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Importance of Cost Management Software for Your Business

An organization has more things to do than simple accounting. Cost management is the key the companies rely on to increase efficiency, profitability, and success of their business. But it is not as easy as it seems: there are several challenges associated with accurately forecasting and managing project costs. According to a PMI report, 14% of IT projects under survey were considered a failure. Only 57% of the projects could finish within the initial budget while the rest crossed the threshold set by the team.

Cost overruns are a significant cause of concern for companies as it affects profit margins and hampers the ability to accomplish future projects. But companies can turn it around by engaging proper cost management with cost management software to help them forecast an accurate budget and stick to it.

What is project cost management?

Project cost management involves estimation, budgeting and controlling the cost all through the project life span. The objective of project cost management is to keep spending within the assigned budget.

To turn the project into a success story:

  • The project must accomplish all the requirements and scope
  • The project’s execution quality is of a top-notch level
  • The project is completed within a specified time, and
  • The project is completed within budget.

Why is cost management important?

A project, whether it is the construction of your house or building software, needs a budget before starting. The budget influences vital decisions like which contractor to hire, what materials to buy, and if it will be possible to accomplish the project?

Without a set budget, you cannot answer these questions. And it becomes difficult to ascertain if you are moving in the right direction once the project has started. When the company is big, this problem takes a more prominent form due to multiple projects running at a time; alteration is initial premises and addition of new costs.

A project manager can use cost management software to:

  • Define clear line of requirements with stakeholders
  • Track progress and acknowledge corrective action within the time
  • Stick to defined margins, boost ROI, and prevent cost overruns
  • Produce project date as a reference for future projects.

Cost management software has two primary objectives:

  • Give cost information for critical decision making and operational control, and
  • To calculate inventory value and cost of materials.

Cost Management Solutions

Benefits of using cost management software

Organizations require cost management software to streamline their project cost estimation. Software like sales quoting software allows the sales team to acquire data from the cost management tool and make an offer to clients. The device comes with various functionalities like work breakdown structure, using which a project manager can divide the project into a series of smaller tasks.

Cost management software offers the following benefits:

  1. It helps cut down costs and unnecessary expenses.
  2. An accurate cost analysis will forecast precise cost and give a competitive advantage to the company.
  3. Data storage from previous projects maintains reliability and helps in future planning.
  4. It supports data consistency and security.
  5. The tool allows the team to optimize total project time and thus, increase productivity.
  6. It can help the company quickly restart work during restructuring periods.
  7. It increases business sustainability.

Cost management software is vital for businesses to work, but it also essential to find a credible supplier. If your company is on a lookout for cost management software, do check Quick Devis services. Our tool provides high quality services to clients, and support for their investment.

 

By |2020-09-22T10:34:16+00:00September 22nd, 2020|Cost Management Software|0 Comments

Your Guide to Project Cost Estimation

Whether designing a new building on the Upper West Side, NYC, or developing a website for an upscale café in Hammersmith, London, everything starts with cost estimation. If a project needs to be successful, an accurate estimate of cost while measuring the resources required, is vital. It helps decipher the project objectives and the time limit required to complete it within a quantifiable budget.

Cost estimation is not a simple job. It is a well-versed discipline that requires attention to detail and careful evaluation. If you can understand the nuances involved in cost estimation and use standard techniques, you can accurately design estimate reports.

But how do you do so?

What is cost estimating?

In layman terms, cost estimating is simply a practice of predicting the cost involved in completing a project within a limited period. Professional estimators apply established techniques to make cost estimates. The companies then use these cost estimates to evaluate a project’s financial feasibility, the budget required, and observe spending. The success of the project depends highly on precise cost estimates. It also helps determine if the project should be carried out, its future scope, and prevent high-cost overruns.

cost estimation and analysis

Widely used Cost Estimating Techniques

Professional cost estimators use several estimating methods to develop exact estimates. Given below are some of the widely used Cost estimating techniques:

Analogous estimating: it is also called top-down estimation or historical costing because it uses historical project data to create estimates for recent projects. Analogous estimating is particularly helpful for an organization which carries out similar projects time and again. Estimators use the data collected from previous projects to draw parallels for new ones and adjust the costing according to the complexity and size of a project.

Bottom-up estimating: The technique is also known as analytical estimating. It is considered the most precise estimation technique given that a proper work breakdown structure is provided. Using a work breakdown structure, an estimator can divide the project into a series of smaller tasks. They then calculate the cost estimate to complete each task and then add up to create a cost estimate for the whole project. Thus, it is called the bottom-up approach. Project cost estimation software is programmed with Cost estimating techniques to help estimators prepare an accurate report with efficiency.

Parametric Estimating: A parametric estimating technique is widely used for projects that contain comparable tasks with stable repeatability. The method can create precise estimates by applying unit costs. It divides the project into several work units, and then the estimator decides the Cost per unit. The number of units and the cost per unit is then multiplied to define the total cost. The process involves precise estimating and price analysis, and it needs the Cost per unit to be accurate to create the right estimates.

