Latest news with #Procore
AU Financial Review
29-05-2025
- Business
- AU Financial Review
Investing in data strategy is key to unlocking AI in construction
With projects increasing in complexity and scale, companies are turning to digital platforms to consolidate their data, improve workflow management and make better decisions. But to reap the full benefits of AI, construction firms need more than just raw information - they need organised and accessible data that is seamlessly integrated into their daily operations. 'What we're doing now is using our learnings to add AI in a way that improves how our customers work, ensuring they have a robust data approach that underpins AI-driven decision-making,' says Skelton. The ability to quickly access accurate project information is critical. Many construction teams still spend excessive time searching for documentation instead of focusing on core tasks. Procore's industry transformation leader, Andy Rampton, says Procore research found that inefficiencies in data retrieval cost businesses valuable time. 'We surveyed over 1000 construction companies across all project types and stakeholders, and what we learned is that 18 per cent of their time was spent looking for documentation,' he says. 'That's almost a fifth of a working week that they effectively waste trying to find information.' Much of this information sits across multiple platforms, including communication tools, such as email, finance systems, design applications and construction management software, making retrieval cumbersome. 'On a typical project much of the information is spread across multiple applications that have traditionally been used in parallel with construction management tools, like Procore's own platform,' Rampton says. 'So what we try to do in our approach to delivering AI to construction is solve the problem of wasted time spent searching for documentation in those multiple systems.' Building a seamless data ecosystem The success of AI in construction depends on the ability to, as far as possible, standardise data across different projects and then consolidate it within a central platform. Procore's approach ensures that information is captured in an organised way from the outset, allowing AI to extract meaningful insights without the need for manual intervention. 'Because we are built on a single structured data platform, every piece of information entered into Procore is automatically configured in a way that allows AI to extract insights without needing to clean or reorganise the data,' says Rampton. Ensuring data is collected in a uniform manner also reduces errors and enhances collaboration across teams. Rampton says a key focus is making sure construction workers can easily input and access project information. 'We want to ensure that we can design a solution that allows construction workers to continue their work on-site or at head office without disrupting their process, making it easier for them to communicate, collaborate, and share data,' he says. AI in action - practical benefits on site While AI is often associated with futuristic applications, its real power in construction lies in practical, day-to-day efficiencies. 'As we're defining what the new world looks like for construction with the rapid acceleration of AI, we want to make sure that, first and foremost, it is practical, it is able to be used by our customers day in, day out,' says Rampton. This means embedding AI into workflows in a natural and intuitive way, avoiding unnecessary complexity, and helping customers define the questions that AI will address. Procore's AI tools are designed to surface critical information when and where it is needed, supporting accurate and efficient decision-making, without requiring workers to sift through vast amounts of data manually. 'We want to make sure that we can leverage AI to access key information on job sites, to surface information from various different data sources, and present that information in a way that saves time and helps deliver successful project outcomes,' Rampton says. The role of mobile-first technology One of the most significant shifts in construction technology is the move towards mobile-first solutions. Rather than relying on traditional office-based systems, workers can now input and retrieve data in real time using smartphones and tablets. 'Procore's mobile-first capabilities is one of the key ways the platform captures and uses data effectively. Workers on-site can use their devices to input and access data in real time,' says Skelton. This shift is helping bridge the gap between office teams and on-site workers, ensuring data flows freely between all stakeholders. 'The way the industry builds is changing. People on-site and in the office need a system that allows seamless data sharing between both, and with the extended supply chain,' Skelton says. By making AI-driven insights available on mobile devices, companies can make faster, more informed decisions without delays. 