Taming the Robots for Project Estimates in Construction

Talking About Construction Industry Robots

You know about these “robots”: they’re all about technology. From drones to robotic PPE, brick-laying machines to virtual reality headsets, BIM to 3D printing, there’s a whole lot of technological shaking going on in the construction industry.  

However, the “robots” of money matters in the construction industry are often less noticed. This article focuses on the financial automation tools that are part of project estimates. The aim is to help construction contractors understand how a few tamed robots can significantly enhance the accuracy of their project estimates, improve financial decision-making, and increase their chances of securing profitable projects.

But before we go there, let’s look at the history of project estimates. 

History of Project Estimates

The simple evolution of project estimates looks like this.

1. Pre-1980s: manual calculations 

2. 1980s and 90s: spreadsheet-based systems (automating cost tabulation)

3. Now: cloud-based software using AI and historical project data

Yeah, that simple.

Now, let's examine the history of the robots we’re discussing. We call this a tech stack.  

History of the Tech Stack

1. 1990s–early 2000s – On-premise (on-site hardware and monolithic software).

2. Mid-2000s–2010s – The rise of SaaS and cloud computing.

3. 2020s–present – Businesses often use a combination of best-in-class, modular tools.

(You may know the tech stack by another name. It can be called a software stack, technology stack, solutions stack, or technology infrastructure.) 

2 Key Players in Construction Project Estimating Tech Stack

The idea is to automate core accounting functions. Here’s why. Automation reduces the risk of human error, leading to more precise financial records and reports. To that end, QuickBooks Online (QBO)  is a comprehensive accounting solution.

The second player in this project estimating tech stack, is Knowify. Knowify handles things like time tracking, labor costing, and reporting (including prevailing wage). But there is so much more; by integrating with QuickBooks, Knowify provides AI-powered insights into job costing and business performance. There is also access to centralized data. The ability to analyze project data provides a rolled-up view of a construction company's performance.

7 Benefits of Using the Right Robots in Project Estimating

1. Better Communication: Real-time collaboration allows for data and other information sharing, leading to better decisions and strengthened teamwork.  

2. Enhanced Accuracy: Less risk of human error plus access to real-time data and historical information.

3. Hightened Efficiency: Automation speeds up the estimation process. 

4. Informed Decision Making: Access to historical and real-time data enhances budgeting, resource allocation, hiring practices, and more. 

5. Improved Risk Management: Using historical data to identify potential cost issues from the beginning improves risk management strategies.  

6. Practical Cost Savings: Reduced errors. Streamlined processes. Feasible resource allocation. All of the above leads to significant cost savings. 

7. Competitive Bidding: Add it all up. A heightened knowledge base + more efficiency + rigorous accuracy = competitive bids that can be produced with fewer headaches and more authority.      

Project Estimates With Tamed Robots

Using tamed robots (like QuickBooks and Knowify) to help generate project estimates for your construction business gives you an advantage over the many construction companies still stuck in the last century or the early days of this one.

By proactively embracing these tamed robots, you enhance the accuracy of your project estimates, improve your financial decision-making skills, and increase your chances of securing profitable projects.

You can leverage this construction accounting software and other financial automation tools to streamline your estimating process. Call us to learn more about how we can help you improve accuracy, receive real-time financial insights, and get a holistic view of project finances.

Ambitious Construction Contractors look to The Profit Constructors to provide advocacy in dealing with:

• Clients and customers

• Employees and subcontractors

• Vendors and service providers

• Governmental entities 

Working with The Profit Constructors gives Construction Contractors the means to organize their operations in ways that help them:

• Remain informed

• Avoid hassles

• Reduce risks

• Be future-ready

Ready for action? Or want to know more? Get in touch today to schedule a complimentary discovery call. 866-629-7735