Tips for Reducing Excessive Commercial Construction Costs with Reporting

Construction companies today have a data problem. Despite the evolution that’s going on right now in the industry, even large firms are still using old methods for gathering information on projects (like Excel).

When a construction company’s project data is spread across a multitude of spreadsheets and software, that creates inefficiencies in a company that can take time (and money) to smooth over. This kind of messy data retrieval makes reporting information to managers, clients, and stakeholders on a project a real challenge.

But it doesn’t have to be such a headache. Here are a few ways construction estimators can manage data more efficiently, deliver more accurate bids, and confidently produce better reports.

Why Better Reporting is Needed in Construction

The construction industry is behind most others when it comes to adopting new technology or project management software. It was reported in a recent construction industry survey by KPMG that “two-thirds of the 200-plus construction and engineering executives and major-project owners surveyed said they don’t use advanced data analytics to monitor project-related estimation and performance.”

But if you’re looking to deliver successful bids or job estimates, accurate and up-to-date project information is crucial. Experts at KPMG recommend that project managers and leaders establish better standards in the industry by using systems that are more efficient:

“Governing boards, shareholders, and regulators establish high standards for project performance in order to help ensure that projects are delivered on time, within budget, and to the expectations established by the project’s stakeholders,” according to KPMG.

In commercial construction, the goals and guidelines of any project can get complicated, especially when multiple stakeholders are involved. “To help accomplish these goals,” says KPMG, “projects should implement project reporting systems tailored to their own industry; while meeting the reporting needs of the project.”

Tips to Chop Your Construction Costs

Construction managers can help improve their projects and avoid costly inefficiencies, just by tracking the right information. Investing in and using capable software like ProEst can help construction firm owners track data and report more accurately on projects. That’s going to help commercial construction firms in a few different ways.

Ensure project bids are more accurate:

“Each bid submitted for a particular job by a contractor will be determined by a large number of factors,” explains CMU project management professor, Chris Hendrickson. Those factors can include “an estimate of the direct job cost, the general overhead, the confidence that the management has in this estimate, and the immediate and long-range objectives of management.”

Tools like ProEst feature a Client Relationship Management (CRM) tool to help estimators manage their interactions with current and potential customers, all within its cloud-based platform. This helps all of a project’s team members stay organized: not an easy task when dealing with several data-sets and communicating with multiple stakeholders on a project.

Maintain and improve client relationships:

Cost estimation software like ProEst helps everyone on a project by reducing estimation error. “If a builder is prepared to build but doesn’t know what the price of steel is going to be, that’s problematic,” Anirban Basu with the Associated Builders and Contractors told City Lab.

“That’s the kind of uncertainty that can cause a builder to delay construction,” says Basu, “and that would further constrain the supply of housing and drive prices up in the near term.”

But when construction estimators use tools like ProEst, they have access to timely information (like the RSMeans database), to ensure the materials and cost estimates they deliver are accurate.

Encourage transparency within company: “Construction remains one of the least digitized industries throughout the world, with its heavy reliance on manual labor,” says CityLab.

By using an integrated (and digital) project management system like ProEst, construction estimators are able to integrate data within the company and use existing business tools to connect team members. And because ProEst features digital takeoffs that team members can get directly from the project blueprint, your company can save even more time and prevent confusion on projects.

Solutions for Managing Construction Costs

ProEst helps professionals in the construction industry deliver success and grow their business, by giving estimators the resources and tools they need to provide accurate construction costs.

“We create estimates about 50% faster with ProEst than we did with Excel,” says Mac Crawford, Owner of Crawford Construction. By using ProEst construction estimating software, professionals know they’ll get accurate estimates on every project they’re after.

From tools like the RSMeans database to digital takeoff capabilities, ProEst gives contractors, owners, and construction estimators all of the resources they need to win the projects they want.

“Good systems facilitate decision-making because they provide management with accurate and meaningful information,” according to KPMG. Having hard data (and the right numbers) makes the project estimation process easier on construction teams, and ProEst helps to ensure that all of those decisions are easier for professionals to make.

You can get a closer look at the solutions that ProEst delivers for construction estimators and managers by taking a tour of our innovative technology.

ProEst is a cloud-based pre-construction estimating platform that helps you create accurate estimates and digital takeoffs directly from blueprints quickly, allowing you to determine the most favorable rates for your company within the estimation process. There’s no guesswork involved. ProEst makes quality assurance in commercial construction projects estimation effortless. You won’t have to engage your entire team to be sure your numbers are accurate.

If you would like to learn more about how your commercial construction company can increase its profits and reduce miscalculations during the estimation process, reach out today and schedule a 1-on-1 walkthrough with one of our specialists!

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