At first, it might seem like you don’t need data analytics in a field like construction. If you can win bids, you get projects, which means your business grows and you make money. Occasionally, it’s that simple.
Continue reading “The Power of Data Analytics for Construction Businesses: Introducing ContractorBI”
Explore the importance of accurate construction forecasting, the risks of limited forecasting, and how ContractorBI™ helps you take control of your future success.
Construction forecasting isn’t just estimating costs. It’s about making smarter, more strategic decisions to keep your projects on schedule, your revenue streams steady, and your resources properly allocated. Yet many contractors only forecast for active jobs, missing a critical piece of the puzzle: bids and future workload projections.
Why is this a problem? It leaves future workloads uncertain and potential bottlenecks unseen. Without including bid data in forecasts, you risk making hiring, purchasing, and scheduling decisions without the fullest picture. And that makes it difficult to accurately plan for growth, workforce needs, or potential slowdowns.
This is where ContractorBI™ transforms forecasting: bringing together job cost accounting, project management, estimating, CRM, inventory, and bidding data into one platform with business intelligence dashboards designed specifically for contractors. And by leveraging AI, machine learning, and market trends, it delivers predictive analytics for the most accurate forecasts possible.
Let’s explore the importance of accurate construction forecasting, the risks of limited forecasting, and how ContractorBI™ helps you take control of your future success.
In construction, predicting labor and resource needs is essential for profitability. But many companies still struggle with forecasting accuracy, leading to last-minute staffing changes, unanticipated costs, and revenue disruptions.
Let’s take a closer look at why construction forecasting is crucial and what happens when it’s not done correctly.
A workforce shortage can delay projects, increase overtime costs, and force contractors to hire expensive subcontractors at the last minute.
For example, let’s say a contractor only forecasts for active jobs and assumes their crews will be busy for the next three months. But bid losses cause a sudden gap in scheduled work, leaving workers idle and revenue stalled. Without forecasting labor needs ahead of time, they failed to adjust their hiring strategy.
How to fix it:
Cash flow is one of the biggest financial challenges in construction, with contractors constantly balancing invoices, expenses, unpredictable payments, and ensuring cash flow will support project commitments.
Let’s look at an example where a general contractor secured several large projects but didn’t forecast revenue dips between phases. As a result, his company found itself short on funds when waiting for milestone payments, leading to delayed subcontractor payments and strained relationships.
How to fix it:
Without an effective forecasting system, it’s easy to accept too many projects at once, which can lead to resource strain and costly project delays. On the other hand, not bidding aggressively enough may leave revenue gaps and underutilized crews.
As one example, a specialty contractor didn’t track win/loss rates or bid performance trends. Instead, they just assumed they needed to submit more bids. However, their data revealed they were actually losing jobs due to poor pricing strategy – and not a lack of opportunities.
How to fix it:
Many contractors rely on systems like Procore or ERP tools to forecast workforce needs and financial performance. While these tools provide valuable insights into active projects, they don’t provide a complete forecasting solution by themselves.
Unlike traditional forecasting methods, ContractorBI™ integrates bidding, project management, and financial data to create a more accurate forecasting model. This gives you a complete, 360-degree view of your company’s future. ContractorBI™ also employs predictive analytics utilizing generative AI/ML to factor in market conditions and predictive models to prepare the most accurate forecast possible
There are three main parts to this.
Most contractors only forecast labor needs for projects already in progress, but ContractorBI™ accounts for future work in the bidding stage.
Without a clear forecasting system, many contractors struggle to anticipate revenue fluctuation, which can lead to unexpected cash flow problems.
To make the most informed decisions, you need real-time visibility into key performance indicators.
When forecasting is done right, you don’t just react to changes: You stay ahead of them.
See how ContractorBI can transform your forecasting process. Schedule a demo today.
For many people, Power BI is a helpful tool – it’s well-known, widely used, and even has a free version. But there’s a catch with using Power BI for construction projects: it wasn’t built for contractors like you.
That means more time spent on setup, customization, and troubleshooting just to make it work for your business. And the real cost? It’s not just the software (even if you use the free version). It’s the hidden expenses that add up over time, from manual data entry and disconnected systems to extensive training and scaling costs.
If you want real-time insights, seamless integrations, and pre-built dashboards designed for construction teams, there’s a better way. ContractorBI is built specifically for contractors – giving you the data you need, when you need it. Without the extra hassle.
Power BI is a blank slate. That might sound like a good thing – until you realize you’ll have to build everything from scratch.
That means you have:
That’s time and money spent before you even start using Power BI for your business.
ContractorBI comes pre-built for construction, with over 45 dashboards tailored especially to contractors’ needs. And it integrates with tools like Procore, Sage, and Stack, pulling real-time data into those dashboards – ready to use from day one, no expensive setup required.
Power BI isn’t a plug-and-play solution for contractors. And that means if your team isn’t already experienced with data analytics using the platform, it can be a steep learning curve to get the information you need.
