Company: Procore Technologies, Carpinteria, CA
Company Description: Procore Technologies, Inc. (NYSE: PCOR) creates software for people who build the world. With a focus on providing timely and accurate data for all, Procore transforms the construction industry one project at a time - from hospitals and skyscrapers to airports and stadiums. Beyond its connected, innovative technology, Procore empowers the industry and its communities through Procore.org.
Nomination Category: Company / Organization Categories
Nomination Sub Category: Most Innovative Tech Company of the Year - More Than 2,500 Employees
 Nomination Title: Procore Technologies
- Which will you submit for your nomination in this category, a video of up to five (5) minutes in length about the achievements of the nominated organization since 1 January 2022, OR written answers to the questions for this category? (Choose one):
Written answers to the questions
- If you are submitting a video of up to five (5) minutes in length, provide the URL of the nominated video here, OR attach it to your entry via the "Add Attachments, Videos, or Links to This Entry" link above, through which you may also upload a copy of your video.
- If you are providing written answers for your submission, you must provide an answer to this first question: Briefly describe the nominated organization: its history and past performance (up to 200 words):
Total 138 words used.
Founded in 2002, Procore Technologies is the leading global provider of construction management software. Over one million projects and more than $1 trillion USD in construction volume have run on Procore's platform, which connects key project stakeholders to solutions Procore has built specifically for the construction industry—for the owner, the general contractor and the specialty contractor.
With our unlimited users and support model, Procore connects everyone in construction on one platform and offers unlimited storage, open APIs, and a single source of accurate and timely data. With over 16,000 customers and over 2 million annual users in 150+ countries, we help the construction industry build smarter—that means reducing risk, increasing efficiency, improving communication, improving profits, and providing intelligent insights to help our customers run better businesses. Headquartered in Carpinteria, California, Procore has additional offices around the globe.
- If you are providing written answers for your submission, you must provide an answer to this second question: Outline the organization's achievements since the beginning of 2022 that you wish to bring to the judges' attention (up to 250 words):
Total 248 words used.
Our mission at Procore is to improve the lives of everyone in construction. Within the last year, we have achieved this by unveiling new solutions that directly address the industry’s most pressing challenges.
Connecting the Industry: The 2022 State of Global Preconstruction Report revealed that only 38% of organizations are satisfied with their preconstruction technology. To address this issue, we launched Connected Preconstruction, the industry’s first solution that connects workflows throughout the whole preconstruction phase. This unifies processes such as Building Information Modeling (BIM), coordination, estimating, bidding and more, on one platform. This leads to improved collaboration, streamlined and automated processes, centralized access to data, and improved project outcomes.
Innovation through AI: The How We Build Now Report shared that only 8% of respondents use their project data as a competitive differentiator for their business. Our goal is to make that 100%, so we unveiled Copilot, an AI-powered conversational and predictive experience that provides customers the ability to automate time intensive, manual processes across Procore’s platform. We also announced Procore Document Management, which uses AI to auto-detect the type of document being uploaded, as well as more specific attributes like a drawing’s description and number.
Streamlining Payments & Insurance: We introduced Procore Pay, the only payment solution built on the Procore platform that handles all aspects of the payment process between general and specialty contractors. [REDACTED FOR PUBLICATION]
- If you are providing written answers for your submission, you must provide an answer to this third question: Explain why the achievements you have highlighted are unique or significant. If possible compare the achievements to the performance of other players in your industry and/or to the organization's past performance (up to 250 words):
Total 235 words used.
Procore is the only technology platform completely dedicated to construction. This industry needs purpose-built technology, which is why Procore has been focused on construction for 20+ years – unlike our competitors, who have multiple focus areas. Our technology allows our customers to work more efficiently, while enabling those on the ground to do their jobs safely.
In 2023, Procore partnered with Frost & Sullivan to release the Risk Data Uncovered Report, which highlights how our solutions are moving the industry forward to create a safer workspace. Our study has indicated that Procore customers, on average, significantly outperform the broader construction industry on key risk indicators, including total recordable incident rate. Procore customers have an incident rate 26% below the construction industry average and a lost days rate of 22% below average as well. This performance differential becomes even more dramatic among Procore users with higher platform adoption. Procore users with higher usage rates have reported a 40% lower incident rate and a 39% lower lost days rate due to an incident vs. the construction average.
Our offerings not only streamline operations for construction companies, but also fundamentally improve their risk profiles, which can lead to significant potential savings on insurance costs and contribute to safer, more efficient workplaces. The future of construction risk management lies in leveraging data to its fullest potential, and Procore is leading the charge in turning this vision into a reality.
- You have the option to answer this final question: Reference any attachments of supporting materials throughout this nomination and how they provide evidence of the claims you have made in this nomination (up to 250 words):
Total 150 words used.
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