From Chaos to Control: Benefits of Using a Construction Bid Tracker for Subcontractors and General Contractors
Juggling multiple bids, managing project details, and ensuring accurate estimates — the construction industry is fast-paced and stops for no one.
So it’s no surprise that the bidding process can feel overwhelming for busy subcontractors and general contractors, leading to missed opportunities and costly mistakes.
Are you finding your company's construction bid tracker to be complex and time-consuming?
No one wants to commit the time or budget to the process of bidding, but everyone knows it has to be done — especially to prevent inaccurate pricing and lost opportunities.
Read on to learn about the benefits of using a construction bid tracking spreadsheet to help manage your bidding process, increase your workload, and improve communication between key players.
- Chaos in Construction: Common Challenges Faced During the Bidding and Bid Tracking Process
- CM Fusion: Simplifying the Bidding Process in the Construction Industry
- What Does the Bid Process Look Like in Construction?
- How Do I Make a Bid Sheet for Construction?
- 11 Benefits of Using CM Fusion’s Construction Bid Tracker
- It’s Easy to Manage Your Bidding Process With CM Fusion’s Cloud-Based Construction Management Software
Chaos in Construction: Common Challenges Faced During the Bidding and Bid Tracking Process
Chaotic bid management often leads to major implications on project timelines and budgets, which can eat into the ever-valuable profit margin.
Despite the crucial role that bid tracking plays in the construction industry, the process can be plagued by various pain points that hinder efficiency, accuracy, and ultimately, success.
When it comes to bid tracking, the biggest challenge and potential complication that professionals in the construction industry face comes down to human error.
This unavoidable effect of manual bid tracking bleeds into other common gripes surrounding the bid tracking process, including:
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The overall inefficient and time-consuming process.
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The fact that information is scattered and not easily accessible by all players.
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Significant risk of inaccurate bids and cost estimates due to manual calculations.
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Inconsistent formatting and missing information due to an unstandardized format.
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Lack of visibility into individual bid progress.
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Limited data analysis capabilities.
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Risk of project overruns due to inaccurate bids.
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Potential for lost time and productivity.
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Limited ability to track expenses and identify savings.
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Ineffective communication with clients and subcontractors.
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Limited access to project documents and information.
CM Fusion: Simplifying the Bidding Process in the Construction Industry
Construction bidding can be a complicated process — but using a construction bid tracker can make it much simpler.
If you're a contractor, you're probably aware of the two largest complaints in the industry when it comes to construction bidding:
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The considerable amount of communication needed for bidding on a project; and
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Losing the details of important proposals due to human error
CM Fusion has a solution that allows contractors to streamline and automate the entire construction bidding process.
Our cloud-based bid tracking spreadsheet helps contractors and construction managers have centralized software that can:
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Send an RFP (request for proposal)
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Ensure each proposal is within the scope of work
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Barter to find the best cost and value with suppliers or subcontractors
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Ensure that submissions for bids happen on time so they can be considered; and
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Keep track of the status of each proposal within a spreadsheet (i.e., accepted, declined, or pending)
By using CM Fusion's bid tracking spreadsheet, contractors can save time and ensure that they are getting the best possible deal for their projects.
Get a 30-day free trial of CM Fusion's bid tracking spreadsheet now and start saving time and money on your future projects.
What Does the Bid Process Look Like in Construction?
When a project owner issues an RFP, which contains information on the work to be performed, the process of bidding begins.
The bid process involves submitting proposals from qualified contractors in response to the RFP.
Typically, this requires three bid proposals, so you can ensure you’re comparing "apples to apples." The goal is to find the best value — which equals quality plus cost-effectiveness.
What Is Bid Tracking?
Bid tracking is the process of monitoring and managing all aspects of your bids. It is a crucial aspect of project management in industries like construction, where numerous subcontractors, suppliers, or vendors bid for contracts.
Key components of bid tracking in construction include:
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Organizing information
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Bid preparation
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Creating and managing bid templates
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Estimating project costs
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Bid submission and tracking
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Evaluation and comparison
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Managing communications
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Bid analysis and evaluation
Because it can be difficult to keep track of all the details associated with each bid, many contractors use a bid tracker or a bid tracking spreadsheet.
What Is a Construction Bid Tracker?
A construction bid tracker is a software tool designed to help subcontractors and general contractors manage the entire bidding process — from tracking leads to submitting proposals and analyzing their subsequent results.
It acts as a centralized hub for all bid-related information, helping to streamline workflows, increase efficiency, and minimize the risk of human-related tracking errors.
Some construction bidding software, like CM Fusion’s, come equipped with a bid tracking spreadsheet.