Added to that is the fact that training isn’t a one-time cost. As your company grows and new employees onboard, you’ll need to continuously invest in training. On top of that, if only a handful of people at your company can pull reports or customize dashboards, decision-making slows down. Teams either wait on someone with Power BI expertise or work without real-time data, increasing the risk of costly mistakes.
With ContractorBI, there’s no coding required. Everything is ready at your fingertips to use immediately.
Instead of requiring complex coding languages and extensive manual set-ups, ContractorBI offers an intuitive, construction-specific interface where users can quickly access reports, track key metrics, and generate insights. Even better, live training and unlimited support from TopBuilder ensures your team can get up to speed quickly if you do encounter any roadblocks. Whether you need help with reports or making the most of your data, our team is available to assist every step of the way.
As a whole, this means you spend less time figuring out how to use the tool and more time using it – that is, making data-driven decisions that drive profitability and efficiency at your company.
One of the biggest frustrations we hear from those in our community who have used Power BI is around disconnected data silos.
Because Power BI isn’t built for construction, it doesn’t automatically pull in information from bid management, project tracking, or estimating tools. That means:
With ContractorBI, your data flows seamlessly between all your tools including Procore, Sage, B2W, Stack, and other construction software. That means no more manual updates – just real-time insights that help you stay ahead of the cost overruns, bidding trends, forecasting, and job performance.
Power BI pricing looks affordable at first glance but costs can add up with more advanced features. For instance, there’s a free version – but if you want to share and publish your reports, you need to pay to play with a license.
Plus, every user needs a separate license, adding up fast as your team grows. And, since Power BI is deeply integrated into Microsoft Azure, you’re all but forced to use Microsoft’s cloud solutions, especially if you need more advanced functionality.
ContractorBI is built to scale affordably for contractors. With transparent pricing, no surprise costs, and the ability to add features and users without breaking the bank, ContractorBI gives you the insights you need without breaking the bank.
Power BI may work for general businesses but, for contractors, it comes with hidden costs that add up quickly. From complex setup to limited construction integrations, it often creates more problems than it solves. Simply put, there’s a better solution for contractors.
See in greater detail how ContractorBI compares to Power BI. Download our full feature comparison chart to see why contractors are choosing a business intelligence tool built for their industry.
You just landed a contract for a major commercial development – an exciting opportunity but also a big step up from your typical construction project. The client wants an accurate cost estimate. You know how to estimate construction jobs, but this is different. With the project’s size and complexity, you’re worried that any figure you provide might be more guesswork than precision.
If you’ve ever experienced the consequences of a bad estimate, you know how critical accuracy is to profitability and success. Poor estimates can lead to cost overruns, missed deadlines, and damaged client relationships. In all, it’s a lot of direct costs to your construction business and adds stress to you.
So, what’s the solution? In this article, we’ll cover best practices for improving job estimates, monitoring actuals in real-time, and leveraging technology to stay on budget. Plus, we’ll show how ContractorBI makes it easier than ever to ensure your next construction job stays on budget and delivers the results your clients expect.
The construction industry is full of challenges, and estimating construction costs can be a major sticking point. An accurate construction estimate is crucial for setting the right expectations, securing financing, and achieving a project’s scope. Without it, construction companies like yours risk unexpected costs, diminished profit margins, and even project delays. Studies have also shown that management-related issues cause one-third of cost overruns – which means good planning could have avoided them.
Perhaps this is the first project of this scale your company has worked on, or material costs are fluctuating so fast you can’t pin down what they’ll be when you need them. Labor shortages also have a huge impact on development costs, which can blow up your budget. Then there’s always the potential for human error, complicating processes like this.
Contractors generally understand the importance of creating accurate estimates, but it can be a struggle for anyone to handle the detailed understanding needed to calculate overhead, unit costs, and additional potential costs for a particular project. For specialty contractors and general contractors alike, it’s essential to have the right tools and processes in place to generate more accurate estimates.
An accurate construction estimate begins with a clear and detailed understanding of the project. This includes reviewing site conditions, construction materials required, labor requirements, permit fees, and unit prices. As part of this process, compare the project’s scope to similar prior jobs to identify trends, potential challenges, and benchmarks for labor and material costs. A preliminary estimate is a good idea to outline initial project costs and refine them as more details become available.
Analyzing past projects is an important step in refining cost estimates and forecasting. Historical data can provide insights into labor hours, material costs, overhead expenses, and project performance trends. Use this information to help identify what worked, what didn’t, and where you can improve.
To make this process even more effective, match the current job’s scope to similar past projects based on job type, market segment, customer, past estimator, project manager, or building owner. ContractorBI excels in this area by allowing you to filter and analyze historical data using these specific parameters, enabling you to create highly relevant and accurate estimates tailored to your project.
However, when dealing with projects significantly different from your previous work or in fluctuating market conditions, historical data alone will not suffice by itself. In such cases, leverage real-time data and additional insights to fill in the gaps.
