Fordham University and Procore: Streamlining Financial and Capital Planning Decisions

Chapter 1

Introduction

In a recent webinar highlighting the capabilities of Procore's Financials and Analytics for Owners, Peter Garvin, the Assistant Director of Facilities Management at Fordham University, offered a compelling real-world account of the platform's impact. Garvin detailed how the esteemed New York institution has strategically adopted Procore to enhance its financial oversight and capital planning processes. His insights underscored Procore's pivotal role in transitioning Fordham's construction division from a reliance on disparate, often manual, systems to a centralized, data-driven approach. This shift has not only optimized day-to-day operations but also provided unprecedented clarity and control over their extensive portfolio of capital projects, influencing critical financial and long-term planning decisions for the university.

Chapter 2

Key takeaways from Fordham University's experience:

• Centralized Project Management: Procore serves as a central platform, enabling Fordham to manage projects, financials, and communications in one place. This eliminates the need for disparate systems like spreadsheets and individual email accounts, fostering better teamwork and transparency.

• Adaptability during COVID-19: When the pandemic forced remote work, Fordham quickly adopted Procore. Its ease of use and customization allowed the university to continue construction projects without interruption.

• Transparency and Accountability: Procore facilitates transparency, which is crucial for projects involving public funds. External partners and auditors, like Deloitte, can easily access financial data, invoices, and progress reports within Procore. This streamlined access satisfied audit requirements and minimized the need to refer to Fordham's ERP system.

• Comprehensive Financial Oversight: Procore provides tools for budget management, commitment tracking, change order management, and invoicing. This allows Fordham to monitor project costs, track potential risks, and maintain a clear understanding of project financials.

• Reporting and Analysis: Procore's customizable reporting tools enable Fordham to gain high-level views of project portfolios. They can track commitments and budgets across multiple projects, providing valuable insights for financial and capital planning.

• Improved Communication and Collaboration: Procore enhances communication and collaboration among project teams, contractors, and stakeholders. All project-related information, including documents and correspondence, is stored within the platform, ensuring everyone has access to the latest updates.

In summary, Fordham University utilizes Procore to improve efficiency, transparency, and collaboration in its financial and capital planning processes. The platform's comprehensive features and customizable reporting capabilities provide the university with the tools it needs to manage projects effectively and make informed financial decisions.