No major task or complex project can be successful completed without effective estimating tools. Most of these tools are software programs that offer helpful financial and project management functions. Here are the best benefits of using estimating tools for projects.
Contractors can maintain work standards and project consistency through estimating software programs because they can re-use previous timetables, financial values and cost forecasts. Electronically retaining a history of financial figures empowers estimators to save money, avoid budget overruns and accurately avoid costly overruns. Maintaining consistency of project estimates, such as labor resources and subcontractor requirements, also establishes a reputation of quality and reliability.
Estimating tools are primarily used to project costs and create budgets. In the competitive business world, private contractors and consultants need to be able to accurately forecast labor, material, equipment and subcontract costs to win over clients. Using estimating tools to determine the project’s real costs will be beneficial to contractors and customers because financial data will be precise and transparent. Using software instead of manual data entry reduces the possibilities of human errors.
In order for big projects to be completed on time and within budget, numerous minor tasks must also quickly completed. One notable benefit of estimating tools is faster productivity because software programs save time and money. With just a few mouse clicks, estimating software will provide accurate bids and pro forma invoices that can be easily emailed to contractors and partners. These software programs are also useful in scheduling deliveries and employee schedules.
Overall, estimating tools and software guarantee higher levels of professionalism. Today’s consultants and contractors use estimating programs to optimize project efficiency and maximize profits. The benefits of estimate tools are often incorporated into sales and marketing materials to demonstrate the contractor’s professional expertise and knowledge. For example, a project manager will be able to accurately forecast labor costs through features that automatically adjust labor units by analyzing task difficulty and time estimates.
Better than Spreadsheets
Many contractors start out using advanced spreadsheets to manually calculate labor and financial estimates. While this will work for small and simple projects, it can result in catastrophic errors and costly mistakes. Generic spreadsheet may cause contractors to forget or fail to quantify certain items.
Spreadsheets require a lot of time to create and maintain estimates one item at a time, which becomes difficult with projects that involve detailed bids and parties. Advanced estimate formulas tend to be difficult with too many steps involved.
To wrap up, consultants and project managers prefer to use software-based estimate tools because they improve accuracy, productivity and professionalism. Some of these estimate tools are connected to mobile project management apps.