5 Features of a Suitable Construction Cost Estimation Software Solution

Construction Cost EstimationA successful construction cost estimating depends not only on the construction project itself or one’s cost estimating judgment but on efficient processes and tools as well. When it comes to tools, there are software solutions and products for cost estimation that can do the job for builders and contractors to speed up their businesses.

Take a look at the following features and know why it is convenient to get yourself a suitable software solution for your cost estimation:

1. A takeoff tool

In construction, a takeoff is a list of materials with specific types and quantities, usually generated by analyzing a blueprint. A takeoff tool facilitates in the process of taking measurements from these digital plans.

2. Integrated cost databases

These databases make use of available data in the market, as well as the contractor’s own data, for cost estimation.

3. Calculations for estimates

Usually, these calculations are reflected in worksheets and are generated by the application for the purpose of laying out estimates and requirements in detail. In a nutshell, this detailed planning of estimate corresponds to the traditional “abstracting” and “squaring out’ done by cost estimators.

4. Interfaces with other applications

Aside from the mentioned features, other functions that cost estimation software solutions offer include taking information directly from the engineer or architect’s CAD files. This makes possible the sending of estimate information straight into a program for procurement, as well as linking up with the company’s accounting system.

5. Online collaboration

Software solutions allow for digital comments, approvals and adjustments, thus reducing paperwork.

Since a construction project’s cost estimation can either make or break one’s business, learning how to do it right is a must. While doing it right can pave the way for a profitable construction business, doing it the other way around can instantly veer towards customer or monetary loss. Considering that, a reliable cost estimating software is truly the way to go.