The benefits of using construction estimation software

Does navigating the complexities of project scoping and cost forecasting seem overwhelming? Do initial budgets frequently prove inadequate once projects are underway? Estimating accurately at scale is no simple task, especially when relying on dispersed knowledge, generic rate tables, and static spreadsheet templates. Besides, there’s always a risk of inaccurate projections and budget overruns.

As a capital owner, you can leverage construction estimation software to create accurate engineer’s estimates. Construction estimating software consists of specialized programs that allow infrastructure agencies to predict costs and material needs for public works projects with a high degree of accuracy. From importing historical data and replicating the estimate model to RSMeans integration, document management, and addendums, software for construction estimates ensures that you have everything at your fingertips to create accurate assessments and reduce unexpected overruns.

Six reasons to use a construction estimation software solution

1) Historical data analysis

When creating engineer’s estimates for large-scale projects, historical data play a pivotal role in understanding cost drivers and minimizing risk exposure. A robust construction estimating software solution consolidates details from past projects onto a single platform, encompassing subcomponents and unit prices from similar projects. Additionally, the software applies linear regression techniques to calculate material prices based on past trends. This comprehensive data analysis not only facilitates informed decision-making but also validates cost projections and enhances the accuracy of estimates. Model replication further strengthens this process by ensuring consistency and reliability across projects.

2) Model replication

Construction estimating software allows you to duplicate the scope of past programs to inform new estimates. By applying historical insights about scope, schedules, and risks, you can better understand connections between past assumptions and outcomes. You can then make tweaks to previous assumptions you made within the duplicated project scope — phase lengths, unit costs, productivity — to perfectly fit the current Capital Program timeline and market conditions.

3) RSMeans integration

Integrating construction estimating software with real-time material pricing databases like RSMeans allows capital owners to access a wealth of current cost data. It gives you everything from material costs to labor and equipment rates in over 970 locations. Working with the latest pricing information empowers you to improve your estimates’ accuracy. With a detailed cost baseline rooted in data, projects remain grounded as they progress. There are no budgetary surprises down the line to derail programs or drain public funds.

4) Document management

Construction estimating software centralizes program documentation, including design scope, specifications, and other relevant information. Moreover, it provides the capability to share documents securely with external vendors, ensuring that sensitive information is protected while still enabling collaboration. This facilitates transparency and efficiency in the estimation process, allowing vendors to fully understand the scope of the project and make informed decisions when preparing their estimates.

5) Revision and addendums

Adjustments and modifications in large-scale capital programs are inevitable, whether due to scope changes, regulatory requirements, or unforeseen circumstances. Addendums within construction estimating software empower you to easily revise estimates, milestone dates, and program details. By providing a centralized platform for tracking revisions and addendums, software for construction estimates reduces the risk of misunderstandings or disputes and ensures that all stakeholders are kept informed and aligned throughout the program lifecycle. It also fosters efficient communication and documentation of changes, enabling seamless coordination between teams and external vendors.

6) Improved accountability

Even with accurate initial estimates, capital projects can veer out of alignment. Software for construction estimates offers audit trails that provide a clear record of accountability. By maintaining a detailed log of revisions, approvals, and other activities, audit trails enable capital program owners to track and verify every step of the estimation process. This ensures that decisions are documented and traceable, promoting trust and confidence among stakeholders. Furthermore, it helps demonstrate due diligence and adherence to industry standards and regulations.

Conclusion

Inaccurate estimates and lack of accountability during the bid process result in massive inefficiencies and cost overruns on public infrastructure projects. However, construction estimating software enables data-driven decision-making for the selection of the optimal contractor bid.

With embedded analytics for calibrated cost comparisons and regression analysis, solutions like Aurigo allow agency leaders to evaluate bids clinically rather than based on instincts. This transforms estimation and bid management into a strategic advantage for public agencies, enabling prudent investments toward community priorities.

Content source — Aurigo

To know more — The benefits of using construction estimation software