Session 7: Creating Value for Owners Through Purpose-Built Technology

Riggs Kubiak
SVP Owner Strategy
Procore Technologies, New York City

Based on current projections, it is likely that at least 200 trillion dollars will be spent by owners on construction costs over the next decade in order to improve, maintain and enhance the value of their built assets. Unlike general contractors, subcontractors, and architects, the role of owners in relation to the inherent risk/reward dichotomy that comes with investing in a project is different. Owners will often find it necessary to raise the capital to undertake projects from their own resources. Thus, this can lead to a scenario where they must consequently bear the risk of outcomes, both positive and negative, that can create long-term value for an asset.

Purpose-built technology designed with owners in mind can help greatly reduce risk when it comes to their investments. This technological approach enables data-driven decisions, which in turn increase efficiency, and allow for more accurate forecasting. A thorough vision for the future of full stack software solutions is discussed and explained, touching on how integration with software for stakeholders, from owners to contractors, can be streamlined. This can create efficiency and transparency by carrying forward a holistic, multi-layered approach from organization to deployment.