This approach persists until something (or someone) forces the organization to address these pain points and risks as improvement priorities. Hopefully, that catalyst isn't an extremely costly or damaging occurrence—but more often than not, it is. So why wait for that negative experience?

Times Have Changed: Assess Your Current State

The first step toward improvement is conducting an honest current state assessment. This means taking a hard look in the mirror to identify the risks, challenges, and overall maturity of your processes and technology tools around planning, building, and operating projects. This assessment helps you determine which improvement opportunities to focus on, provides the business case to ignite change, and establishes a baseline for tracking progress as you implement solutions.

The goalposts have shifted significantly over the past five years. A successful path forward requires modernization across both your technology and the related processes it supports.

When completing this assessment, many organizations identify persistent problems:

Data and Information Challenges:

  • Siloed and disparate data that creates information gaps

  • Lack of data standardization that blocks comparison across projects and teams

  • Inability to leverage historical data to improve future decisions

Communication and Collaboration Issues:

  • Friction in stakeholder collaboration that slows decision-making

  • Difficulty connecting stakeholders across field, office, and enterprise

  • Fragmented and delayed project visibility that hampers oversight

Control and Risk Management Gaps:

  • Insufficient processes and tools to maintain project control

  • Challenges managing risk and maintaining visibility into potential field changes

  • Inconsistent and potentially erroneous reporting that undermines confidence

Consider how these issues impact your ability to deliver consistent, high-quality, successful projects.

Taking the Next Step with Procore

So how can you improve? If you have the right people in place, it's time to focus on maturing your processes and technology as the next logical step.

There are three key pillars of project delivery success: People, Process, and Technology. Even with the best people in the world and clear process definitions, if the technology your teams use doesn't support those people and processes, you'll fall behind your peers. The Procore platform addresses this challenge.

I would have welcomed these solutions during my asset management days, when I spent countless hours chasing information through email, relying on complex manual spreadsheets, and attempting to use commercial real estate accounting software that wasn't designed for project management. It was equally rewarding to later help implement Procore financial solutions for clients like Boston Children's Hospital.

Three Ways Capital Project Owners Can Leverage Procore for Financial Management Success

1. Digitize Your Business Processes

Procore streamlines collaboration with business partners, end users, and other internal or external stakeholders by providing a central hub for all project data and communication. Throughout the platform, information flows to the people and processes that need it most. The system is designed to boost productivity and transparency through a digital thread of linked data and documentation.

Procore's solutions integrate seamlessly with other software through an open API and there are many pre-built integrations available in Procore's marketplace. This integration promotes exceptional cross-functional collaboration and real-time data capture across the project lifecycle, which you can leverage to monitor, control, and improve performance in numerous ways.

Key features that drive process digitization:

  • Ball-in-court tracking keeps everyone aligned with real-time visibility into current status

  • Automatic change history with digitally captured workflows and approvals provides easy traceability from start to finish

  • Powerful mobile capabilities enable real-time field data capture that's instantly available to other stakeholders and integrated systems

  • Bidirectional information flow ensures field personnel have the latest documents and communications at their fingertips

This process connectivity, centralized data source, and streamlined collaboration are fundamental to how owners can leverage the Procore platform to reduce risk while increasing efficiency, visibility, and control in financial business processes.

2. Utilize Purpose-Built Solutions

Historically, many project teams have endured piecing together project information from various sources. Beyond manual spreadsheets, many teams struggle with email, public file sharing tools, and corporate ERPs built for finance, accounting, and procurement teams rather than construction management. It's time to change this status quo and give your teams what they actually need: a dedicated solution for construction management.

At Procore, our strategy centers on building solutions that truly solve user problems and improve the lives of everyone involved in the construction process. The result is purpose-built solutions that are highly configurable to your needs and designed to integrate seamlessly with other business applications, including your ERP.

What does this mean in practice? Here are three examples:

Streamlined Key Tasks When you combine connected data with tools built specifically to solve key tasks like forecasting, you can drastically reduce administrative burden and create more time to focus on higher-value work aspects.

Advanced forecasting exemplifies how Procore streamlines otherwise highly manual tasks. This solution simplifies creating monthly cash flow forecasts across the project lifecycle by leveraging connected budget, commitment, and cost data, along with efficiency-boosting functions such as multi-line selection and data-driven spreading curves. The result is more accurate and current information produced with a fraction of the effort.

Seamless Business Integration Procore customers achieve a single source of truth across their business through robust API-powered integrations. The platform is built with maximum extensibility in mind, meaning we invest in the ability to connect Procore seamlessly with other business-essential applications, such as corporate ERP systems and virtually any other software that can send or accept data. More than 95% of Procore customers utilize at least one third-party application integration available in Procore's marketplace.

Effortless Reporting and Analysis Many of us are too familiar with reporting that requires days or weeks of manual data compilation from various sources into complicated spreadsheets and rigid templates. This pain is compounded by the fact that what you produce is only somewhat accurate, hopefully complete, yet likely outdated upon completion.

Procore aggregates all project data in real time as stakeholder collaboration flows through one platform. This puts you in the driver's seat with a complete picture you can monitor and report on in any way needed, across your projects, programs, and portfolios. Within the financial management solutions, users can leverage out-of-the-box templates or easily configure custom views and calculations. With Procore, users have accurate, complete, and current reporting available anytime with just a few clicks.

Procore's Analytics solution provides an easy way to extract powerful insights on scope, schedule, and budget from all data across your tech stack. Quickly and accurately answer fundamental questions such as: "Where do budgets stand today across the entire portfolio?" or use the anticipated costs report to determine future spending.

3. Standardize and Connect Your Data

Spreadsheets can be powerful tools, but even the best "Excel ninjas" will tell you they're error-prone and nearly impossible to keep aligned with the rest of the business or across a portfolio. It's time to help your teams escape the land of manual spreadsheets and siloed data that's holding them back. Procore's solutions save time, reduce risk, and keep all stakeholders aligned with synchronized, current information.

Procore is configurable to your needs, allowing you to establish standardized data structures, templates, reports, and processes aligned with your way of working. Combine this with Procore's permission structure, and you have a solution that eliminates the time sink and errors present in manual methods while enforcing your processes and controls across various projects and teams.

Set Your Teams and Stakeholders Up for Success

Don't wait until something bad happens that forces your organization to address the risk and pain in your current status quo. Be proactive in taking the next steps to improve across your portfolio with Procore's financial management solutions.

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