'Our mobile-first approach makes it easy for workers to capture data on-site, in real time, without slowing down their work or requiring additional tools or systems,' says Skelton. A sophisticated data strategy is no longer optional in construction - it is essential for maximising AI's potential and driving better project outcomes. Adrian Gilmore, contracts manager at Alchemy Construct, has seen firsthand how structured data can unlock AI-driven insights, transforming decision-making and efficiency on-site. 'AI is only as good as the data it's built on. A well-structured data strategy ensures that we're collecting, organising, and storing data in a way that AI can actually use. It's not just about having data; it's about having the right data and in the right format,' Gilmore says. 'This approach allows companies to move beyond reactive decision-making and instead use predictive analytics to anticipate challenges, optimise resource allocation, and improve project performance.' Having a unified data strategy is particularly crucial in construction, where multiple stakeholders generate their own data. Gilmore says breaking down silos and making insights accessible to all parties is a game-changer. 'A comprehensive data strategy fosters a culture of data-driven decision-making. AI can integrate diverse data streams, providing a complete view of project status and performance,' says Gilmour. Procore's data management framework has been instrumental in enabling Alchemy Construct to leverage AI-driven insights. 'Procore consolidates all our project data - drawings, budgets, quality reports, and more - into one platform,' says Gilmour. 'This centralisation is critical for AI because it eliminates the need to chase down data from isolated systems or spreadsheets. With Procore, we can feed clean, standardised data into analytic tools, which then deliver insights we can trust.' Despite the benefits of AI and data analytics, Gilmore acknowledges the industry's challenges in standardising and integrating data. 'One of the biggest hurdles we faced was getting everyone using the platform. Subcontractors, for example, often have their own ways of tracking data, and integrating that into a centralised system can be a challenge.' Alchemy Construct has tackled these challenges by focusing on training and change management. 'We've worked hard to create a culture where data is seen as an asset, not a burden,' says Gilmour. Looking ahead, Gilmore is excited about AI's potential to automate decision-making in construction. 'AI agents are a game-changer. These systems don't just provide insights but take action on your behalf - whether it's adjusting schedules, ordering material, or flagging safety risks,' says Gilmour. 'This level of automation will make how we manage projects significantly more efficient, freeing up time for strategic decision-making.' AI's integration into design, estimating, and procurement is another development Gilmore is closely watching. 'Once fully integrated with AI, these areas will vastly improve the accuracy and efficiency of the construction lifecycle. We'll see fewer delays and more stable project costs,' says Gilmour. 'Right now, these aspects require significant manual input, which naturally leads to human error under tight deadlines. The old saying still holds true - time is money - and AI will help us save both.' Emerging technologies like augmented reality (AR) will also have a major impact, Gilmore says. 'AR allows workers to visualise project plans in real time on-site, minimising errors and clashes. That means cost savings and fewer delays. The potential is enormous,' says Gilmour Gilmore believes that companies investing in data strategies and AI today will have a significant competitive advantage in the future. 'The construction sector has been slow to adopt technology, but the tide is turning,' he says. 'Companies that invest in data strategies and AI now will be ahead of the game. It's not about replacing people; it's about empowering them with the tools to do their jobs better. 'At Alchemy, we've seen firsthand how adopting technology improves our everyday tasks, and I encourage others to take the leap.'
Yahoo
28-05-2025
- Business
- Yahoo
Design Software Stocks Q1 Teardown: Unity (NYSE:U) Vs The Rest
As the craze of earnings season draws to a close, here's a look back at some of the most exciting (and some less so) results from Q1. Today, we are looking at design software stocks, starting with Unity (NYSE:U). The demand for rich, interactive 2D, 3D, VR and AR experiences is growing, and while the ubiquitous metaverse might still be more of a buzzword than a real thing, what is real is the demand for the tools to create these experiences, whether they are games, 3D tours or interactive movies. The 5 design software stocks we track reported a satisfactory Q1. As a group, revenues beat analysts' consensus estimates by 2.6% while next quarter's revenue guidance was in line. In light of this news, share prices of the companies have held steady as they are up 2.2% on average since the