4 Ways Foresight Helps Contractors Win More Construction Projects
The bidding process for construction megaprojects has always been complicated. But as the projects become increasingly complex, so does the bidding process.
What does it take to win more construction bids in today's world and how can decision-makers use technology to their advantage? Here are a few ways that Foresight helps:
How Foresight Helps Win More Construction Projects
Foresight is a system of intelligence designed to help project teams accelerate megaproject delivery. It can help construction companies win more project bids in the following ways:
1. Foresight improves project success rates
When decision-makers start to investigate potential contractors, one of the key things they will evaluate is previous success rates. Contractors with the highest success rates tend to win more project bids.
With Foresight, construction firms can improve their project success rates by tapping into early warnings and predictions about future delays. Users can see their entire portfolio on one screen, risks and bottlenecks included. Lessons learned across the portfolio become recommendations and alerts for in-flight projects. When a risk is detected, Foresight uses AI to suggest relevant risk mitigation strategies that can be deployed with the click of a button.
Foresight goes beyond answering simple questions like, 'What happened?' to reveal what will happen in the future and what teams should do about it. These enhanced insights allow you to better predict project outcomes and improve your overall success rates. This helps to build trust with decision-makers which will ultimately lead to more favorable outcomes during the bidding process.
2. Foresight opens the door for competitive bidding
It's a known fact that delays drive up costs through both the 'standing army' of employees and the delayed benefits of the project coming online. By reducing delays and improving delivery time, Foresight can reduce the corresponding costs and provide more accurate cost forecasts to begin with. This benefits construction teams by making it easier to submit more competitive bids that are inherently less risky, ultimately increasing their chances of winning the contract.
3. Foresight allows you to bid on more projects
Not only does Foresight allow companies to bid more competitively, but it also increases the number and types of jobs they can bid on. By allowing teams to better predict project outcomes and operate more efficiently, it opens the door to bid on projects that may have been previously out of reach.
For example, projects that were once too big or too expensive may now be completed in a shorter timeline and with fewer resources because Foresight makes it easy to prioritize tasks and avoid delays.
This benefits you in two primary ways:
- It opens the door to bid on a wider range of projects.
- It allows you to complete more projects in less time without increasing headcount.
In short, more accurate bids with reasonable contingencies increases the number of projects you can win.
4. Foresight allows you to complete more projects with shorter timelines
While winning more jobs is fantastic, it won't help your company grow if you are unable to complete those projects. The insights derived from Foresight allow teams to be more productive and efficient in how they work by better predicting roadblocks and gaining a more accurate picture of how the sites are performing.
This means that companies can complete more jobs in the same amount of time as they could before using Foresight.
Gain The Confidence to Win More Bids
Today's construction bidding environment is competitive and complex. Understanding why your company wins or loses a bid is important as it allows you to make adjustments on future opportunities and win more construction bids.
Foresight seamlessly operates with your existing schedule data to bring personalized insights to project executives and teams anywhere at any time. The result is more predictable timelines, fewer resources consumed, and better project success rates, giving you the upper hand when putting together your bid proposals.