From time-to-time we allow guests to write a blog entry; this gives us an opportunity to take a short break and offers information to our readers which might be interesting. The following is a guest listing from a software developer who is asking for you to take a short survey regarding construction estimating. Check it out and let us know what you think! (By the way, as a lawyer, I have to say that the following information is presented for informational purposes only and we do not offer any opinions regarding the survey or the software company behind the survey!) Thank you very much.
2012 Construction Estimating Benchmark Report
When was the last time you evaluated the performance of your estimating processes? Do you know your average bid-to-win ratio? How about your average time to turn around a bid?
Today’s top performing contractors all have well-established metrics and key performance indicators (KPIs) to measure their efficiency and effectiveness. From financial metrics to operational metrics, they’re tracking performance month over month and year over year.
But how do you gauge performance against others in the industry? Or how do you compare your performance to your competitor’s performance? Benchmarks provide an effective way to determine how you stack up against others.
Software Advice, an online resource that presents information about construction estimating software, is hosting a survey on estimating processes and best practices. In April they will report their findings in their first ever Construction Estimating Benchmark Report.
This report will allow you to compare your estimating processes to industry benchmarks for:
- Average bid-to-win ratio (i.e., percent of projects you win out of those you bid on)
- Top estimating errors and challenges
- Average time to turn around a bid
- Top estimating priorities for 2012
While the report is scheduled for release in April, it is already revealing some interesting trends. For example, the majority of survey participants find labor to be the most difficult cost to estimate, while material costs are the easiest. Or more surprising, most companies, win less than 30% of the projects they bid on.
To participate in the survey and receive a free copy of the report, visit: http://software-advice.polldaddy.com/s/construction-estimating-benchmark-survey