latest earnings results. Started as a game studio by three friends in a Copenhagen apartment, Unity (NYSE:U) is a software as a service platform that makes it easier to develop and monetize new games and other visual digital experiences. Unity reported revenues of $435 million, down 5.5% year on year. This print exceeded analysts' expectations by 4.4%. Despite the top-line beat, it was still a mixed quarter for the company with an impressive beat of analysts' billings estimates but revenue guidance for next quarter slightly missing analysts' expectations. "The Company's first quarter results once again meaningfully exceeded expectations on both revenue and Adjusted EBITDA, highlighting our progress as we continue to build a culture of execution and discipline,' said Matt Bromberg, President and CEO of Unity. Unity delivered the slowest revenue growth of the whole group. The stock is down 2.8% since reporting and currently trades at $20.73. Is now the time to buy Unity? Access our full analysis of the earnings results here, it's free. Used to manage the multi-year expansion of the Panama Canal that began in 2007, Procore (NYSE:PCOR) offers a software-as-service project, finance, and quality management platform for the construction industry. Procore reported revenues of $310.6 million, up 15.3% year on year, outperforming analysts' expectations by 2.6%. The business had a strong quarter with accelerating customer growth and a solid beat of analysts' EBITDA estimates. The market seems happy with the results as the stock is up 7% since reporting. It currently trades at $67.61. Is now the time to buy Procore? Access our full analysis of the earnings results here, it's free. One of the most well-known Silicon Valley software companies around, Adobe (NASDAQ:ADBE) is a leading provider of software as service in the digital design and document management space. Adobe reported revenues of $5.71 billion, up 10.3% year on year, exceeding analysts' expectations by 1%. Still, it was a mixed quarter as it posted EPS guidance for next quarter meeting analysts' expectations. Adobe delivered the weakest full-year guidance update in the group. As expected, the stock is down 12.5% since the results and currently trades at $383.75. Read our full analysis of Adobe's results here. Used to design the Airbus A380 and Boeing 787 Dreamliner commercial airplanes, PTC's (NASDAQ:PTC) software-as-service platform helps engineers and designers create and test products before manufacturing. PTC reported revenues of $636.4 million, up 5.5% year on year. This result surpassed analysts' expectations by 5%. Taking a step back, it was a mixed quarter as it also recorded a solid beat of analysts' EBITDA estimates but EPS guidance for next quarter missing analysts' expectations significantly. PTC pulled off the biggest analyst estimates beat and highest full-year guidance raise among its peers. The stock is up 11.7% since reporting and currently trades at $172.97. Read our full, actionable report on PTC here, it's free. With the name chosen to reflect the idea of a repeating pattern or rhythm in electronic design, Cadence Design Systems (NASDAQ:CDNS) offers a software-as-a-service platform for semiconductor engineering and design. Cadence reported revenues of $1.24 billion, up 23.1% year on year. This print was in line with analysts' expectations. Zooming out, it was a satisfactory quarter as it also logged a solid beat of analysts' EBITDA estimates but a slight miss of analysts' billings estimates. Cadence scored the fastest revenue growth but had the weakest performance against analyst estimates among its peers. The stock is up 7.6% since reporting and currently trades at $307.40. Read our full, actionable report on Cadence here, it's free. Thanks to the Fed's rate hikes in 2022 and 2023, inflation has been on a steady path downward, easing back toward that 2% sweet spot. Fortunately (miraculously to some), all this tightening didn't send the economy tumbling into a recession, so here we are, cautiously celebrating a soft landing. The cherry on top? Recent rate cuts (half a point in September 2024, a quarter in November) have propped up markets, especially after Trump's November win lit a fire under major indices and sent them to all-time highs. However, there's still plenty to ponder — tariffs, corporate tax cuts, and what 2025 might hold for the economy. Want to invest in winners with rock-solid fundamentals? Check out our Hidden Gem Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate. Join Paid Stock Investor Research Help us make StockStory more helpful to investors like yourself. Join our paid user research session and receive a $50 Amazon gift card for your opinions. Sign up here. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
28-05-2025
- Business
- Yahoo
Q1 Design Software Earnings Review: First Prize Goes to Procore (NYSE:PCOR)
