Here are 5 key Advantages of Bidding Management Software
A general contractor works through various means: bidding, negotiating, submitting proposals, design-build, etc. No matter how the general contractor approaches, the work must subcontract out to trade contractors or other vendors.
Maintaining contact with all parties and tracking the information flowing is about as easy as herding cats. General contractors can achieve both order and competitive advantage using bid management software. Using bid management software can benefit your business in five ways.
Benefits of Bidding Management Software
Streamline Your Bidding Process
Sending and creating ITBs is time-consuming. You determine which subcontractors are capable of doing the work in the project area after you identify all the trades you'll need. Subcontractors' plan rooms and fax machines are no longer necessary since plans can send and retrieve via email rather than fax or post.
The ability to quickly identify who to invite to bid, create ITBs, and share plans and specs all at once with all the invited subcontractors are a huge time saver for general contractors. Plans and specs for each project are available online.
Bid Coverage Surety
A bid management software program enables general contractors to easily monitor the number of bids they have received for each trade and which vendors have responded.
Bidding management solutions also allow access to a broader network of subcontractors and vendors than the private network of subs. Inviting trade contractors who they're not familiar with to bid on their projects is a way for general contractors to reach out to them. Additionally, it can help general contractors grow relationships and increase their networks for future projects by ensuring that bids cover all aspects of the project.
A project that communicates effectively is more likely to succeed. The workings of various trades on construction projects have historically been disjointed. As schedules and budgets become tighter and projects become more complex, collaboration in construction becomes essential, even during preconstruction.
Bid management software makes it easy for contractors to share information and addenda with their bidders. General contractors can track which documents and files they've accessed and viewed using some bid management software, enabling them to communicate with their subs and review plans and specs together to ensure a better understanding of the project and what expects of each subcontractor.
An effective bid management process requires keeping track of everything. It makes it simple to keep all of your bids organized to access and store your project data and documentation in one place. You can easily track all communications when you create notes, track responses, and generate call logs for each sub.
General contractors can manage data related to subcontractors and filter information and contact lists to find what they need when they need it with bid management software.
Qualified Sub Contractor
Selecting the right subcontractor requires informed decisions. Prequalifying trade contractors before inviting them to bid on projects can mitigate the risks of safety issues, schedule delays, and subcontractor default.
The bid management applications provide customizable forms or preconstruction forms that general contractors can prequalify trade contractors. The general contractor can then look at each trade contractor's safety records, finances, bonding capacity, and past work experience to assess their risk factors.
To learn more, watch the following video tutorial.
Video Source: VeenaPro ERP Solutions
General contractors spend hours identifying subcontractors, creating invitations to Bid (ITB), and providing each invited bidder with information, plans, and specifications. They need to make an accurate proposal. Then there is the project itself. You also have to follow up with your subs via calls, emails, and agendas to make sure every trade is adequately covered.
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