How to Increase the Accuracy of Commercial Construction Projects to Increase Profits

commercial construction projects

When it comes to accuracy, stakeholders in commercial construction projects cannot afford to compromise. Your business and profits are literally on the line when you create takeoffs and estimates using spreadsheets.

The commercial construction industry has changed: Are you up-to-date?

One in five large corporations have suffered financial losses due to data entry errors on spreadsheets, according to recent research. Most of these corporations are not losing nickels and dimes either. For example, one major financial firm based estimations on spreadsheet data that had been entered incorrectly. This led to $600 million in fines alone, in addition to the approximately $4 billion in actual losses.

Manual data entry and takeoff management via spreadsheets may be a common practice, but it is inefficient and often causes significant errors in estimates during the bidding process.

Across numerous industries, analysts are conceding that spreadsheets can be the equivalent of a ticking time bomb hidden in your organization’s operations, causing errors that are frankly catastrophic. Another recent study revealed that not only do these errors form the basis of misguided decisions in all the industries where they are used, but corrupted numbers are hard to separate from accurate data, adding even more chaos to the decision-making process over time.

The right platform will allow you to streamline your estimation process and locate more profit opportunities at every level of your operation.

Regardless of your company’s size, you will always have competitors and clients seeking an edge. Today’s bidding process for commercial construction projects is as competitive as ever, while current industry profit margins are fragile and financial risks remain high. The industry is in a state of evolution, and that means your company will have to adapt to stay competitive. For many of your competitors that “edge” is operations modernization.

Every bid counts: does Your software give you the whole picture?

Much of the commercial construction industry is already taking steps to change the way they do business. According to a recent survey of construction industry leaders, more than 98 percent believed that transitioning to digital tools was essential to the future viability of their business. This is with good reason: the rapid adoption of building information modeling software (BIM) is predicted to save the global construction industry about 20 percent of the global GDP, or nearly $2 trillion per year within a decade.

A cloud-based pre-construction estimating platform will allow you to generate digital takeoffs directly from your blueprints, saving time and eliminating human error in cost estimation.

Manual data entry and takeoff management is a time-consuming and high-risk process for companies of any size. In a competitive industry, a digital level of accuracy is a must when it comes to cost estimations, regardless of the sector involved. Although companies have relied on spreadsheets traditionally, enterprise-grade takeoff software offers the benefits of a simple interface, digital accuracy, and easy data export.

Manual data entry and cost estimation is an error-prone, labor intensive, high risk practice that most companies would avoid if they were aware of the benefits of using a streamlined digital platform for takeoffs. If your organization is still using spreadsheets you can increase your takeoff and estimation accuracy the smart way by using an enterprise-grade digital platform.

A pre-construction estimating software offers organization-wide cloud-based connectivity, giving stakeholders and decision-makers access to any cost estimate in seconds. This allows you to place each bid in the context of your company’s financial goals.

Here’s what you’re missing: One dedicated platform to connect everyone and eliminate takeoff errors and increase accuracy

Human error is one “cost” that you can’t afford when it comes to estimating and digital takeoffs. It just isn’t an acceptable risk and with digital takeoffs through a dedicated pre-construction estimating software, it’s not one that you have to take.

One proactive estimating software is ProEst. ProEst helps create rapid cost estimates that are accessible in seconds for any pre-construction project. ProEst can integrate data from numerous common business platforms such as Procore. The pre-construction estimating software offers complete control over the estimation process, from RFP to bid day analysis.

Here are just some of the platforms features:

  • Instant access to any estimate company-wide.
  • Locate any estimate in seconds.
  • Sort and analyze estimates by type of work, estimator, or department.
  • Develop statistically accurate benchmarks for bid profitability to determine which types of bids and markups make financial sense
  • Unlimited number of users
  • Handle digital estimates
  • Digital storage
  • Phone and email support

ProEst is focused on helping you reclaim your workflow and cut down on tasks that compromise your team of estimator’s productivity. You aren’t locked into a price that doesn’t match your company’s success. We also let you scale up your subscription level as you see fit when your company grows.

Want to increase your estimation accuracy? Use a platform built for today’s market

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 profitable 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 certain your numbers are accurate.

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