Let's dig into the relative performance of Procore (NYSE:PCOR) and its peers as we unravel the now-completed Q1 design software earnings season. The demand for rich, interactive 2D, 3D, VR and AR experiences is growing, and while the ubiquitous metaverse might still be more of a buzzword than a real thing, what is real is the demand for the tools to create these experiences, whether they are games, 3D tours or interactive movies. The 5 design software stocks we track reported a satisfactory Q1. As a group, revenues beat analysts' consensus estimates by 2.6% while next quarter's revenue guidance was in line. In light of this news, share prices of the companies have held steady as they are up 4.9% on average since the latest earnings results. Used to manage the multi-year expansion of the Panama Canal that began in 2007, Procore (NYSE:PCOR) offers a software-as-service project, finance, and quality management platform for the construction industry. Procore reported revenues of $310.6 million, up 15.3% year on year. This print exceeded analysts' expectations by 2.6%. Overall, it was a strong quarter for the company with accelerating customer growth and a solid beat of analysts' EBITDA estimates. Interestingly, the stock is up 9.2% since reporting and currently trades at $69. Is now the time to buy Procore? Access our full analysis of the earnings results here, it's free. With the name chosen to reflect the idea of a repeating pattern or rhythm in electronic design, Cadence Design Systems (NASDAQ:CDNS) offers a software-as-a-service platform for semiconductor engineering and design. Cadence reported revenues of $1.24 billion, up 23.1% year on year, in line with analysts' expectations. The business had a satisfactory quarter with a solid beat of analysts' EBITDA estimates but a slight miss of analysts' billings estimates. Cadence achieved the fastest revenue growth among its peers. The market seems happy with the results as the stock is up 11.5% since reporting. It currently trades at $318.50. Is now the time to buy Cadence? Access our full analysis of the earnings results here, it's free. One of the most well-known Silicon Valley software companies around, Adobe (NASDAQ:ADBE) is a leading provider of software as service in the digital design and document management space. Adobe reported revenues of $5.71 billion, up 10.3% year on year, exceeding analysts' expectations by 1%. Still, it was a decent quarter as it posted EPS guidance for next quarter in line with analysts' expectations. Adobe delivered the weakest full-year guidance update in the group. As expected, the stock is down 9.4% since the results and currently trades at $397.67. Read our full analysis of Adobe's results here. Used to design the Airbus A380 and Boeing 787 Dreamliner commercial airplanes, PTC's (NASDAQ:PTC) software-as-service platform helps engineers and designers create and test products before manufacturing. PTC reported revenues of $636.4 million, up 5.5% year on year. This number topped analysts' expectations by 5%. More broadly, it was a mixed quarter as it also recorded an impressive beat of analysts' EBITDA estimates but EPS guidance for next quarter missing analysts' expectations. PTC scored the biggest analyst estimates beat and highest full-year guidance raise among its peers. The stock is up 10.4% since reporting and currently trades at $170.96. Read our full, actionable report on PTC here, it's free. Started as a game studio by three friends in a Copenhagen apartment, Unity (NYSE:U) is a software as a service platform that makes it easier to develop and monetize new games and other visual digital experiences. Unity reported revenues of $435 million, down 5.5% year on year. This result beat analysts' expectations by 4.4%. Taking a step back, it was a mixed quarter as it also produced an impressive beat of analysts' billings estimates but revenue guidance for next quarter slightly missing analysts' expectations. Unity had the slowest revenue growth among its peers. The stock is up 3% since reporting and currently trades at $21.97. Read our full, actionable report on Unity here, it's free. Thanks to the Fed's series of rate hikes in 2022 and 2023, inflation has cooled significantly from its post-pandemic highs, drawing closer to the 2% goal. This disinflation has occurred without severely impacting economic growth, suggesting the success of a soft landing. The stock market thrived in 2024, spurred by recent rate cuts (0.5% in September and 0.25% in November), and a notable surge followed Donald Trump's presidential election win in November, propelling indices to historic highs. Nonetheless, the outlook for 2025 remains clouded by potential trade policy changes and corporate tax discussions, which could impact business confidence and growth. The path forward holds both optimism and caution as new policies take shape. Want to invest in winners with rock-solid fundamentals? Check out our Hidden Gem Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate. Join Paid Stock Investor Research Help us make StockStory more helpful to investors like yourself. Join our paid user research session and receive a $50 Amazon gift card for your opinions. Sign up here.
