6 Key Benefits of Estimation Software that You Should Know

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Imagine still relying on manual processes for construction cost estimation in today’s digitally-advanced age. Not only are manual processes time-consuming but they are also vastly error-prone, resulting in inaccuracy and, eventually, unprofitability. This is where the top tier contractors, builders and consultants have moved swiftly to adopt estimation software.

With competition and costs in the industry increasing by the day, it is critical for those in the construction business to stay ahead of the curve with accurate and swift cost estimates churned out by software. Whether you are looking to optimize project costs, create winning bids or streamline the process, cost estimates derived from powerful construction estimation software will give your business a significant edge.

1. Software estimates are exceptionally accurate

In spreadsheets, the increasingly complex formulas used during cost estimation lead to up to 5% risk of errors. However, construction estimation software brings down human error to zero by using hard-coded formulas and data structures. With estimation software, you create fast, intelligent and accurate cost estimates for your clients. Estimation software allows you to build smart BOQs in 50% lesser time using granular and insightful construction estimates. Such software also gives you the power to build specification and rate libraries, and generate accurate line item pricing via analysis of man, material, machinery, and overhead components. Such precision in cost estimation is also a result of data-driven analysis, real-time construction costs tracking and cross-referencing of construction databases.

2. Software estimates speed up the process

A construction cost estimation software churns out data-driven estimates in the blink of an eye. The faster you get your estimates, the quicker you can build and submit proposals. This means you spend less time dealing with cost estimation and more time with other more important aspects of your business.

3. Software estimates are more insightful and granular

Thanks to real-time rate trend tracking and cross-analysis of previous projects, estimation softwares can churn out more insightful and granular estimates. These enable one to create exceptionally detailed area statements, integrated coefficients, line item-based budgets, integrated consumption, wastage coefficients, BOQs, automated BOMs, etc. These insight-driven estimates also facilitate accurate reporting, giving you precise forecasts to help plan the project better.

4. Software estimates help you win more bids

With the help of estimation software, contractors can draft guaranteed estimates that increase their bid-to-win ratio. Not only contractors, but developers too can optimise their project costs and consultants can draft instant, effortless cost estimates thanks to estimation software. All of these factors contribute towards professional, winning proposals.

This is because estimation software helps solve multiple critical challenges in bid creation:

• over-dependability on human intelligence, experience and knowledge
• over-reliance on error-prone Excel sheets
• lengthy manual estimation times; budget overruns
• lack of standardization and deep dive into target price
• change orders and commercial claims
• limited analytics
• tracking every single change in scope, layout, design, BOQ

Thanks to estimation software, contractors and builders can:

• collaborate more efficiently on cloud
• easily access data, derive comparisons and generate reports
• create integrated and automated budget, BOQ and BOM
• modify BOQ as per revised procurement strategy
• approve order volumes in bulk
• experience ease in awarding product sourcing and financial tracking
• keep record of every change and back up data seamlessly
• churn out faster, more accurate bids within project timeframe

5. Software estimates enable better project management

When you rely on software estimates for your construction project, you can do away with spreadsheets and manual calculations, and introduce far more automation in your processes. Since all such estimates are stored on the cloud-enabled software, you can track and modify labour, equipment, material and other expenses easily, while also being able to create BOQs, BOMs, etc. efficiently.

6. Software estimates are dynamic in nature

Software estimates are a result of high-level real-time monitoring of industry costs, prices and trends. This gives you control over your project expenses across various stages, as the software can modify estimates basis the data available to bring the project back on track in terms both time and budget constraints, or any new challenges.

Intelligent cost estimates are a strong suit of BuildSupply Estimation Manager – one of the best construction estimation software available to developers, contractors and consultants alike. The software provides data-driven, insightful and accurate estimates to create highly granular BOQs, BOMs, bids, and reports. Not only will you be able to churn out 3X faster bids but also efficiently track KPIs, automate workflow, design custom approval processes, and collaborate better. If profitability is on your mind, then BuildSupply Estimation Manager software estimates are all you need!

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