New-age of project cost estimation software

With fast industrialization and technological advancements, there was a need for accurate estimation. There was also a need for software that can make estimation a fast and precise process. Hence, project cost estimation software like Quick Devis, was created to offer excellent usability, efficiency, and accuracy.

By |2020-08-21T10:42:55+00:00August 21st, 2020|Project Cost Estimation|0 Comments

CPQ Software and How They Have Transformed Sales Optimization

Configure, price, quote (CPQ) software have been around for over a decade, but it’s only recent innovation in CPQ that has catapulted this software to the top. It has caused a revolution in sales optimization letting businesses make the best of an opportunity. A CPQ software is designed to assist companies to automate quoting and proposal process lifecycle. The lifecycle starts from the time a customer provides their needs and ends with a detailed quote to the customer or lead. Generally, the sales department in a company uses this software to speed up the sales process as it improves accurate quoting and customer relations. 

CPQ software lets companies pinpoint what a customer needs and give them custom quotes according to their particular needs. Since there are too many factors to consider, a manual project cost estimation is a confusing and challenging task. That’s why CPQ software eases this hardship from the sales team and helps them build an accurate quote quickly.

CPQ Software Transforming Sales Optimization

 

Even if a business is using traditional means for sales and working fine, a CPQ software can help you counter these situations that might be creeping in:

  • Your revenue growth is slowly outrunning your capacity to work
  • You’re working towards a recurring revenue stream.
  • You have to evaluate your complete sales quotes manually.
  • You’ve made and sent incorrect sales quotes to leads.
  • You’re on a lookout for better business solutions that can make operation easier.

CPQ tools eliminate all these sales hurdles and help you streamline your business. The process allows you to focus on other ideas to grow your business further.

 

CPQ’s Main Advantages

Picture this: Your sales rep has a prospect on the line. The sales rep needs to offer configurations, prices or customer options but has to go looking through spreadsheets after spreadsheets to ascertain the correct price ruling to make a quote. Sounds time-consuming, doesn’t it? Meanwhile, a project cost estimation software like QDV can solve this problem for you. QDV lets your sales rep avoid this struggle by following prerequisite conditions. The tool is among the most revered once among significant industries.

QDV is a powerful and versatile estimating tool that is serving commercial contractors and small businesses around the world. It allows you to collect data related to business expenses and store them in a single database. Through the process, it ensures information reliability and easy access for a staff member at all times.

This software can be used to specify all kinds of scenarios, price, discounts and configurations. So, it turns product configurations and other items effortless depending on company abilities. Now, a CPQ can show sales reps how to create a precise quote using templates within a short period. Furthermore, since the CPQ is connected to the mainframe of the company; the quote is sent to the right people for approval.

 

Using CPQ software like QDV, companies can double profits through preprogrammed processes like:

  • Support for multi-currency
  • Steady control on pricing and discount
  • Steady recurring billing
  • Connected approval network and workflow

Bottomline

A CPQ tool or project cost estimation software like QDV is a massive help in sales optimization and streamlining business. The new-age CPQ software has started integrating artificial intelligence, making them even more effective in business processes.

By |2020-07-28T13:42:25+00:00July 20th, 2020|CPQ Software|0 Comments

How to Choose the Best Construction Estimating Software

Gone are the days when manual calculations were done to determine project cost, except for small jobs. Now, construction businesses of varying sizes are using technology to speed up all aspects of their construction processes, including estimating.

A well-designed construction estimating software can help companies streamline their operations and deliver critical details for project management and scheduling. The benefits of the right estimating software solution are comprehensive, but here are some critical ones:

  • Fast and efficient.
  • More accurate calculations.
  • Save your project details for the future.
  • Help you stay within your budget.
  • A reliable and time-saving solution.
  • Take your overall professionalism to the next level.

All these features together make your construction pricing software highly effective. The right estimating system can immediately impact efficiency and accuracy while handling project expenses as well as delivering important business information related to project management and scheduling. To find an estimating software solution that can provide you all these values, you need to consider some essential points while making the selection. 

Tips to Select the Right Construction Estimating Software 

Although cost estimation may vary from one trade to another, the process shares similar fundamental principles of comprehensive breakdowns and accuracy. Bid and takeoff are two areas in which software has been proven a time-saver that also improves efficiency. Picking the wrong construction estimating software can be quite expensive and disruptive. That’s why it is critical to select the right software system in the first go. You can consider the following tips to choose the best estimating software:

  1. Determine the User-Friendliness

Ease of use should be at the top of the list while looking for the best construction estimating software for your business. If you choose software with complex functions, you will not be able to sell more jobs as you won’t know how to use it the right way. The integration time for new software is an excellent point to evaluate its usability. The longer it will take to incorporate the software into your business, the more will be the adoption risk. If you need external technical support to keep the system up and running, then it’s probably not easy to use the software.

