ConWize, a start-up company that developed a cloud-based software for bidding and cost estimation, announces a new predictive analytics tool that enables construction companies to instantly create a price benchmark based on historical data from previous projects.
Construction companies constantly estimate projects, and there is a lot of data saved from previous projects. This data is usually not well organized and no one remembers what and where it’s saved, especially after they need to get back to it after a long time in many cases, the data is not even accessible in real-time when they need it for cost estimating.
“This challenge is what we came here to solve. Therefore we developed an analytical tool that knows how to run the analysis with a click of a button on many projects’ historical data, using the bill of quantities and providing an immediate benchmark of the costs for the project” said Dima Haikin – CEO and Co-Founder of ConWize.
ConWize’s predictive analytics is an additional and advanced tool to help estimate construction costs accurately. It uses advanced algorithms to analyze historical data and compare costs from previous projects. This means that construction companies can get more accurate estimates for their projects, which can save them time and money.
This capability can be used in a few ways:
- Initial evaluation of project volume – before starting to estimate a project, you can run an analysis on the projects’ BOQ, to get an understanding of an approximate project cost. This can be helpful in order to make a decision if to estimate this project at all.
- Gap analysis with manual cost estimation – After performing a cost estimating in ConWize software, you can run the analysis and see where are the gaps between the result of the cost estimate as opposed to the historical data, and this can be used as a risk management tool to understand the gaps, and by that also identify estimation errors before submitting the proposal.
This entire process enables to protect construction companies against critical mistakes that can drastically affect their bottom line.
“These types of predictive capabilities are those that set ConWize software apart from any other estimating software that exists today,” says Denis Umnov, CTO at ConWize.
ConWize’s all-in-one construction bidding and estimating software is a cloud-based platform that has been designed to be user-friendly and easy to use.
By using historical data, ConWize’s platform can provide accurate estimations of costs for materials, labor, equipment, and other project-specific factors. This information can be invaluable in helping contractors bids on projects with confidence and accuracy.