Do you need quick and accurate cost estimates for your construction projects?
Detailed cost assessments and reports are a must for being successful because they have a direct influence over every other part of your commercial build.
But estimating by hand is troublesome and time-consuming. With so many variables to consider, it can get overwhelming quick. Moreover, any error you make can end up hurting your bottom line.
This is why many contractors and project owners choose to invest in estimating software.
Table of Contents:
1. Why businesses use construction estimating software.
3. The benefits of using estimating software.
4. 5 most recommended estimating software for business growth.
Why businesses use construction estimating software
Designed specifically to predict and evaluate what resources are needed for a construction project, these apps can help you deliver estimates and quotes to clients on the spot.
They calculate the costs of your new construction build, including equipment, materials, and labor. In addition, you can use them to keep track of your resources as the project progresses, and anticipate any changes to your initial budget.
After your project is completed, estimating software provides you with comprehensive reports that show you if costs went overboard, as well as the areas in which the original estimates were exceeded.
How it all works
Here is how a basic estimating software functions:
- It gathers data on the latest prices for the equipment and materials you plan on using for your project.
- It allows you to review products and compare prices so you can find the best deals and lowest labor costs.
- It provides instant takeoffs that let you know the specific amount of materials that you’ll be needing to complete your project.
- It creates documents using all of this information that can be shared with sub-contractors and used as formal proposals to prospects.
- It helps you come up with relevant bids for potential clients.
- It keeps a record of resources used, labor hours, and any deviations from your original cost estimates.
So, now you might begin to see some perks of integrating this type of software into your workflow, but you’re still not sure if it’s worth the investment.
After all, why should this one app be at the top of your priority list? Software usually requires a large upfront investment, and there are other areas of your business that need your attention.
But, here’s why this matters. 👇
The benefits of using estimating software
With new technology emerging every day, the past few years have brought about a wide range of innovations for the construction industry. When it comes to cost estimating, software has made it easier for companies to carry out projects while cutting costs and streamlining their processes.
Automating both traditional forms of estimating and documentation has allowed contractors to make smarter decisions based on hard data that lead to more revenue and better business outcomes.
Here’s what you’d be able to gain from investing in this kind of software:
- Efficiency: you’ll be able to save countless hours spent on repetitive tasks and have estimates delivered much faster and with increased accuracy.
- Integration and improved project management: databases can now be integrated with your current systems to optimize your workflow and reduce errors and data replication. This will also make it easier for your team to stay organized, as well as for you to track your project’s progress.
- Credibility: nowadays, contractors expect quotes on the spot. Being able to provide not only that but also instant resource estimates makes your business seem professional and reliable. You’ll also be able to offer your clients personalized reports that give them more information and a little extra security in your business.
- Consistency: once you build a database of prices and costs, you’ll be able to use it to make better estimates, as well as to cross-review previous projects in order to make smarter business decisions in the future.
- Less paperwork: dealing with heaps of papers and sheets is not only messy and makes it harder to organize your data, but it’s also inconvenient for the rest of your team. Sharing relevant information is much easier and quicker when you’re using specialized software for it instead of old-fashioned written notes.
All of this sounds good in theory, but let’s also see what implementing this type of software would look like in practice.
5 most recommended estimating software for business growth
Estimating software allows you to be more efficient not only with your money but also with your time and other project resources. It can help you create a system where you’re constantly able to send new bids.
Here are 5 success stories that prove how effective estimating software can be for increasing revenue growth:
This free software is one of the most widely used for construction estimating. It collects relevant information from an extensive, industry-specific database that makes it easier and faster to create takeoffs. Stack is cloud-based so you can access it from anywhere, as well as use it to get exhaustive reports on your estimates and project progress.
Specifically designed for the construction industry, ProTenders offers a whole host of useful features not only for cost estimating but also for finding the right projects to work on and for optimizing your bidding process to receive more funding. You get easy and quick access to all the data you need, in addition to markers that highlight the most relevant information for you.
3. Viewpoint Estimating
Viewpoint uses standard units and industry-specific data to offer accurate estimates on equipment, material, and labor costs for construction projects.
It has built-in features that help you produce high-quality takeoffs, as well as cost analysis tools that help you make better decisions in the future. It also features automated management for finances, including invoices, inventories, and payroll.
Helping over 8,000 companies to streamline their estimating and bidding processes, ProEst calculates project costs in real-time. It allows for digital uploads, as well as uploads of construction blueprints and drawings that can be annotated and used to gauge costs instantly.
In addition to estimating, ProEst offers integration with other business tools, reports, and proposals, as well as digital takeoffs and CRMs that help manage important customer information.
5. Sage Estimating
With a wide array of takeoff methods to choose from, Sage Estimating offers smart estimating solutions that are mainly targeted for businesses in the construction industry. The platform features integrations both with project management and financial tools. In addition, it comes with a prebuilt database, as well as professional proposal templates that can help optimize and speed up your bidding process.
If you’re interested in reading more about tools that help you deliver results for your construction projects, check out some of our other success stories here and discover simple ways of streamlining your business processes to boost revenue growth.