A bid tracking spreadsheet helps contractors manage their bids and track the progress of their projects.
How else could you keep tabs on 100+ proposals?
By adopting efficient technologies like construction bid trackers, construction companies of all sizes can improve their bidding performance and work toward growing and scaling successfully.
Benefits of Bid Tracking Software
The biggest benefits of bid tracking software lie in the transparency and efficiency it provides.
Successful and organized bid tracking can lead to:
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Improved productivity: The bidding process can be streamlined with the use of tracking tools or a construction bid tracking spreadsheet.
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Reduced costs: Minimize errors and tough conversations by accurately estimating costs and managing bids effectively.
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Data-driven decision-making: Gain insights from bid data to make informed decisions on project selection, resource allocation, and pricing strategies to help increase profitability.
Bid tracking software allows for better cost analysis and budget management thanks to the clear and organized overview they provide.
What Information Is Included on a Construction Bid Tracking Spreadsheet?
The construction bid tracking spreadsheet includes columns for all the details of each construction project, including:
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Project owner's name
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Contractor's name
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Location of the project
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Bid amount
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Scope of work
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Sub-contractors needed; and
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Materials required
Contractors can even use the software to gain signatures that are needed for authorization as well as the acceptance of terms and conditions.
If you don't use construction bid tracking software, you have to manually enter all the information — which will likely feel redundant, time-consuming, and tedious.
How Do I Make a Bid Sheet for Construction?
To create a bid sheet for construction, you’ll want to summarize all related project details and costs in an easily shareable and clear format.
This includes gathering:
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Project information like the project name and location, client information, the scope of work, timeline, and the estimated cost breakdown.
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A list of material costs required with their respective quantities, unit prices, and total costs.
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An estimate of labor costs and labor hours needed for each task, along with the hourly wage rate and total labor costs.
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Equipment costs, including rentals.
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Subcontractor costs, if applicable, and an outline of their specific tasks, costs, and contact information.
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Related permits, licenses, and fees.
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The desired profit margin that will be used to determine your final bid price.
Next, you’ll need to organize and format the above details, sharing brief descriptions for each line item to mitigate confusion and ensure consistency.
That’s a lot to keep track of. If only there was a way to streamline the bid tracking process …
Are There Templates or Software Options for Bid Spreadsheets?
Investing in the construction bidding process for your company takes thought and careful consideration, as margins for profit can sometimes be pretty slim.
And while there are good construction bid templates available, there are so many moving parts and room for error, it’s easy to lose valuable potential profits on a project — even with the best template.
Construction bidding software for contractors, on the other hand, not only improves but completely automates and streamlines construction bidding for companies of any size.
11 Benefits of Using CM Fusion’s Construction Bid Tracker
CM Fusion's construction bid tracker is just one feature of an entire software system to help manage and track all the details of a construction project.
The cloud-based project management system that houses the bid tracker is part of an all-inclusive software.
When you gain access to CM Fusion's construction bid tracking spreadsheet, you will also have access to many more features, including:
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Scheduling
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Project tasking
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RFI tracking
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Time tracking
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Image management
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And more
Using our bid tracking spreadsheet alone can save time and money on your future projects, but the benefits of construction management software are plentiful and include:
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Increased communication
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Proper and efficient reporting
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Document management
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Improved customer service and productivity
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And much more
Below, we’ll share an in-depth look at how each element of CM Fusion’s software directly alleviates a pain point of manual construction bid tracker creation.
#1: Easy Access for All Parties
With CM Fusion's centralized construction bidding software, anyone who is involved in the bid process can easily access and update information at any given time.
This eliminates the potential for confusion when various people are working on different versions of a file, and mitigates the risk of conflicting information and consequent missing deadlines.
In addition, CM Fusion's construction bid tracker is cloud-based, so you can access it from any device with internet access.
#2: Mitigates Risk of Inaccurate Data Entry
Construction bid tracking spreadsheets can help avoid the entering of misinformation into a bid tracking system.
By keeping track of ...
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Deadlines
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Budget constraints; and
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Other important details about the project
... in CM Fusion's construction bid tracking spreadsheet, contractors can be confident that everyone has the correct information.
Contractors and subcontractors can minimize errors, confusion, and tedious work by not having to review and re-enter data.
#3: Subs and Suppliers Are Pre-Loaded Into the Software
Contractors or subcontractors need to have a construction bid tracking spreadsheet to help keep track of their bids.
With CM Fusion, you can skip the manual input of each subcontractor and supplier.
The software will preload the ...
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Names
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Contact information; and
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Addresses
... of suppliers and subcontractors into the spreadsheet, saving you precious time and sanity.
Simply start typing in the name and all corresponding information will auto-populate.
