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Estimating BoQ costs with activity sequence and duration requires the right mix of resources. However, this mix mainly derives from speculated quantities and unclear tendering specifications.
Concluding on a Final Price (Bidding) is a very challenging and laborious task.
It requires a lot of experience in the industry, the market and each specific construction discipline. Still, estimators spend several man-days scrutinizing numbers from different excel files. Even then, the final decision rests mainly on the user’s intuition and expertise rather than on an analytical-rational approach.
ENGINEER – SOMEONE WHO DOES PRECISION GUESSWORK BASED ON UNRELIABLE DATA PROVIDED BY THOSE OF QUESTIONABLE KNOWLEDGE.
For example, sophisticated scenarios include ‘Productivity excels’. Discipline experts created these files in the past, put them to work during construction and refined them until they resembled real construction costs as closely as possible. As a result, these ‘Productivity Templates’ can act as prototype molds. With them, estimators quickly extrapolate similar BoQ codes with resources/time and cost.
That is the ‘secret sauce’ of ProjectView’s Tendering and Estimation module.
Productivity Templates are optimized through a perpetual cycle of bidding-constructing-monitoring-bidding, resulting in the company’s ‘secret recipes’ for bidding on Projects. In fact, they have a unique mix that differs from company to company. This is because they consolidate different types of parameters: the type of works, the usability of the machinery, the productivity of employees and the overall efficiency of the company’s closed operating ecosystem.
To redefine the decision-making process of bidding, we looked at best practices from other industries as well as new technological trends. As a result, DANAOS Projects is introducing AI Tendering.
Leveraging on DANAOS WAVES Business Intelligence Platform, ProjectView’s AI Tendering is an add-on to the existing Estimation and Tendering Module. In short, it allows our Clients to forecast more accurate Proposals.
Using DANAOS WAVES and Thomson Reuters system, AI Tendering, bundles a large amount of market data from PASTCasting and NOWcasting
Proposals/Projects/Budgets/Prices/Durations/Proposals/Competitors/Project Types
and associates them with each Company’s comparable status in the market. Thus, it can refine and suggest a new Bidding Price. A WINNING and FEASIBLE PRICE.
Moreover, DANAOS WAVES provides a bring-your-own-algorithm platform. Here, the Company’s internal experience and know-how enrich the Thomson Reuters market analysis in real time to provide a winning Quotation. In addition, the sophisticated AI Tendering algorithms ‘learn’ from the Bidding-Execution cycle and can significantly assist management in the decision-making process.
Paraphrasing with these lines from MIT’ ARTIFICIAL INTELLIGENCE course, ProjectView’s AI Tendering it is the next step for:
equipping you with the knowledge and confidence you need to help you transform your organization into an innovative, efficient, and sustainable company of the future.
The ability to lead informed, strategic decision making and augment business performance by integrating key AI management and leadership insights into the way your organization operates.
