20 Sep

FMI Releases State of Global Preconstruction Report

By

Report Reveals Significant Upside from Investment in Effective and Digitized Preconstruction

FMI Corporation, the leading provider of consulting and investment banking services to the built environment, in partnership with Procore Technologies, Inc. (Procore), today released The State of Global Preconstruction report. The report discusses the current environment for preconstruction and the characteristics of organizations that do it well, including what constitutes above-average preconstruction processes and the effects of efficient and digitized preconstruction.

FMI and Procore surveyed 979 construction industry stakeholders worldwide. Participants were asked to describe their organizations’ preconstruction practices, tools and technologies, project experiences and outcomes.

Key findings include:

  • Organizations with effective preconstruction report 40% higher client satisfaction.
  • Organizations with above-average preconstruction processes are 52% more likely to report higher profitability than below-average organizations.
  • Although 77% of general contractor respondents report having a formal preconstruction process, almost half (49%) of project owner respondents believe that general contractors they work with aren’t using a well-defined preconstruction process.
  • Fewer than one-in-five respondents are conducting above-average preconstruction, based on FMI’s five key preconstruction factors.

FMI’s authors conclude: “Investing in preconstruction can provide real returns. When these [above-average functions] work collaboratively, preconstruction offers one of the best ways to lessen project risk and creates more predictable and beneficial outcomes.”

Download the full report here.

About FMI
FMI is a leading provider of consulting and investment banking services to the built environment. We provide services in the areas of strategy, leadership and organizational development, performance, technology and innovation, mergers and acquisitions, financial advisory and private equity financing.

About Procore
Procore is a leading global provider of construction management software. Over 1 million projects and more than $1 trillion USD in construction volume have run on Procore's platform. Procore’s platform connects key project stakeholders to solutions Procore has built specifically for the construction industry—for the owner, the general contractor, and the specialty contractor. Procore's App Marketplace has a multitude of partner solutions that integrate seamlessly with Procore’s platform, giving construction professionals the freedom to connect with what works best for them. Headquartered in Carpinteria, California, Procore has offices around the globe. Learn more at Procore.com.