Build Better Estimates with Benchmarking

The 5 Most Common PCM Challenges – Challenge #3:  No Ability to Benchmark Estimates

Hello and how are you doing today?

Good? Great!

How is your company doing today?

Did you just realize you might not know the answer to this question? You’re not alone. Many others are in the same situation. New potential customers often come to us and say: “We have no way of knowing if we are getting our best estimate!” The good news is that we can help.

In our recent webinar, “Overcoming the 5 Most Common Project Cost Management Challenges,” we discuss the importance of benchmarking in order to confidently create more accurate estimates. Just as we often ask each other “How are things going?” it is important to consider this question as it relates to your company. Benchmarking is the key to always having the correct answer.

Without the ability to benchmark estimates, contractors can suffer from slow estimating, inaccurate estimates, lack of confidence, inconsistencies and duplicative efforts.  In addition, you have limited ability to understand how the current estimate compares to other similar jobs that have been completed or bid on.  Ultimately, you can’t be fully-confident about your new estimates.

To bring benchmarking capabilities to your organization, we recommend four key steps:

  1. Define base unit of measure
  2. Establish common denominator down to a third level of detail
  3. Embrace benchmarking
  4. Develop a learning organization

The construction industry is a competitive place. Having the confidence of knowing how your company is doing is key to outperforming competitors and ensuring you are creating the most accurate estimates possible.

Would you like to know how InEight solutions can help your business with benchmarking?


Watch the full webinar

Learn how InEight can help