Everyone knows estimates are never spot-on, but it offers ballpark figures. There are many reasons for inaccurate estimates, like faulty schedules, incorrect pricing data, and manual errors. However, if the estimates are way off, it can seriously affect the client’s motive and make them question your credibility. If you are actively facing some of these issues, it might be time for you to create custom construction bidding software. Below you will find all the benefits of getting construction bidding software for your construction company.
What is a Construction Bidding Software?
With so many moving parts, we understand that coming up with a construction cost estimate is sometimes challenging. Construction bidding software, also known as bid management software, is designed to streamline the estimation providing process by automating the estimation process. You only have to input the different factors, services and materials required, and the software will come with a highly accurate estimate. If you want to calculate the cost manually, you can use the software to get the most updated price of materials and services required.
What are the Benefits of Construction Bidding Software?
1. Consistent Estimates
You are going to receive consistent estimates, thanks to the algorithm. The more advanced software versions can also factor in the potential price increases and drops in estimates. Furthermore, the program can refer to the stats of your past projects to predict your efficiency and duration for the upcoming projects. As a result, you do not have to repeatedly research the materials required, equipment cost, and time taken to complete the projects. You only have to input these parameters once; the algorithm will handle the rest.
2. Accurate Cost Estimation
Undoubtedly, coming up with accurate estimates is one of the most challenging aspects of the construction business. If your target estimate is lower than the actual cost, it can cause financial stress for your client. Therefore, it is crucial to have software to gain more accuracy for your estimates. You must consider multiple factors, such as materials, equipment, and labour costs while determining the cost. Hence, it isn’t easy to keep track of all their prices and use it in calculations. Of course, you can still get accurate manual estimates, but it will take a few days. On the other hand, a good construction bidding software will generate the request for proposals (RFPs) in a few minutes. The software also allows you to modify, add, and remove the parameters as per your need.
3. Increases Brand Image
The construction bidding software will make your brand look more professional and modern. You will also be able to offer your customers the latest information about the material and service prices. Consequently, your estimates will be more accurate and make your brand look more reliable. If you aren’t already using such sophisticated software, you need to start doing so to match the market pace.
4. Improves Efficiency
As mentioned above, construction bidding software does days’ worth of work in a few minutes. This massively boosts your team’s efficiency and frees them up to focus on other essential elements of the business. The software comes in handy in situations where bids are needed quickly. Therefore, prioritizing efficiency can directly increase the overall productivity of your team.
5. Enhanced Project Management
Ongoing project management is no easy task. There are delays and unexpected price changes that affect the previous estimates. If you are not careful, you can get tangled up in re-estimates, failed constructions, and backorders. All these can lead to massive losses in time and money. Unless controlled, it can even force you out of business. In such cases, the competent construction bidding software will help you solve some of these issues.
To begin with, the construction estimation software draws up new estimates on the go. Therefore, you get a better prediction for the duration and overall cost of the project. The more advanced versions of the software re-order and track the delivery times of the material as well.
6. Much More Convenient
The software makes everything more convenient for your business. First, you do not have to go out and research the prices of the materials actively. The software interface takes care of that. The system also contains ready-to-use information that you can utilize at the touch of a button. As a result, you get more estimates, grab more deals, and increase your earning potential.
7. Eases the Procurement Process
After drafting the Requests for Proposals (RFPs), the procurement process also becomes more manageable. Once the estimate is created and approved, the system automatically prints out the vendors’ orders. This streamlines the delivery system and puts you ahead of the curve in this competitive market. Lastly, you do not have to research the prices. So you can spend more time fine-tuning the bid itself to fulfil your client’s needs without cutting corners.
As you can see, a single well-programmed construction bidding software helps you save time, money, and other valuable resources. It streamlines the entire process and enables you to create more bids for more clients. This increases your success rate and helps you land more deals.