A construction company can rely on a digital bid board to efficiently manage their bids, identify key market opportunities, and win more contracts. This way, such a company can build a healthy backlog of projects to maintain and grow its business.
While most contractors rely on email calendars, whiteboards, and Excel spreadsheets, these tools are not sufficient and may lead to duplication of tasks and data. In addition, you are likely to miss some data or work with outdated information. Even cloud-based applications may not be efficient as they may require hours of manual data entry as well as miss out on important features. Below we highlight the key benefits of using a digital bid board to manage and track your bids.
Centralize all your bids and documents
Using a spreadsheet or whiteboard to manage your bidding opportunities means you will constantly refer to your email for updates as well as tracking your specifications, plan sets, and project documents.
Online boards can help you access all your notes, documents, upcoming events, and bid dates in a single place. Having all your bid details in one place helps you not to miss out on any important details or events.
Better Collaboration on Bids
Companies are investing in tools that enhance the effective collaboration of their teams. Construction companies are using digital bid boards to conduct remote meetings and collaborate in real-time.
Bid coordinators also use bid boards to easily assign tasks to estimators and send updates on bid dates and upcoming tasks. Digital bid boards also allow members to share bid notes and deadlines with those connected to the same database. This allows collective reviewing and selection of the most-promising bids.
Get rid of Manual Entry
Using whiteboards and spreadsheets to manage the bid pipeline may lead to countless hours of manual entry of new bids. The manual copy and pasting is not only tiresome but also prone to errors.
A digital bid board helps to consolidate all your bid invites and add them to a bid board with accompanying documents. Contractors are able to instantly update other stakeholders of their intention to bid without making phone calls or sending emails.
Create Efficient Workflows
A digital bid board allows contractors to bid in their own style. They are able to efficiently move projects within their pipeline in order to get a clear picture of new bids, those under review, and those they have won. In addition, being able to select and sort projects allows project managers to customize and create efficient workflows.
Well-designed online bid jobs allow the project managers to have a better view of what is likely to work best.
Operate with the Most Up-To-Date Info
Using whiteboards and spreadsheets may lead to missing important data. In addition, it could be that by the time you update the manual bid board, the information is already obsolete. A digital bid board allows you access to the latest information on the project and enables you to make informed decisions. In addition, all updates and new information are added in real-time. Contractors can test verify their information to ensure they are working with the latest data.
Focus on the Right Projects to Bid
Contractors always have varying bid-hit ratios for every type of project they bid on. It is easy to win public projects with a bid-hit ratio ranging from 7 to 1 all the way to 11 bids to 1. With a digital bid board, you get a clear view of those projects you can easily win, those you have bid, and those that you have won. This way, calculating and tracking your bids becomes easy. It is also easy to establish your bid-hit ratio and work on prioritizing and targeting the projects that you have high chances of winning.