Here are the Benefits of Using Construction Bid Management Software for your Engineering Projects.
In the field of construction, contractors find work for procurement, design, installment, consultancy, or turn-key projects. Irrespective of the type of project involved, contractors are almost always required to submit bids or quotations for the intricacies of any given project. The process of creating and submitting pertaining proposals manually is often tiresome, and this is where bid management software comes into play.
Bid management software used in the construction industry essentially represents ease and convenience for the process of creating and submitting related proposals. A well-built construction bid management software allows contractors and subcontractors to produce bids and estimates using professional templates, gain visibility and manage communication within teams. Given below are six benefits of using bid management software for contractors and subcontractors alike:
1. Bid management software streamlines processes
Managing bids is tedious work for both companies and general contractors that are putting out a bid and subcontractors who are submitting their quotes. Bid management software helps streamline processes at both ends by making sending out invitations to bid or ITBs easier for contractors, and accepting those invitations and filling bids easier for subcontractors. Contractors can also communicate all relevant specifications of the projects, share project plans and maintain categorized lists of sub-contractors in each category. Subcontractors on the other hand can view all items that need to be fulfilled in detail and create bids in ready-made templates online.
2. Bid management software helps you organize
Construction and bidding require contractors and subcontractors to maintain databases of all project data and relevant documentation. This data must be stored in a central location that can be accessed by relevant team members at all times for swift decision making, and that is exactly what bid management software makes possible. A general contractor managing multiple subcontractors can hence maintain tabs on each party, schedule calls, create labels, and maintain notes for their daily workings.
3. Bid management software helps improve communication
Construction bid management software helps improve communication amongst relevant team members and hence aids collaboration between them. Construction projects can get pretty messy if the lines of communication are not centralized and if team members don’t have access to relevant information. To settle into time and budget constraints, contractors and subcontractors should use bid management software to share information and agendas between all team members. Members would hence be able to view updated information in real-time and hence ensure better decision making.
4. Bid management software helps track bids
For companies and general contractors that put out bids, bid management software is a literal God-sent help as it helps them manage and compare the hundreds of bids they receive for each project. Contractors can view responses to their ITBs and also compare estimates from all the applications. Subcontractors, on the other hand, can track the bids that they apply for and maintain relevant databases to view and track progress. General contractors can also pre-qualify bids post tracking by sorting out subcontractors through general criteria and default sorting features.
5. Bid management software enables remote work
Given how globalized our economies have grown to become, it is likely that top-tier team members in general and subcontracting firms could be working remotely from different parts of the world. Instead of resorting to emails and overseas calls to initiate communication and make remote work possible, companies should make use of bid management software to enable cloud-based work. Sales, procurement, and on-ground teams could be based in completely different locations and required to work with each other for time-sensitive decision making, which is made possible through bid management software.
6. Bid management software helps ensure safety and security
Cloud-based data storage solutions are always safer than manual storage solutions since they provide safety from data theft and damage. Construction works and bids often feature sensitive information that could wreak monetary havoc in the wrong hands. If you are a subcontractor competing with others for a project, you would be required to keep your bidding data safe from prying eyes. While bid management software allows access to remote teams, it also helps managers revoke access and see who accesses or edits relevant documents in real-time. This limits the possibility of fraud and raises accountability for all relevant parties.
Conclusion
With the rapid growth we are witnessing in the real estate and development sectors, contractors must make their processes and operations as efficient as possible to stay competitive and relevant in this industry. To land more jobs and acquire bigger projects, contractors need to streamline their business operations by incorporating bid management software into everyday work life to close a greater number of deals.
Managers of both general and subcontracting firms can hence benefit from bid management software by accessing readymade templates, organizing data centrally, posting and fulfilling bids, providing access, and maintaining data security. The better the most essential task of their daily operations is organized, the better would be their chances of succeeding.
