There’s a lot you can learn by taking a close examination of your project data, both on a per-job basis and as a whole. For folks in the preconstruction space, much of that data can be found directly in your estimate.
Gaining clarity on information such as material costs, overhead, markup, tax, and selling price versus profit has ripple effects on everyone in your business. Here’s how accurate, nuanced data can impact various preconstruction team stakeholders.
Estimators are the closest to a project in preconstruction and know every detail of the plans and specs of a job. The most important data for an estimator includes:
– Real-time insight into personal performance
– Immediately available project information
– Historical performance information to help make bid/no-bid project decisions
Estimators need to feel confident that they have everything necessary to do their jobs, and to know right away how they’re performing against their peer group. Success means leaving the office every day with a scorecard illuminating whether they won or lost, and allowing them to prepare for tomorrow by leveraging the positives and overcoming the negatives.
They need to be able to see how their work is contributing to the team and to the company. If they aren’t pulling their weight, quick insights allow them to make adjustments to their strategy so that they can be making progress toward their goals.
Directors of Estimating & Preconstruction
Preconstruction managers need higher-level data analysis to effectively lead their teams to success. This includes information such as:
– Real-time insights into team’s performance in comparison with peer groups, other offices, and other regions
– Assurance that their people have everything they need to make the best possible decisions and do their jobs well
– Ability to use performance data to better manage people by rewarding high performers and providing training opportunities to those who need it
– Identifiable trends among teams, making it easier to make incremental adjustments as shifts happen in the business
Outcomes for these managers look like having deep knowledge of how each team member is functioning and what can be done to make them better. Benchmarking makes people management easier, as leaders can help their direct reports to learn from high-performance teams, while propping up teams who might need help.
Rather than arguing over performance metrics, managers can instead use real numbers to gauge performance and spend more time finding ways to help their teams improve. Leveraging data means the ability to make incremental positive changes with limited disruption to day-to-day business operations and enables teams to operate like a well-oiled machine.
Company leaders use project data in a more holistic, big-picture way to view larger trends and plan for the future. To them, data looks like:
– Real-time insight into the performance of the company across departments, teams, and regions
– Making high-level decisions quickly, knowing that their actions are driven by real information
– Easily identifying the highest-performing teams and leveraging their insight to drive performance across the company
With the confidence that performance details are visible and accurate, executives can focus their time and attention on leading the organization and its people. Because mid-level leaders are better able to manage themselves and their teams when the company’s position is rooted in real, tangible data, senior leadership can focus their time on where to go as a company and how to better deliver to clients.
This external focus on clients and markets becomes a competitive differentiator that will set the company apart from its competitors.
How to Access Vital Project Data
Your team is capturing most of the data you need on a day-to-day basis when they create project estimates. Within STACK, you can view key metrics for each project in the Estimate Summary. This provides at-a-glance information on key unit, markups, profitability, and tax.
You’re also able to pull detailed reports to view your data in the best way for you. Find information on the data points you can access with STACK reports here.
Want to learn more about STACK’s estimate data capabilities? Book a meeting now.