FMI Corp., in partnership with Procore Technologies, Inc. has released the results of The State of Global Preconstruction Report, which discusses the current environment for preconstruction and the characteristics of organisations that do it well
The State of Global Preconstruction report, sponsored by Procore Technologies, is authored, researched, and published by FMI, a leading consulting and investment banking firm dedicated to serving companies working within the built environment.
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.
What are the key takeaways of the State of Global Preconstruction report?
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 as shown in the chart below.
Effective preconstruction can make a big difference. Above-average organizations are 52% more likely to report higher profitability than below-average organisations.
The use of technology in construction
Above-average organizations 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 the above-average organisations are still not satisfied with their current solutions and construction technology has some opportunity to improve.
In light of the findings discovered in The State of Global Preconstruction report, FMI recommends the following:
- Review preconstruction processes
- Start the preconstruction process early
- Invest in dedicated preconstruction resources
- Involve all project stakeholders
- Leverage technology to streamline the preconstruction process
Investing in preconstruction can provide tangible returns on profit, schedule and client satisfaction
Commenting on the results of the survey, Tooey Courtemanche, founder, president and CEO of Procore said: “The results from the State of Preconstruction survey are clear: investing in preconstruction can provide tangible returns on profit, schedule and client satisfaction.
“Many of the most successful contractors around the world focus their efforts on preconstruction because ultimately, better planned projects drive better outcomes. Data shows that organizations 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.”
To learn more, download The State of Global Preconstruction report.
