ConWize, the leading cloud-based platform for simplifying the bidding and cost estimation process for construction companies, today announced new KPI Analytics capabilities in its software. This latest addition will help companies track their progress and performance against key indicators, so they can make more informed decisions and improve their chances of winning more projects.
In most companies, the estimating work can take weeks or even months, as most of the work is usually done manually in excel sheets using various formulas.
The company management wants to make sure that the estimation makes sense, and that there are no errors in order to maximize the chances of winning the project and make sure the profitability is high enough.
How can that tender department manager and the top management check all the sophisticated estimating work performed and within deadlines?
Usually, each construction company sets its own KPIs that are relevant to its business, they usually create an excel sheet with a calculation for each KPI. The parameters are calculated and entered manually.
For example, if a contractor is planning a new residential project, they can decide that one of the KPIs to measure is the cost of sanitation per unit, so they would check the cost for the entire sanitation works in the project and divide that number by the number of apartments, to understand if the cost makes sense based on former experience.
This process is done manually and is prone to errors that are very sensitive.
After each presentation to the management, all their remarks and adjustments that need to be done to the estimate need to be done later on manually re-calculated. Because of that, the number of KPIs that can be analyzed and the number of iterations are limited.
The result is that most companies have the resources to analyze no more than 10-20 KPIs.
The existing work method is not good enough and a more advanced method is required that will allow a better analysis of the project cost estimate results, as it has a direct impact on understanding the numbers and the chances of winning the job.
We have developed an advanced analytics mechanism that is directly connected to cost estimation in BOQ that allows you to set any desired number of KPIs and then the calculation results are received at the click of a button.
This means that for any changes that are requested to be corrected in the estimation- the KPIs are automatically recalculated. In addition, we have developed the ability to automatically compare KPIs against similar past projects and this makes it possible to use historical data while analyzing the KPIs and not rely on memory, and to create the company’s knowledge database.
We have seen that our customers who use it have already set up 50 KPIs (as opposed to 10-20 KPI’S they have created manually in the past) and the results are received at the click of a button in real-time. This allows them to better understand the pricing in a minimum time, avoid mistakes, and improve the winning rates, and also the profitability of the projects.
Today, ConWize’s software is the only cloud-based tendering platform that combines both bidding and cost estimation solutions. With ConWize’s new advanced KPI analytical capabilities, you can now accurately analyze estimates, reduce estimation errors, and make wise decisions.
“ConWize is committed to helping our customers win more tenders and execute them with more profitability,” said ConWize CEO Dima Haikin. “Our new KPI Analytics feature will give them the insights they need to optimize their estimations and improve their bottom line.”The new KPI Analytics capabilities are available now to all ConWize customers.