FMI’s State of Global Preconstruction Report Reveals Significant Upside from Investment in Effective and Digitized Preconstruction
21 September 2022 - 12:56AM
Business Wire
In partnership with Procore Technologies, Inc. (NYSE: PCOR), a
leading global provider of construction management software, FMI
Corp. released the results of The State of Global Preconstruction
Report. This report discusses the current environment for
preconstruction and the characteristics of organizations that do it
well, including what constitutes above-average preconstruction
processes and the effects of efficient and digitized
preconstruction.
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This report, sponsored by Procore Technologies, is authored,
researched and published by FMI, a leading consulting and
investment banking firm dedicated to serving companies working
within the built environment.
This year, Procore partnered with FMI to survey 979 construction
industry stakeholders worldwide. Participants were asked to
describe the preconstruction practices in their organizations,
tools and technologies, project experiences and outcomes. Key
takeaways include:
- Above average preconstruction shows significantly higher
client satisfaction, greater profits and fewer delays. The
report finds that fewer than one-in-five are conducting
above-average preconstruction, based on five key factors for
preconstruction.
- Effective preconstruction can make a big difference.
Above-average organizations are 52% more likely to report higher
profitability than below-average organizations.
- The use of technology in construction. Above-average
organizations are 44% more satisfied (extremely or very) with their
preconstruction solutions than below-average organizations.
However, with only 46% extremely or very satisfied, it shows that
more than half of above-average organizations are still not
satisfied with their current solutions and construction technology
has some opportunity to improve.
In light of these findings, FMI recommends the following:
- Review preconstruction processes
- Start the preconstruction process early
- Invest in dedicated preconstruction resources
- Involve all project stakeholders
- Leverage technology to streamline the preconstruction
process
“The results from the State of Preconstruction survey are clear:
investing in preconstruction can provide tangible returns on
profit, schedule and client satisfaction,” said Tooey Courtemanche,
founder, president and CEO of Procore. “Many of the most successful
contractors around the world focus their efforts on preconstruction
because ultimately, better planned projects drive better outcomes.
Data shows that organizations are willing to invest in
preconstruction, and construction is not slow to adopt technology
but waiting for the right tech for their businesses. We’re proud to
invest in Procore's Preconstruction solution, which can help users
manage designs, estimates, bids, and budgets across projects on
one, integrated platform.”
To learn more, download The State of Global Preconstruction
here.
About Procore
Procore is a leading global 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 App
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
around the globe. Learn more at Procore.com.
About FMI
FMI is a leading provider of consulting and investment banking
services to the built environment. We provide services in the areas
of strategy, leadership and organizational development,
performance, technology and innovation, mergers and acquisitions,
financial advisory and private equity financing.
PROCORE-IR
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version on businesswire.com: https://www.businesswire.com/news/home/20220920005451/en/
Media Contact Raelle Alfaro press@procore.com
Investor Contact Matthew Puljiz ir@procore.com
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