The role of technology in winning construction bids
Getting an edge in the construction business is crucial to winning big jobs, as it is highly competitive. Bidding is not the only factor to consider. A wrong bid or a mistake in your bid could result in substantial losses for your company.
A construction professional with any experience knows what it takes to win a construction bid and how the bidding process works. Being licensed, having a bond, and having good financials do not guarantee you will win the bid. To minimize liability risks, you should have a reliable method in place for assessing potential projects, calculating bids, and calculating your costs.
Bidding and contracting processes for general contractors can be simplified through construction technology. Contractors are now able to gain a competitive edge over their competitors by using it to perform their work.
Enhancing your construction business with smart technology adds value throughout the entire project life cycle. Technology can assist you in evaluating projects, analyzing costs, and submitting bids that are likely to win while also protecting your profit margins. Through the use of technology, the entire process can be simplified and made easier for everyone.
Construction Technology's 4 Key Benefits
Here are four ways construction technology can benefit your bottom line and enable you to submit winning bids on the right projects.
Limit your bids on the incorrect jobs
Being a general contractor can mean encountering a wide range of potential projects, but not every job is created equal. Before submitting a bid on a potential project, you should carefully evaluate it. Your contractor bond may be liable for claims if your company wins a job that your company cannot handle.
If you want to be profitable, you need to carefully examine your available labor and calculate the numbers before you submit a bid. It is also important to determine whether you can avoid or reduce the risks associated with a project or whether you can accept them.
Be sure to confirm the requirements of the project and decide the scope you have to in winning the bid. Thoroughly decide if you and your company have the capability to complete the project before the bidding phase. If you have doubt in your mind then you should not submit your bid.
A contractor may bid on more jobs than he or she can handle in some cases. Having too many contracts may prevent you from fulfilling them all. On the other hand, you must bid on enough projects to keep your business afloat.
By evaluating potential projects through construction technology, you can better understand the risks and determine whether to pursue them. By doing this, you can strike the right balance between bidding on jobs and avoiding the wrong ones.
Document the Facilities Team's work
Once a project has been delivered, construction software allows you to provide the facilities team with a complete record of the work you performed. The owner can benefit from this by adding value and making the transition from the completed project to its intended use much easier.
Your sales prospects will be able to see everything you did, and they will be able to use the searchable record and location to convert them. When the built condition of a project differs from the architectural plans, a visual record helps clarify the issue.
Prospective clients can use visual records to prevent losing knowledge when members of their facilities team move on so that the replacements can quickly catch up with what they know.
You can manage your projects more effectively with construction technology by choosing the right projects, submitting accurate bids, and selecting the right contractors. Having current construction management software can give you a competitive edge over others who do not have it.
To learn more, watch the following video tutorial.
Video Source: eHowEducation
Avoid litigation by mitigating risks
A construction project is always prone to construction defect claims. Keep detailed records during the process of performing the work with your subcontractors. It can help to defend against lawsuits if you document what you have done and the steps you have taken. It is important to take pictures and videos to document the conditions on the job site and the quality of the work in case a lawsuit is filed later.
When utilities are covered between the time of inspection and when the photographs are taken, they can be particularly helpful for showing their location. A photograph taken when they are completed can help ensure they are repaired before covering them up if they are poorly installed. The cost of future repairs could be extremely high and lawsuits could ensue if they are not repaired at this stage.
Additionally, documentation shows the state of construction at the time of inspection, which helps reduce the risk of lawsuits. The condition was in when you built it could potentially prevent litigation if a project owner later sues you for shoddy work or construction defects.
