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As any contractor would know, construction projects inherently come with a variety of risks. These range from financial to safety to project delivery risks arising from a number of factors. Bringing onboard multiple sub-contractors adds another layer of risk where much can go wrong.
Risk management is an essential component of running a successful construction enterprise. With CMiC Bid & Procurement Management software, companies can streamline the pre-qualification process with our single database platform and minimize risks to their business. CMiC Bid & Procurement Management brings together core elements that help: 1) assess a company’s risk, 2) invite companies to bid, and 3) accurately compare bids.
Subcontractor Pre-qualification Management
CMiC Subcontractor Pre-qualification Management helps your organization manage subcontractors from start to finish by integrating all subcontracting activity into your organization. It is designed to work for both GCs and subcontractors, automating the pre-qualification process – from creating and submitting forms and support documents, to reviewing information and approving or rejecting submissions. Users can create, track, and approve vendor applications online and track multi-tiered contracts.
With CMiC, you can pre-qualify subcontractors before they begin work on a project, and store ratings and past work performance for future reference to ensure that they meet your organization’s standards of quality and reliability. You can also manage risk exposure through the detailed tracking of lien waivers, releases, and insurance certificates and gain full control of all subcontracting arrangements, including contracts, billing, and payments. CMiC’s subcontractor pre-qualification questionnaire gathers critical contractor or supplier information, chief among them being business information, financial stability and safety record.
CMiC Subcontractor Pre-qualification Management includes:
- Subcontractor Rating
- Subcontractor Management
Invitation to Bid
Vendor procurement can take weeks, if not months, and is an essential component of any project. One of the first tasks to complete before starting a project is issue invitations to bid to a list of potential vendors. In CMiC, this stage of the project can be executed without the job having to be completely set up – all you need is a project code and your project contacts.
Creating the invitation in CMiC is easy and quick. Depending on the information entered at the time of setting up the project, much of the information required for the ‘Invitation to Bid’ will be automatically generated in the system. Once this has been setup, you can add bidders to the invitation by selecting multiple bidders at once. Additional selection options by market sector – or other partner classifications – are available through the filtering function. Here, you can also view partners’ previous subcontract information, such as the internal rating entered at the time of subcontract entry, high contract amounts, and number of contracts. Additional bidder selection options, such as location, classifiers, pre-qualification parameters, CSI codes, or market sectors, allow more filtering options that can simplify the invitation and selection process.
Invitations to Bid (ITB) can be set up to be automatically emailed out to all bidders. Bidders will be able to indicate whether they will be bidding by pressing a button (or clicking on a link) on the email itself. The database will automatically update the bidder’s bidding status based on this response.
Bid Leveling (Analyzing Bids)
CMiC enables the process of taking each response and organizing all of the information for the client to view and easily understand. This makes it easier to decide which firms are best for your project. Rather than having to sort through several proposals separately, you are able to view the information on one platform, which displays all responses side-by-side. This method of centralized bid leveling also helps to identify any discrepancies in bids, identify high and low bids and support the due diligence while making a vendor procurement decision.
While taking on an increasing number of new projects is an essential business growth driver, most general contractors can only deliver their projects by bringing onboard new vendors and contractors. This adds an element of risk with potentially negative consequences that may affect a GC’s reputation and ability to acquire new customers. CMiC Bid & Procurement Management software offers a technology foundation to your contractor pre-qualification process that helps to reduce risks upfront, while bringing transparency, objectivity and agility to the process.