Procore releases 2020 Customer Return On Investment report

Procore has released its 2020 Customer Return On Investment (ROI) report. The report analyzes responses from a survey of 651 Procore customers - including general contractors, specialty contractors, and owners of all sizes in North America, Asia Pacific, and Europe.

Today, the construction industry represents about 13 percent ($10 trillion) of global GDP and employs 7 percent of the global workforce, and it's expected to grow. Despite this, construction productivity  has failed to keep pace with overall labor productivity growth rates. In France, Japan, and the United States, construction labor productivity growth has declined over the past two decades.

While this presents an industry-wide challenge, it offers a unique opportunity for construction businesses.

The Procore 2020 ROI Report focuses on five areas where customers reported seeing benefits to their business through the use of technology, including:

• Optimizing people and processes
• Getting more done, faster
• Mastering the art of efficiency
• Connecting on a global platform
• Gaining a competitive advantage

Key takeaways from the report show that Procore customers are experiencing:

Improved efficiency: Procore customers report streamlined processes and reduced turnaround times, saving on average four and a half days on change orders, and three days on RFIs and submittals.

Reduced risk: Procore customers mitigate risk by enhancing three key areas, with 84 percent of respondents reporting improved project visibility, 87 percent reporting improved standardization, and 70 percent stating they have more protection in litigation.

Protected profits: Procore customers report that teams accomplish more work while keeping their staffing costs low, with 83 percent of all respondents reporting an increase in confidence of meeting project goals.