Yahoo
21-05-2025
- Business
- Yahoo
Earnings To Watch: Autodesk (ADSK) Reports Q1 Results Tomorrow
Design software company Autodesk (NASDAQ:ADSK) will be reporting results tomorrow afternoon. Here's what to expect. Autodesk met analysts' revenue expectations last quarter, reporting revenues of $1.64 billion, up 11.6% year on year. It was a very strong quarter for the company, with full-year guidance of accelerating revenue growth and a solid beat of analysts' EBITDA estimates. Is Autodesk a buy or sell going into earnings? Read our full analysis here, it's free. This quarter, analysts are expecting Autodesk's revenue to grow 13.4% year on year to $1.61 billion, improving from the 11.7% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $2.15 per share. Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Autodesk has missed Wall Street's revenue estimates twice over the last two years. Looking at Autodesk's peers in the design software segment, some have already reported their Q1 results, giving us a hint as to what we can expect. Procore delivered year-on-year revenue growth of 15.3%, beating analysts' expectations by 2.6%, and Cadence reported revenues up 23.1%, in line with consensus estimates. Procore traded up 2.4% following the results while Cadence was also up 5.7%. Read our full analysis of Procore's results here and Cadence's results here. There has been positive sentiment among investors in the design software segment, with share prices up 20.4% on average over the last month. Autodesk is up 13.1% during the same time and is heading into earnings with an average analyst price target of $321.21 (compared to the current share price of $295.40). Unless you've been living under a rock, it should be obvious by now that generative AI is going to have a huge impact on how large corporations do business. While Nvidia and AMD are trading close to all-time highs, we prefer a lesser-known (but still profitable) semiconductor stock benefiting from the rise of AI. Click here to access our free report on our favorite semiconductor growth story. Sign in to access your portfolio
Business Upturn
20-05-2025
- Business
- Business Upturn
Procore Doubles Down on BIM, Empowering Contractors and Owners to Build Smarter
By Business Wire Published on May 20, 2025, 15:14 IST London, United Kingdom & CARPINTERIA, Calif., United States: Procore Technologies, Inc . (NYSE: PCOR), a leading technology partner for every stage of construction, today announced investments in its Building Information Modeling (BIM) capabilities. Expanding on its existing BIM offerings, Procore has announced its acquisitions of Novorender and FlyPaper, which upon integration will empower owners and contractors worldwide to unlock BIM, streamline coordination, and connect critical BIM data seamlessly across the Procore platform. In recent years, BIM adoption has accelerated, driven by European government mandates and a rise in global megaprojects with complex data requirements, including data center construction and civil infrastructure projects. However, the full potential of BIM data often goes unrealized due to limitations in accessing and visualizing complex models effectively. 'We're excited to combine the power of Novorender and FlyPaper's best-in-class BIM solutions into the Procore platform. BIM is an accelerant in the future of data-driven construction, and these additions will supercharge Procore's existing BIM capabilities,' said Steve Davis, President, Product & Technology, Procore. 'Together, we're working to deliver the most performant model-based construction management platform for large, complex projects.' Procore Acquires Novorender to Advance BIM-Powered Construction Management Founded by CEO Tore Hovland in 2016 in Stavanger, Norway, Novorender is one of the world's fastest 3D model viewers and BIM platforms. The company's 3D-rendering technology brings construction management beyond 2D, supporting every phase of the build lifecycle, from preconstruction to operations. Novorender's patented BIM technology can process and combine models at 25x the speed of current construction industry standards, making it much faster to bring all of the parts of a project together. 'We are thrilled to join forces with Procore to continuously bring BIM to the forefront of construction management,' said Tore Hovland, CEO, Novorender. 'Novorender's ability to render sizable models in seconds will exponentially increase Procore's BIM processing power, enabling project teams around the globe to integrate complex models with new speed and efficiency.' Procore Acquires FlyPaper Technologies to Power the Next Generation of AI-Model Detection Procore is further building on its connected BIM offering with the acquisition of FlyPaper Technologies , makers of Navisworks plugin Sherlock . A longtime Procore technology partner, FlyPaper's advanced algorithm is already leveraged by some of Procore's ENR 400 customers. Once FlyPaper is integrated, Procore BIM customers can gain access to automated and streamlined 3D design coordination, clash detection, and collaboration to improve predictability, reduce rework costs, and bolster jobsite safety. Upon integration, Procore's BIM offering will provide the global construction industry with visibility into the most complex BIM models, alongside integrated design coordination and clash detection capabilities to further simplify BIM throughout the course of construction. For more information about Procore's BIM solutions, visit . About Procore Procore Technologies, Inc. (NYSE: PCOR) is a leading technology partner for every stage of construction. Built for the industry, Procore's unified technology platform drives efficiency and mitigates risk through AI & data-driven insights and decision making. Over three million projects have run on Procore across 150+ countries. For more information, visit View source version on Disclaimer: The above press release comes to you under an arrangement with Business Wire. Business Upturn takes no editorial responsibility for the same. Business Wire is an American company that disseminates full-text press releases from thousands of companies and organizations worldwide to news media, financial markets, disclosure systems, investors, information web sites, databases, bloggers, social networks and other audiences.
