Explore the power of data in your business. Data drives you to make an excellent winning bid. Absolute Man + Niche Software+ Machine tool
Innovation crowdsourcing is very much useful in all businesses as it brings immense benefits to all business.
27 Jul , 2022
Currently the Construction and Real estate sectors are going through a drastic innovation as AI tools contribute a lot to this sector to optimize business prospects, especially to make a most successful and risk-free bid. Traditionally, construction estimation depends on human experts and the niche estimation software (Estimation). It does not predict any causal effects of several future events, which could overturn the business prospects. The common issues found in the construction bidding are:
Productivity: incorrect productivity prediction, Risk-driven pricing, Arbitrary pricing for unclear items, Resource overrun, Unsecured resource allocation, allocation of unwanted contingency to cover unknown risk, etc.
Board Frustration: Unknown prices and risks could add pressure on the board to make a decision. They may not get the actual prediction of required productivity. Finally, the bids became overpriced or underpriced. The final outcome may be disastrous. There are several incidents noted in the market due to wrong assessment of price and subsequent collapse of the business.
Market Risks: Lack of clarity on:
Social Impact: Impact on regional, social, and global issues including pandemics, recession, escalation, unrest, and many other events which can impact your business.
Client dissatisfaction, Project delay, Financial loss, Claims, disputes, etc., are the other common issues due to incorrect offer.
The Data-driven approach with AI tools can resolve these issues as it predicts the accurate prediction of your risks and opportunities, costs, time, revenue, overhead, and profit.
AI-Driven Tendering is a predictive tool that gives better results due to the following reasons: