Getting it Right from the Start
Analyzing Vendor Bids
The final stage of any Request for Quote (RFQ) or Request for Proposal (RFP), is the process of awarding the contract to the successful bidder. A key part of this stage is when the buyers collect all the information together to compare the various bids, along with the technical & commercial details of each. This can be a challenging and time-consuming process if your buyer team doesn’t have the right tools to help perform that task.
What is a Commercial Bid Analysis?
The purpose of the Competitive, or Commercial Bid Analysis (CBA) undertaken by the procurement team is as follows:
If you are hiring subcontractors to work on your projects, you likely want to keep track of how they are performing for you. Being able to objectively measure subcontractor performance is critical for project managers, so that they can make key decisions to keep their projects running smoothly. However, subcontractor performance management is difficult if you don’t have the right tools in place to measure productivity.
Before I get started on the details, I’ll give you a quick definition: A CPI Forecast allows project controls professionals to predict the performance of their project using a subjective CPI value rather than the calculated CPI that’s determined based on past performance.
Project controls professionals can spend endless hours discussing, debating and tweaking the required codes for their project and for good reason; there are so many layers to consider in designing the ‘right’ cost coding system.
With the hundreds of people entering data into the system every day, what are the chances that a day will ever go by when all the data is entered perfectly – without a single mistake?
Tracking Daily Costs from the Jobsite is challenging enough when you're tracking your own people. What about when you have to track your Vendor LEM costs as well?
Getting all the daily cost data together from multiple sources can be a time-consuming and error-prone undertaking if you don't have a software solution to automate the process. 4castplus eLEM solutions for Vendor Tracking simplifies and streamlines the gathering and processing of daily jobsite costs. Check out the brief presentation below to get a glimpse of the new Vendor LEM Tracking and Portal.
It’s typically not until the end of the day at the construction site that the field personnel sit down to collect and enter all the time and expenses for their crews, equipment and other charges for that day. It’s late and they are in a rush to get it done so it’s inevitable that mistakes are made. Things get coded to the wrong place, charges are missed, incorrect rates are used, etc. All these errors are compiled, submitted and ultimately routed to the finance team for processing. And this is where the nightmare begins.