Procore Unveils Latest Product Advancements at Innovation Summit 2024

Rhea-AI Summary

Procore Technologies, a leader in construction management software, announced major product advancements at Innovation Summit 2024.

Highlights include enhanced AI integration, such as Procore Copilot AI which integrates with Microsoft Teams for seamless project data access. AI Locations will automate project location lists from drawings, while Procore Maps offers visual data insights for project optimization.

All advancements aim to improve collaboration, field productivity, and cost efficiency in the construction industry.

These updates reinforce Procore's commitment to leveraging AI and data to drive innovation.

Positive

• Procore Copilot AI integration with Microsoft Teams enhances workflow and communication.
• AI Locations automates project location lists, improving organizational efficiency.
• Procore Maps offers real-time visual data insights, optimizing project workflows.
• Advancements enhance collaboration throughout the construction lifecycle.
• Commitment to leveraging AI and data to drive business forward.

Negative

• Details on the costs associated with these advancements are not disclosed.
• No specific timeline for the full rollout of new features.
• Potential learning curve for users adapting to new AI-integrated tools.

Investments in Artificial Intelligence and Maps Accelerates Collaboration Across the Construction Industry

CARPINTERIA, Calif.--(BUSINESS WIRE)-- Procore Technologies, Inc. (NYSE: PCOR), the leading global provider of construction management software, today is kicking off Innovation Summit 2024, announcing a series of product advancements to help customers improve collaboration throughout the construction lifecycle.

AI Locations will allow users to scan project drawings and automatically build out project location lists. (Photo: Business Wire)

Procore has spent the last two decades building one of the leading enterprise-grade construction management platforms for customers all around the world, from preconstruction to closeout. Today, Procore is committed to leading the construction industry through the rapid technology changes facing builders. The company is further innovating its core products – Project Management, Quality, Safety and Construction Financials – while helping users unlock the power of artificial intelligence (AI) and data to drive their businesses forward.

Among the many solutions announced at Innovation Summit 2024, the below newly announced product updates give Procore customers deepened access to AI, improve field productivity, and drive efficient cost management:

• Procore Copilot AI will further integrate into the Procore platform via Microsoft Teams. This upcoming integration will bring important project data and context directly from Procore into Microsoft 365. Procore Copilot AI users will then be able to simply ask questions about Procore projects in Teams, in normal, conversational language, and receive a complete summary of the pertinent information along with links to related information sources. Users will be able to search for, view, and attach Procore project information (such as requests for information (RFIs), Specifications, and Submittals) in work on calls, meetings, and chats.
• AI Locations will allow users to scan project drawings and automatically build out project location lists. This will unlock the ability to organize project items by location as they’re created in the field later on. Procore will also utilize AI to surface key information on RFIs and submittal response time, alongside context on project requirements and industry benchmarks.
• Procore Maps will enable viewability of photos on a map to understand work status across all areas of a project to help optimize workflows and reduce delays. Procore Maps will be able to filter photos on a map by date to pinpoint specific milestones or events captured during a project timeline. Ultimately, this will streamline visual data and support smart decisions on the go. Users will also be able to navigate to where photos are captured directly from the map interface, providing context and clarity to team members regardless of their location.

Join Innovation Summit today (June 12, 2024) or tune in on a later date here to learn how the Procore platform is helping users utilize AI, take control of construction outcomes, collaborate efficiently and more.

About Procore

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. For more information, visit www.procore.com.

PROCORE-IR

View source version on businesswire.com: https://www.businesswire.com/news/home/20240612564457/en/

Media Contact

Raelle Alfaro

press@procore.com

Investor Contact

Matthew Puljiz

IR@procore.com

Source: Procore Technologies Inc.

FAQ

What new product advancements were announced at Procore's Innovation Summit 2024?

Procore announced Procore Copilot AI for better integration with Microsoft Teams, AI Locations for automated project location lists, and Procore Maps for visual data insights.

How will Procore Copilot AI improve project management?

Procore Copilot AI allows users to access project data and summaries via Microsoft Teams, enabling better workflow and communication.

What benefits does AI Locations provide for construction projects?

AI Locations automates the creation of project location lists from drawings, streamlining organization and management of project items.

How will Procore Maps enhance construction project workflows?

Procore Maps provides visual data insights, allowing users to view and filter photos by location and date, optimizing project workflows and reducing delays.

What is the main goal of Procore's new product updates announced in 2024?

The main goal is to improve collaboration, field productivity, and cost management by leveraging AI and data integration.