Contract Surety

Improving Profitability: Field Data!

05.05.2023

 

One of the biggest challenges for builders competing for new work is accurately estimating the scope and cost of a project and bidding accordingly. Pros point out that solid practices for gathering and leveraging field data increase the chances of success.

 

Data Driven Decision Making

The availability—and use—of field data leads to better results from the initiation of projects through to planning and execution. As Pros remind us:

With labor shortages, supply chain delays, and other common issues currently challenging the construction industry, modern project managers are continuously looking for ways to improve profitability internally. But, without a deep understanding of your team’s capabilities, it’s difficult to make impactful changes….Collecting detailed field data helps identify pain points and inefficiencies. Project managers can use consistent, timely field reports to draft accurate bids, plan precise project schedules and closely monitor progress. Without historical data from previous work, it’s extremely difficult to draft bids that are both accurate and competitive. When a company has a significant amount of information about how much time, labor, and other resources were spent completing similar projects, they can make better bids that protect both the owner’s and the company’s interests.

The ability to access and leverage field data enables builders to steer their businesses forward with informed decisions. Colonial Surety is here to help too, by arming owners with practical and useful financial data. Via The Partnership Account® for Contractors, we give you an edge—and help you plot the growth of your business, strategically, one step at a time. The Partnership Account® arms you with a private digital dashboard. Use it to obtain a day to day snapshot of single and aggregate limits, as well as current and available bond capacity. As work in progress decreases, you can even update work on hand. Then, advance to go: increase your aggregate so you can move your next bid forward.

 

Take control of your finances—and get a competitive edge on every bid, by issuing your own bid bonds, instantly, using our powers of attorney. Advance yo go today:

 

Pre-Qualify and Get Free Scores Here.

 

We Won: Now What?

Moving from winning the bid to excellent execution is not easy: plans must be detailed, accurate—and aligned to the actual capabilities of the business, making field data very valuable:

Once a project is won, the construction company needs to refine initial estimates and create a detailed project plan that finalizes the budget and schedule. If the actual project veers too far from these plans, the project owner may pursue litigation. Because both a high level of detail and accuracy is required, the planning phase is one of the most difficult parts of construction management. And while experience and research can help PMs make insightful decisions during this stage, nothing is better than real data. Data from the field shows project managers what went well or what went wrong when working on past projects. With access to detailed field reports, it’s easy to review the reasons behind any delays and learn if staffing shortages, safety concerns, or other issues—both preventable and unavoidable—frequently affect progress. They can analyze costs related to equipment and material usage.

Of course collecting better field data is generally easier said then done, especially since crews are frequently stretched thin. Reports can be the last thing anyone wants to deal with. Experts recommend digitizing as much as possible, and offer suggestions for doing so here. Don’t overlook the obvious, either: daily logs are a tried and true way to collect and review project data, although they are often treated as a haphazard close of day task. Try making the daily log more meaningful by digitizing it and enabling workers to record information throughout the day, as suggested by For Construction Pros:

What often happens is that it’s quickly completed at the end of the day, creating a high potential of forgetting important information about worker status, supply deliveries and weather, all of which can delay progress. By digitizing the check in, and empowering workers to record observations throughout the day, a project manager can securely gather important information from everybody who checks into the jobsite and population and automate data capture, making the data immediately available to the entire company, not just the project team.

 

These days, in every business, digitizing—done well—is usually worth the effort. That applies to builders and financial data too. A great way for construction company owners to better leverage their financial data is through the complimentary, online services of The Partnership Account® from Colonial Surety. In addition to a surety line of credit—in writing, The Partnership Account®  gives qualified construction companies:

 

  • Control of bidding and bonding, online and in real time.
    • Powers of attorney to seal and issue their own bid bonds—in minutes.
    • Fast, direct, confidential bid bonds—no middleman.
    • Direct access to performance and payment bonds on a customized dashboard.
    • Real time tracking of bids and work on hand.
    • Immediate access to Colonial’s lead underwriter as new opportunities emerge.
    • A private Owners Dashboard to view surety lines, adjust work and analyze bids.

Learn more and pre-qualify for a Partnership Account® now!

 

Founded in 1930, Colonial Surety Company is a leading direct seller and writer of surety bonds and insurance products across the USA. Colonial is rated “A Excellent” by A.M. Best Company and U.S. Treasury listed.