#USA #New York #AI-driven #Adaptive #Procore

Introduction

In a significant step forward for the construction industry, Adaptive, the pioneering self-driving project financials platform, has recently announced its official integration with Procore. This partnership aims to revolutionize how construction CFOs and controllers manage project finances, providing real-time insights and automation to streamline their processes.

The Challenge in Construction Finance

For many construction companies, managing project finances effectively has always been a daunting task. Traditionally, finance teams face significant delays, often requiring over ten days to close books, frequent manual reviews, and cumbersome processes to obtain accurate Work in Progress (WIP) data. These inefficiencies not only slow down operations but can also lead to increased errors and lost revenue. The intricate nature of construction projects further complicates these financial processes, leading to an urgent need for advanced solutions that reduce manual overhead while enhancing accuracy.

Adaptive's Innovative Solution

Adaptive addresses these challenges head-on by streamlining essential financial processes through AI-driven technology. The integration with Procore, a leader in construction management software, enhances Adaptive's capabilities by providing users access to Procore’s extensive budgeting and commitment data along with other critical project details. This brings a new level of clarity and control to construction finance teams, allowing them to remain agile and informed in their decision-making.

Key Features of Adaptive's Integration with Procore

1. Instant Setup: Users can easily connect their ERP systems, Procore, email inbox, and financial accounts. This quick onboarding allows for the immediate population of all active project data within minutes.

2. Self-Driving AP: The platform automatically manages accounts payable by pulling bills directly from the user’s email inbox, matching them to commitments without manual intervention, thus increasing efficiency.

3. Expense Management Automation: Adaptive takes expense management to the next level by automatically linking receipts obtained from email to credit card transactions along with the corresponding job and cost codes, ensuring nothing is overlooked.

4. Effortless AR Processing: Construction finance teams can create invoices based on different methodologies, such as cost-plus or milestone payments, in under a minute using data pulled directly from their ERP systems to prepare client-ready pay apps.

5. Real-Time Budgeting and Reporting: With live updates on budget versus actual performances and detailed WIP visibility, teams can make informed financial decisions swiftly.

6. Streamlined Approvals: Custom approval routing enables teams to expedite processes, allowing field approvals via text or a user-friendly mobile app.

7. Payment Compliance: Vendors can be paid efficiently using free ACH and check payments, with conditions based on receipt verification for signed lien waivers and updated insurance documentation.

Why This Matters

The AI-powered solutions provided by Adaptive address the fragmented systems and basic OCR tools that many construction firms currently rely on. The burdensome tasks associated with conventional financial management processes—endless meetings, cumbersome SOPs, and spreadsheets—are eliminated, resulting in enhanced operational efficiency and accuracy. As stated by Adaptive's CEO, Matt Calvano, this innovative technology aims to provide construction finance teams with the real-time financial control they have long desired, freeing them from manual overhead.

The Role of Adaptive in the Construction Ecosystem

Since its inception, Adaptive has rapidly gained traction within the construction sector, currently serving around 700 customers. The partnership with Procore signifies a major milestone in Optimizing financial workflows without forcing organizations to overhaul their existing structures. Through strategic investments from top venture capital firms and partnerships with leading CPA firms, Adaptive is poised to redefine construction financial management.

Conclusion

The integration of Adaptive's self-driving financial platform with Procore marks an important advancement in the construction industry. By leveraging AI technology to unify and automate financial workflows, construction companies can maximize their profitability and operational effectiveness, staying ahead in a challenging market. As the construction landscape continues to evolve, such innovations will be crucial for maintaining competitiveness and enhancing project delivery efficiency.