#4: Easily Manages Communication
Construction projects are often managed through software to keep help track of all related emails and communication on the project.
The construction bid tracker can provide a way for everyone to have equal access to the hundreds of points of communication.
Everyone can easily communicate to keep track of a project’s ...
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Deadlines
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Costs; and
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Progress
... without ever having to leave the office.
Is there a need for approval to make some changes? With CM Fusion's construction bid tracking spreadsheet, project owners and construction managers can be in the loop so that they can make informed decisions in real time.
#5: Cuts Back on Admin Time
Construction bid tracking spreadsheets can save time on administration tasks by:
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Fully automating the bidding process
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Keeping track of bids and contract information in one place; and
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Allowing for easy bid comparisons for the cost of services and materials
With CM Fusion's construction bid tracking spreadsheet, the software will populate the information you need from your system directory of contractor information.
This will save you time and money and simplify everyone's workload.
#6: Keeps Your Projects on Schedule
CM Fusion's construction bid tracking spreadsheet can help keep your projects on schedule with its automated system — which ensures that everyone follows the progress of each phase of the project.
By keeping track of all aspects of a construction project, you can avoid costly delays and make the necessary decisions to:
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Reschedule work tasks
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Reallocate time; or
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Cancel portions of the project
CM Fusion’s contracting bid software helps ensure that construction projects are completed on time and within budget.
#7: Accessible From Anywhere
CM Fusion's construction bid tracking spreadsheet can be accessed from anywhere, making it a great tool for managing your project.
If you have internet access and a ...
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Cell phone
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Tablet
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Laptop; or
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Desktop computer
... you can access the construction bid tracker on your device.
This allows every worker who logs in to know exactly the "who, what, when, where, and why" of the bid and construction process.
#8: Makes Bid Tracking a Breeze
Manual bidding can be a nightmare when you’re juggling multiple bids.
If you are looking for a more user-friendly way to keep track of your data, then ditch the traditional clunky spreadsheet tools.
It's time for your company to try CM Fusion's centralized bid tracking management system where you can:
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Access an overarching view of the entire bidding process
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Have a single point of contact for the status of all your bids; and
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Ensure that you will not overlook or miss future opportunities
CM Fusion's construction bid tracking spreadsheet also gives insights into past projects, allowing for more accurate project estimating.
#9: Simplifies Bid Solicitation
A construction bid tracker can keep track of and manage all bids received, which can help control costs.
CM Fusion's centralized bid management software simplifies the process because:
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Information that is submitted goes directly to the bid
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The data is updated as bids are accepted or rejected; and
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The spreadsheet can help compare bids to see who is offering the best deal
By managing information in this way, you can engage with competitive final bids by making confident, data-driven decisions.
#10: Improves Collaboration
CM Fusion's construction bid tracking spreadsheet can help prevent miscommunications and errors by keeping the entire team up-to-date on all the details of the project.
By having a centralized system in place to track all bids and contract information in real-time, project managers, contractors, and subcontractors can collaborate and access the cloud with stored information alongside the other accessible tools of CM Fusion's software.
This way, there are no surprises with billing or payments, which ensures a smoother bidding process.
#11: Flexible Packages for Every Stage of Your Business
CM Fusion's total construction project management software is available starting at $49 per month.
Take advantage of:
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Unlimited users
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Active projects ranging from 100 to unlimited
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Data storage ranging from 100 GB to 1 TB
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Email or phone support
Plus, our construction bid tracking spreadsheet also comes with additional features, including:
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Submittals
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Scheduling
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Cost tracking
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Time tracking
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Change orders
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Daily field reports
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Document management; and
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So much more
CM Fusions has a tiered pricing structure that makes it accessible for any project and construction companies of any size.
We are currently offering a 100% free plan, which is limited to 1 project and 10 users, so you can try it before you buy it — no strings attached.
It’s Easy to Manage Your Bidding Process With CM Fusion’s Cloud-Based Construction Management Software
CM Fusion's construction management software can help you manage your bidding process with reports and analytics to help you save money and time.
Our construction bid spreadsheet is a leading cloud-based construction management software solution that can help:
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Save your contractors time and money
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Eliminate time wasted on administrative tasks
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Ensure contractors get the best possible deal; and
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Focus on all the details and intricacies of bidding
Don't waste time on paperwork and traditional spreadsheet files.
Try CM Fusion's bid tracking spreadsheet with a 30-day free trial today.
Try CM Fusion, risk free for 30 Days – Your first project is FREE!
If you are trying to figure out where to look now, our company CM Fusion offers a free version of Construction Project Management Software. Not to mention, our customers brag about it’s ease of use, so you should be able to sign up and start managing your projects in minutes.