hosts a massive annual construction conference called Groundbreak and dominates the construction management software space. Procore’s document management feature allows you to store, manage and share all your project documents in one place. The system supports version control, ensuring everyone has access to the latest version of a document.

A lack of qualified workers puts a further strain on the construction industry, which in turn emphasizes the importance of technology. A report from McKinsey in 2017 indicated stagnant productivity over decades, with a potential savings of $1.6 trillion by aligning construction sector productivity with other economic sectors. Deloitte shows that the construction industry spends the least amount on IT compared to other industries, with IT spending 1.2% of revenues, compared to 3.5% for other industries. Lastly, Workforce Management, which was launched in 2022, allows contractors to gain visibility into their workforce.

And you can navigate this feature easily by going to “items you’re tracking” which shows exactly what it says. You may also create private folders that only people with specific permissions can see. Procore declined to allow us to try out the software, saying they customize demos for an individual customer’s needs, so this review is based on their extensive directory of tutorials and videos.

Stay ahead of your projects.

Connect with a member of our support to team to quickly find the information you’re looking for. If you’re using ProEst for estimating, you can perform digital takeoffs that dramatically increase bidding accuracy and efficiency. Once your bids are awarded, your project will go from active bid to awarded, integrating quickly and easily with Procore.

This feature helps keep everyone accountable and ensures that all tasks, from minor to major, are tracked and managed effectively. The task management feature is integrated with the rest of the platform, allowing for tasks to be linked with relevant documents, drawings, or other project data. The key features of Procore project management module include document management, task management, request for information and submittal management, reporting and timecard management. Our mission is to connect the global construction community on one, collaborative platform, while delivering products tailored for each stakeholder. We’re building a sense of community not only within Procore, but also with our partners, customers, and the communities the industry serves.


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