Cost Estimating

What is Construction Cost Estimating software?

Construction cost estimating software is a tool that helps to estimate the labor costs and the costs of materials for a project. It allows to create accurate and detailed professional proposals based on its estimates. With the increasing competition for projects, this sort of software is becoming an essential tool for any construction enterprise.

There are different trends you need to understand when evaluating what cost estimating software to use:

Increasing job competition
These days contractors need to be faster and more accurate at producing bids in order to not only win the job but also make a profit. The downturn in the economy means there are less jobs to compete for and project sponsors are expecting small turnaround times.

Digitalizing takeoff documents
The digital world has taken over the construction industry and building firms need to follow the efficiencies brought in by those technologies. Digitalizing takeoff documents means faster and cheaper document turnarounds, with file compatibility allowing for quick access and editing facilities.

Estimating systems for multi-users
Contractors require a bigger workforce as a result of their growth, and more employees often need to get involved into the cost estimating process. Systems that involve multi-users are growing in demand, and it is important to find a system that supports as many different users as possible.

Migrating to different locations
More companies are now bidding on jobs out of their locality. Having online accessibility to plan files through online plan rooms and BIM files is therefore essential to obtain the data needed to produce a bid. It is therefore important to have a solid online infrastructure when estimating project costs.

Key features

Here are the common features involved in construction cost estimating software:

Generating proposals
Creating professional and accurate bid proposal by using your cost estimates.

Database of costs
Creates an estimate by referencing to labor costs and materials.

Build assembly visualization
Helps you to visualize the section of the project you are estimating by displaying a graphical view of the build assembly.

Cost of materials and labor
Uses the calculations from your project takeoff to automate materials and labor costs.

Database of past projects
Creates a database to store your past projects with related labor costs and materials.

Pre-made templates for different jobs
Provides standard job templates for commonly used labor and parts.

Project reporting
Improves project cost analysis by creating graphs and charts of cost breakdowns.

Why Use Construction Cost Estimating software

There are many benefits to purchasing and using construction Cost Estimating software:

  • The process of cost estimating is streamlined and standardized, making it easier to use and understand. Cost estimations are better understood when people are familiar with a system they can trust
  • Speed of estimating is greatly increased, allowing construction companies to deliver their bids faster than the competitors. This means more chances of obtaining the contract.
  • Estimates and bids are delivered with greater accuracy so projects will stay on track and incur less unseen future costs. In turns this increases trust which allows for better firm reputation.
  • Projects keeping on track with their estimated costs leads to more future bidding opportunities, but also larger ones, allowing construction firms to obtain bigger contracts and more professional proposals

Your use of estimating software will vary depending on your needs and the needs of your business:

  • If you want all of your labor and materials estimates to be centralized onto the one system, then cost estimating software is for you
  • Estimating software will help you greatly if you find you are spending far too much time calculating material and labor costs.
  • Firms who often estimate materials and labor costs incorrectly will greatly benefit from a system which deals accurately with those costs.
  • Having a hard time making bid proposals which look professional? Estimating software will provide you with the functionalities to create the most professional looking bid proposals.

The software can automate repetitive tasks and utilize multiple data sources, including past estimates, standardized libraries, historical costs, performance data, and integrated RSMeans. Users can build, review, and edit estimates quickly, and automatically run price calculations to identify errors and reduce last-minute issues.

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