Construction costs are ever rising and in fact, most of the projects spend more than the allocated budget. A study says that 90 percent of the global infrastructure projects either exceed budget or fails to meet the deadline. Managing construction costs is a complex task. There is a scope of errors and inefficiencies when it comes to manual management. And therefore, installing construction estimating software becomes an obligation.
The construction management software can assist you with cost estimations and budget allocations. Let us discuss what construction software is all about. After this, we can discuss the ins and outs of construction software. Once you know these, you will definitely invest in the software to boost your construction business.
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What is Construction Estimating Software all about?
Construction estimation software is a solution specifically designed to estimate, calculate, and report construction costs. The software may be a simple solution having basic construction attributes or an advanced one with specialized functioning. Architects, engineers, contractors, managers, and others – everyone can use the software. Some of the most prominent features of the software are:
- Cost Estimation: Calculation of engineering costs, material costs, labor costs, taxes, etc.
- Cost Database: Maintaining a database of materials, standards, and other variables
- Proposal Generator: Prepare customized proposals for clients
- Takeoff: Identify exact requirements after analyzing digital drawings
- Cost Reporting: Preparing and analyzing current and historical cost estimates
- Accounting: Keeping a track on all types of costs
Importance of Construction Estimating Software
Construction software has a significant impact on your construction business. Read to know about how construction estimation software can be a boon for your business.
1. Streamlines Complete Cost Estimation Process
The ultimate objective of using cost estimating solution is calculating accurate estimates in the shortest possible time. Of course, there are other elements as well, such as a streamlined procedure. The software is capable of aligning various aspects of cost estimating operation. Right from collecting information to preparing detailed proposals, the software streamlines all tasks on a centralized platform.
When you have all the data in place, you don’t have to worry about anything. Simply focus on the task of preparing the cost estimate. This is what construction estimating software does for you. The cost database serves as a repository where you will find costing details. You can easily load templates, apply formulas, share rough estimates, and much more.
The intuitive interface promotes ease of navigation and operation, way better than in spreadsheets. Whether you are in the initial phase or final phase, the software keeps everything linked up.
2. Keeps you Organized and Punctual
Most of the construction management software solutions are cloud-based. Therefore, you don’t have to worry about maintaining infrastructure or worry about data security. Moreover, cloud-based solutions are fast, responsive, and intuitive. All these things assist you in being organized and punctual. You prepare accurate estimates in the shortest possible time.
The centralized nature of estimation software gives you access to multiple databases. So let’s say, you need information related to inventory or labor costs. You can easily access information from the respective databases, right then and there.
It also connects various departments in your organization. This ensures nil or minimum discrepancies in estimate costs and actual costs. So whether its procurement, inventory management, or accounting; estimating software is the common link.
3. Calculates Accurate Markups & Estimates
The slightest variation in the markup is enough to ruin your profits. Therefore, it becomes a delicate job for the contractors to calculate and apply markups on cost estimates. They have to ensure sufficient profitability. At the same time ensuring that they win the bid. The software aids in calculating markup values and adjusting the same.
The software allows contractors to communicate with the team and vendors. This ensures faster and efficient teamwork. Moreover, they can analyze previous successful bids, extract data from the cost database, and much more. The tracking of field costs, overhead expenses, and other expenditures also make it easier to calculate estimates.
4. Prepares Digital Takeoffs
Now with the introduction of building information modeling (BIM), it is easier to predict the exact material requirement. The software incorporates BIM to analyze details and prepare digital takeoffs. Instead of contacting vendors for price details and manually entering information, the software directly loads details from the blueprint. This saves your time and effort.
However, the process is still in the nascent stage. The developers are dealing with parameters like accuracy and efficiency to develop the perfect model. But in the future, you can use estimating software to determine the exact quantity of raw materials and associated costs.
5. Simplifies Reporting & Analysis
The construction estimating software aids you in preparing professional proposals and reports. This is beneficial in communicating information. Moreover, you develop an instant connection with your clients. The wide scope of customization lets you edit details as per requirements.
Since the data is available in a centralized database, the software easily imports necessary information. So whether you are creating one report or multiple reports, you have access to all the data. This eliminates the need to rely on third-party report generation software.
The software has a collection of predefined templates, suitable for different occasions like bidding, for example. You can even create your own templates to render a personalized approach.
6. Win More Bids with Construction Estimating Software
Losing a bid can be a major setback. But with cost estimating software by your side, the probability of securing a bid increases manifold. Assess your requirements, analyze the pros and cons of various software solutions, and finally seal the bargain at the best price. Follow these steps while choosing construction software and we assure you that you will not have any regrets.
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