Usually, contractors search for work in multiple ways, such as negotiation of contracts, open bidding, proposal submissions, etc. However, irrespective of the method used, all contractors will have to subcontract all or parts of their projects to sub-providers and vendors for efficient performance.
The entire process of managing bids takes a long time. As the general contractor, you’ll have to devote substantial time to identifying vendors and subcontractors, preparing bid invitations, and then giving each invited or selected provider the appropriate information, blueprints, and other data. Then there are the extra hours spent responding to emails, making phone calls, and working with vendors to guarantee adequate bid coverage.
Managing all of the in-inflowing and outflowing information procedures with each vendor and contractor is as complex and time-consuming as it sounds. As a result, an increasing number of general contractors and builders are turning to construction bid management software to help them coordinate their work and gain a competitive advantage in the market. Check out Bridgit for more information.
What Is Construction Bid Management Software?
A construction bid management software is a tool that automates the entire procedure involved with submitting a proposal to manage the project. Project contractors and managers can also better track the construction projects with the help of a construction bid management software as they gain more insights and visibility. It also leverages the accountability of the project in progress.
In short, from pre-bidding to bid projects and to ultimately on-field actions, you can easily manage as well as keep track of all your construction projects, evaluation processes, personnel involved, paperwork and documentation required along with other requirements and procedures.
What Does Construction Bid Management Software Do?
Construction bid management software helps project managers and contractors with improving their work speed and performance by:-
- Creating bid contracts and proposals
- Searching for the best bids
- Converting bids to contracts and subcontracts
- Assigning workers with projects or tasks
- Tracking expenditures
- Notifying authorities about any red flags or inconsistencies
- Balance out work delays
With this management software, you can work more efficiently and communicate better from a single platform. In addition, this single-platform design helps you reduce your workload of multiple days within a matter of a few hours.
Benefits Of Using A Construction Bid Management Software
There are numerous benefits to employing construction bid management software which go beyond simply increasing speed and efficiency. Here’s how a construction bid management software can help benefit you-
Organize The Bidding Process
Creating and sending out Invitation To Bid (ITB) can be a time-consuming and tedious task. After identifying all your necessary tasks and requirements, you will have to select the potential vendors and subcontractors.
The advancements in technology and the onset of emails and electronic hosting and sharing of plans have made the workload significantly lighter.
Through bid management software, contractors can quickly identify and select who they want to work with, create ITBs and share plans and other details all at once.
The more engagement all parties have with each other, the higher the chances of a swift and smooth collaboration that could also lead to long-term commitments. Even before the construction phase, the increasing complexity of projects and tight schedules and budgets have made communications more important.
With this software, contracts can share information and agendas with their bidders easily. Some software also allows contractors and managers to track and view the necessary documentation and files. It will enable them to reach out and discuss plans with the vendors to ensure a proper understanding of the project and their assigned tasks.
Pre-Qualification Of Vendors And Subcontractors
One must stay informed and knowledgeable when selecting prospective vendors to work with. To reduce the safety risks and mitigate delays and other issues, general contractors must identify and pre-qualify vendors before inviting them.
Most bid management software tools allow contractors to pre-qualify vendors they wish to work with using customizable or pre-constructed forms based on the industrial standard.
It gives general contractors the scope to assess the risks and benefits before sending out ITBs.
Organization And Systematization
Staying on top and ahead of all your work is critical to smooth and efficient working. The provision for storing all your project data and documentation and accessing it all from a single platform helps keep all your bids organized systematically.
Also, the ability to track responses, create notes and generate logs helps keep in touch with the necessary communications and information.
Contractors can now update all information about their vendors and subs on the software. With all the information present, it is also easier to sift through the present data to find what is needed.
Save Your Time
Including all the specifications, drawings, and all other relevant documents is a very hasty process to handle manually. However, a construction bid management software can save substantial amounts of human labour and time when it comes to handling, managing, and evaluating various bidders.
Besides, management software makes it effortless for the contractors to send any clarifications, revisions, or reminders. Moreover, all of this can be dealt with a few clicks only.
To be considered as a construction bid management software, a system must
- Be able to:-Create or encourage the creation of Requests for Proposals (or RFPs), Requests to Tender (or RTTs), or a combination of the two.
- Be able to track and manage the data and details of communications and information exchange between contractors, suppliers, vendors etc.
- Offer templates or customized bid forms.
- Encourage the creation of guidelines and another criterion for selecting bids and prospective vendors.
There are a variety of such software to choose from if you wish to enhance your project planning, bidding process and ultimately its implementation and action. Some software offers an unlimited user capacity, yet others provide comprehensive tracking and updating features for better planning and efficiency.
You can identify your own needs and requirements first before you make an informed decision and select your very own management software. Then, complete the workload of days within a few hours and all from a single platform!