Estimating & Cost Modeling Software
How long does it take you to create conceptual estimates or cost models for upcoming projects? If you’re like most companies, this process can take a bit of time – often time you don’t have if you want to win the bid. By utilizing a software program, like Modelogix, you can create estimates quickly and easily based on completed projects. Cost history is at the tip of your fingers along with all the latest material, resources and labor pricing in the market.
How Can Estimating Software Help My Construction Company?
Working with estimating software will save you time and energy when creating new conceptual estimations. Instead of researching all of the input data each time you create an estimate, you can access a wealth of historical information to make more accurate estimates. When you’re more accurate, you allow your team to avoid uncomfortable conversations now the road.
Data from Excel and other interfaces can be easily imported and organized by coding structures. Instead of manually reviewing and compiling data, a process that can lead to human error, software allows you to have fast data output on each necessary item for a particular project.
What Kind of Software Can Help with Cost Estimating?
Modelogix is a stand-alone application with a MS SQL database engine. This means it works with every construction-estimating solution in the market: WinEst, Timberline, Vico Office, MC2, US Cost, and even Excel. As with any database, it is critical that data is entered cleanly with a pre-defined nomenclature. The Modelogix attribute filter allows you to do this. Think of it as cross-tagging your projects by industry, by construction type, by geography, etc. By thoroughly indexing your projects as you load them into Modelogix, you’ll be able to instantly call them up in a project filter ten years from now!
The Features & Benefits of Modelogix:
Leverage Historical Data:
- A key concept that will help your business is normalizing your project cost database to inflation and location. This makes that ten-year-old project relevant again and help you compare apples-to-apples no matter the labor/equipment/materials costs per geography.
- When you’re importing past projects, searching and reporting data is available immediately for your new cost models.
- Quickly import any historical data relevant to a current project from Excel to Modelogix.
Organize & Prepare Your Data:
- With a wealth of past-project data, estimators can create new cost models for feasibility budgets, benchmark new estimates and identify pricing variances, and even sanity-check a new budget to ensure that all scope is covered.
- By better understanding cost variances, estimators can better identify project risk, suggest value engineering ideas, and even present multiple options to the Owner.
- In bid situations, creating these helpful options illustrate your firm’s knowledge, experience, and partnering capabilities.
- Use Smart Categories to search and find similar projects in your project archive to find the right mix of projects for your new conceptual estimate.
- Make your process more efficient by normalizing data over time and location with cost indices
Analyze & Report Your Data:
- View and compare your cost model side-by-side with the project estimates that formed the basis of the model
- Reporting in Modelogix is easy to set-up and design. Report templates consist of project images, charts, graphs, side-by-side comparisons and even cover sheets and a table of contents.
- Identify hidden risks in the data through the analysis process.
If you’re looking to make your estimating process more efficient, reduce errors and utilize data to create better models, you’re looking for Modelogix. Our team of highly qualified experts are excited and ready to talk with you about the right solution for your company. Talk to the team at BuildingPoint Southeast today!