Capital projects are larger, more complex and being built faster than ever before, and it’s crucial for enterprises to mitigate risk and promote safety at every stage. Construction firms and facility owners have traditionally attempted to minimize and mitigate risks related to safety, financial, quality and sustainability factors of third-party contractors with upfront screening.
But an incredibly challenging labor market has limited the supply of skilled workers and experienced supervisors. As a result, the contracting partners companies rely on are in short supply. This makes traditional contractor qualification untenable. Even if you assess partners upfront, the decision to hire them is often based on other factors, such as their availability, their bids, or existing relationships.
In response, we’re seeing the most successful builders and operators, like Skanska, Merck and Rosendin, collaborate with partners to dynamically mitigate risk together. The industry is experiencing a fundamental shift in mindset: from contractor qualification to Partner Elevation.
ConstructSecure, the only Partner Elevation Platform for capital projects and operations, announced a $96 million growth investment led by Summit Partners. The investment will help enable further product development and support ConstructSecure’s expanded mission to help clients deliver successful capital projects by elevating the capabilities of their partners and mitigating risk across capital project lifecycles.
Today, the company’s Partner Elevation platform is used to power over $35 billion of combined assets and projects with contracting partners in 62 countries around the globe.
You can read more about our announcement here: https://bit.ly/3tBhA2E
Additional background ConstructSecure Partner Elevation platform:
Construction firms and facility owners have traditionally attempted to minimize and mitigate risks related to safety, financial, quality and sustainability factors of third-party contractors with upfront screening. A growing volume of increasingly complex construction projects and an acute skilled labor scarcity — 55% of respondents in the U.S. Chamber of Commerce’s most recent Commercial Construction Survey say finding skilled workers is “highly difficult” — has driven many firms to take on riskier partners. Recognizing that “prequalification” alone can’t identify new risks as they arise, ConstructSecure is pioneering a new approach to managing capital projects.
ConstructSecure is designed to deliver the capabilities builders and owners need to engage the highest-potential partners and chart a path to success, collaborate with partners on the job to dynamically mitigate new and evolving risks, and review project and partner performance together to continuously learn and improve.