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4 Ways In Which Project Cost Estimation Software Can Boost Your Construction Business

  • Highlights

  • Accurate estimation of project cost

  • Improves efficiency

  • Facilitates in making competitive bids

  • Cuts down wastage

According to Technavio, a leading market research company, the global construction estimation software market is expected to post a CAGR of almost 11% by 2020. With several nations focusing on the development of smart cities, the need to estimate accurate project costs will propel the demand for this software. In a competitive landscape, let’s see how this software gives you an edge over your rivals.
Providing enhanced visibility on the net cost and value, this software helps you take your business to the next level. Costing approximately Rs.4 lakh depending on the features, can be easily procured through customised engineer loans, a project cost estimation software brings professionalism in the way you undertake a construction project.

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1. Facilitates Easy Estimation of Project Cost

To be on top of your business, it's essential for you to factor in incurring costs related to equipment, labour and material. A project cost estimation software gives you key insights about these incurring costs, thereby making it easy to estimate the cost of a project. You can accurately pinpoint the volumes of materials needed along with labour costs which affect the selling price. It also helps you gauge the need for a loan, if required, to fund your project.

2. Improves Efficiency

Manual estimation is tedious and time-consuming. At the same time, it's prone to errors that can give a wrong estimate of the costs involved. However, a project cost estimation software not only reduces the chances of human errors but also alleviates manual estimation and entry of data. Fast and quick, it brings efficiency to the entire process. Companies using this software from the leading vendors have reported:
• 83% reduction in time with sub-contractor admin
• 45% average cost reduction across subcontractor prices using e-tender
• 12% availability of extra time to value engineer an estimate

3. Helps in Making Competitive Bids

In the construction industry, maturity in placing bids plays a critical role in bagging projects. You can make a competitive bid only when you are aware of the costs involved. Using a project cost estimation software, you can easily define the end cost involved in a project and make a bid accordingly. It brings a rational approach to your bidding process.

4. Prevents Wastage of Resources

A project cost estimation software not only helps you gauge the cost of a project but also aids in accurate measurement of the delivery time of materials. It tells you the time of the material and equipment to be delivered and thus helps you schedule your labour accordingly. Thus, you can prevent wastage of resources and utilise them to the fullest.

Additional Read: What separates engineers from the rest of the world?

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