While historical data helps improve your process, it’s real-time data that keeps your current projects on track. Relying solely on past information can lead to estimates that don’t account for changing conditions, such as more expensive material prices or labor shortages.
Tools like ContractorBI also provide real-time data on labor hours, material usage, and subcontractor costs. These insights allow you to adapt quickly, preventing budget overruns and helping make sure your estimates align with current market conditions.
Throughout the project, compare the estimated cost against actual performance. Focus on key cost factors like labor hours, material usage, and unit costs. This ongoing review allows for adjustments that keep the project on track and within budget.
With ContractorBI, you can take this process further by leveraging financial job performance metrics to analyze estimates versus actuals for similar jobs. Break down costs by cost type, cost category, and cost codes to gain a deeper understanding of where variances occur and how to address them. This detailed level of analysis improves accuracy for the current project while providing insights that refine future estimates and enhance overall profitability.
Foster collaboration from the ground up by empowering your team with the tools they need for seamless communication.
Field teams, estimators, and project managers should all have access to the same real-time, accurate data to stay aligned and address challenges as they arise. Software like TopBuilder integrates directly into daily workflows, centralizing data from job sites, estimating processes, project updates, and more.
By streamlining tasks such as capturing leads, creating proposals, managing timelines, sharing documents, tracking accounting data, and measuring success, everyone stays connected and on the same page.
Using the right tools and technology is a game-changer for accurate and efficient estimates. Think of manually calculating estimates like trying to dig a foundation with a shovel – technically possible, but painfully slow, labor-intensive, and prone to mistakes. Estimating is a complex process that requires precision, and relying on outdated methods can cost you time, money, and even your sanity.
Instead, take advantage of smart construction tools like ContractorBI, which streamline the process, reduce errors, and provide data-driven insights. With technology designed specifically for the construction industry, you can tackle even the most complicated estimates with confidence and ease.
In addition to refining project estimates, ContractorBI enables you to analyze payment and financial history for the customer responsible for approving your bid and paying the bill.
For construction companies looking to streamline their estimating process and improve accuracy, ContractorBI makes all the difference. It simplifies cost tracking, provides actionable insights, and ensures that every project estimate is rooted in real-time data. Here’s how ContractorBI can help you create estimates that align with actual costs.
The more than 45 real-time dashboards pulling data from accounting, project management, and estimating tools allow you to track estimated hours and costs versus actuals with intuitive visualizations. For example, you can track estimated labor hours versus actual hours worked or analyze how material costs fluctuate over the course of the project.
By comparing estimated costs with final expenses, ContractorBI identifies discrepancies and highlights opportunities for improvement. This feedback loop feature supports continuous improvement over the long term, beyond just this one project – helping you refine your estimate template and improve accuracy for future projects.
Unexpected costs are inevitable in construction, but with ContractorBI, you can address them before they escalate. For instance, if a sudden labor shortage increases labor costs, ContractorBI can help you adjust schedules or reallocate resources to minimize budget impacts.
You can also use this feature to identify hidden opportunities. For example, if the cost of a high-end material drops mid-project, ContractorBI alerts you, enabling you to provide additional value to a client without exceeding the estimated cost.
Accurate construction estimates are the foundation of any successful project. By refining your estimating process, tracking costs in real-time, and using ContractorBI, you can ensure every project delivers strong margins while meeting client expectations. Whether you’re a general or specialty contractor, investing in technology is necessary to not only stay competitive, but set yourself apart from your competitors in the industry.
Take your estimating and budgeting process to a new level. Learn more about ContractorBI and schedule your demo today!
Preparing regular construction reports can feel like an overwhelming, never-ending challenge. Stakeholders, owners, investors, and management rely on accurate updates, but pulling these executive reports together often requires juggling data from multiple systems, wrestling with manual spreadsheets, and spending hours trying to create a clear picture of what’s happening on your projects.
Sounds familiar? Contractors and construction professionals already have a lot on their plates – time-consuming reporting shouldn’t be added to the list.
That’s where smart construction analytics software like ContractorBI proves indispensable. By centralizing data, automating reporting processes, and providing real-time insights, you can prepare reports faster and make them easier for management to understand and act on.
Here are seven ways to streamline your reporting process and deliver impactful updates that stakeholders will appreciate. Continue reading “7 Ways To Simplify Preparing Construction Reports for Stakeholders and Management”
With dozens of specialty contractors vying for the same jobs, the construction bidding process is more competitive than ever. While the number of commercial construction projects is expected to increase due to new federal initiatives like the CHIPS Act and Infrastructure Investment and Jobs Act, the number of construction companies has also grown annually over the past five years, according to IBISWorld, totaling over 3.7 million. Continue reading “Stop Wasting Time Chasing Dead Ends: Simplify Construction Bidding”
If you’re an electrical contractor or head an electrical contracting business, you know that navigating the bidding process can be daunting. In an industry where precision, efficiency, and clear communication are paramount, knowing how to bid on electrical jobs efficiently often is the difference between thriving and merely surviving. Continue reading “Project Bidding Made Easy for Electrical Contractors”
