In partnership with Procore Technologies, Inc. a global provider of construction management software, FMI Corp. released the results of The State of Global Preconstruction Report.
The report discusses the current environment for preconstruction and the characteristics of organisations that do it well, including what constitutes above-average preconstruction processes and the effects of efficient and digitised preconstruction.
The report, sponsored by Procore Technologies, is authored, researched and published by FMI, a consulting and investment banking firm dedicated to serving companies working within the built environment.
“The results from the State of Preconstruction survey are clear: investing in preconstruction can provide tangible returns on profit, schedule and client satisfaction,” says 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.”
Related stories:
- Procore launches Workforce Management
- Matrak integrates with Procore platform
- Procore unveils new headquarters
“Data shows that organisations 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.”
This year, Procore partnered with FMI to survey 979 construction industry stakeholders worldwide. Participants were asked to describe the preconstruction practices in their organisations, 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 organisations are 52% more likely to report higher profitability than below-average organisations.
- The use of technology in construction. Above-average organisations are 44% more satisfied (extremely or very) with their preconstruction solutions than below-average organisations. However, with only 46% extremely or very satisfied, it shows that more than half of above-average organisations are still not satisfied with their current solutions and construction technology has some opportunity to improve.
In light of the findings, FMI recommends reviewing preconstruction processes, starting the preconstruction process early, investing in dedicated preconstruction resources, involving all project stakeholders, and leveraging technology to streamline the preconstruction process.
To learn more, download The State of Global Preconstruction here.