TORONTO—Procore Technologies, Inc. has published the results of a new survey that found a correlation with having visibility of performance and time and money savings.
The study, What Gets Measured Gets Managed, explores the impact of construction companies having real-time insights into their project management processes, or visibility of performance, through cloud-based software compared to traditional manual processes that can be more difficult to assess.
It found Canadians surveyed estimated a time saving of 4.5 hours each week due to performance visibility. Depending on the sizes of the companies and their labour costs, the results suggest an average annual savings of $446,000 per business from having on-demand access to visibility of performance to avoid delays, rework and other performance gaps, indicates a release.
The survey, conducted online by Sapio Research on behalf of Procore in January 2021, included 820 middle managers and above, working for construction companies with 100 people or more in Canada, the U.K. and Ireland, France, Germany, the Netherlands and the United Arab Emirates. There were 154 Canadian respondents, representing the commercial, industrial, homebuilding/residential, fit-out and civil engineering sectors.
Highlights from the survey include:
- Seventy-five per cent of Canadian respondents said their company’s level of visibility of performance is very high (21 per cent) or high (54 per cent). A quarter (25 per cent) said it’s moderate or worse. Visibility of performance is related to the tools commonly deployed.
- Many Canadian respondents said they use manual tools such as spreadsheets (65 per cent), and experience challenges such as incomplete insights (34 per cent), duplicated insights (31 per cent) and incorrect insights (29 per cent).
- Among those who have visibility of performance, 50 per cent have seen an increase in overall efficiency and productivity in the way their projects are run, the highest of any country surveyed; 51 per cent noticed fewer defects in projects. Almost half (48 per cent) claimed better safety records.
- Artificial intelligence (AI) or machine learning is used by just over half of Canadian respondents (52 per cent) to assist with visibility of performance. Four out of five of those not using AI or machine learning said they would “definitely” (16 per cent) or “potentially” (64 per cent) consider using them to help achieve visibility of performance.
The survey also found Canadian organizations report different levels of performance visibility throughout the construction life cycle:
- Almost three quarters (72 per cent) of Canadian firms with visibility of performance said this particularly applied to the build stage of projects (helping determine optimal cost or phasing or reduce defects).
- A similar proportion (69 per cent) said they gained insights during the preconstruction stage (including better estimates of their project costs).
- 46 per cent said they have performance visibility during the operate phase, in which companies schedule maintenance activities and monitor the performance of assets.
“Construction has lagged behind other industries in terms of technology adoption and digitization. This research shows that Canada’s construction industry is starting to see real signs of digital transformation,” said Harry Battu, head of international marketing, Procore, in a statement. “As this transformation unfolds, roles in the industry will change. What won’t change is the need for a ‘single source of truth’ that connects all stakeholders.”
To view the full report visit https://www.procore.com/en-ca/ebooks/what-gets-measured-gets-managed
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