  1. Consider Asking Questions

When searching for a potential estimating software solution, dig a little deeper, and find answers to the following questions:

  • Is the software designed and developed by construction industry professionals?
  • Does the solution address the specific requirements of construction estimating?
  • Is this estimating software configured on the logical process?
  • How does the software solution meet business and estimator expectations in legal and commercial compliance?
  • Is this estimating software platform intuitive?

Ask all the above questions and ensure the software you’re choosing is designed for the construction industry exclusively and offer accurate track records for support in emergencies.

Construct Estimating Software

  1. Check the Efficiency of the System

Another critical element you need to look at when selecting the right estimating software is – its efficiency. Some of the most crucial components of efficiency involve document storage, mobile sales activation, collaboration features, and so on. Software with all these aspects can be called efficient. You can also operate it efficiently from anywhere on any device – computer, tablet, or smartphone.

  1. Take Advice From Professionals

You might have heard the phrase – “The proof of the pudding is in the eating.” Before you take the plunge, it is recommended to contact other construction experts who are already using your chosen construction pricing software. You may ask these questions to ensure whether or not the system is suitable for your trade.

  • How much time did you take to implement the software?
  • Did you provide training to your team? If yes, what training was needed?
  • What efforts had you made on the database to make it ready to use and useful?
  • Is customer support responsive, knowledgeable, and friendly?
  • Have you noticed improvements in the way you do your business?
  • Are there any features that have not met your expectations and needs?
  • Do they (the software providers) know your industry and estimating needs?

The real experience of businesses and construction professionals who have gone through the same process can help you make the right selection. In a nutshell, it is best to select a software solution that is designed, developed, used, and appreciated by the construction industry’s specialists.

The Takeaway

Construction estimating or pricing software must be quick, user-friendly, intuitive, and specially developed for your business type. You may also check how many people are using that system and ask them about their experience with it.

Remember that you’re not just implementing software into your business, but you’re partnering with a company or tool to take care of your current and future business needs. Making the wrong choice can make you spend a lot of money and affect your ability to bid on projects effectively. So, try to implement all the above points to select the best construction estimating solution.

By |2020-07-20T08:43:36+00:00May 28th, 2020|Construction estimating software|0 Comments

QDV – A Complete Cost Estimating Software

No matter the size of your business is, it is crucial that you manage its expenses. It is observed that most businesses in their infancy agonize over every single dollar spent.

However, as the business grows, they find themselves no longer capable of keeping an eye on every penny spent. Usually, it happens because cost management involves various processes such as planning, controlling, and proper handling of the budget. And it won’t be easier for any firm to handle every small expense. Luckily, this is possible now – thanks to ever-growing technology.

With the help of cost estimating software, it has become exceptionally easy to manage all your expenses. Even you can forecast the cost of completing a project. These software solutions help you with each aspect of cost management that includes planning, monitoring, and controlling of your project’s overall monetary costs.

If you’re in search of one such software, try out QDV. One of the most robust and flexible advanced estimating tools in the world, QDV has been used by various commercial contractors, government agencies, and small businesses. Came into existence in 1991, numerous renowned global leaders including General Electric, Airbus Industries, Renault Automotive have successfully been using this popular cost estimating software.

Let’s find out how people from different industries can take advantage of this software.

Engineers

Since jobs like engineering and designing are very complex, you often need software that helps you deal with the complexity of the tasks. QDV software is designed to help you boost the quality and productivity of your team. Since this software has advanced estimation and project management tools, it makes the job of designers and engineers a bit easy.

The compatibility with Microsoft programs such as Excel, Word, Powerpoint, makes QDV an easy-to-use tool even for newbies. You won’t need any prior training to use this construction cost estimating software. So if being an engineer, you want to avoid errors of calculation, get this software now.

Aerospace

If you’re into the aerospace and defense industry, no one can better understand the importance of good cost estimating software than you. QDV software helps you with enterprise resource planning and meet the challenges you face in your day-to-day work routine. Using this software, you can integrate enterprise resource planning with project management, supply chain management, and customer relationship management.

You may also configure QDV as a full project cost estimating software. Apart from this, it helps you with sales price calculation, comparing different quantities and scenarios.

Small and Mid-size Enterprise
One thing that makes this software unique from its competitor is, it can be used by both large corporations and small and mid-size enterprises. Also, cost estimation software comes with both free and paid business versions. So, this makes it an ideal choice for small businesses who don’t want to invest their budget in buying the software.

Some of the key features of this CPQ software include:

It provides accurate management of costs and amazing flexibility to computer selling prices.
This is an API-driven estimating software that lets you customize QDV to match your specific needs. As per your requirement, you can turn it into CPQ software or pricing software.
Supports advanced business intelligence (B.I.) tool that helps you sort almost any sort of BI report.
Conclusion
Every business must pay attention to their expenses. Not only it removes needless purchases but also helps your business from going into debt. If you are struggling to manage your business finances, give QDV a try.

By |2020-05-21T14:01:54+00:00January 30th, 2020|Cost Estimating Software|0 Comments

Why Should You Use QDV Advanced Estimating Software

Regardless of what industry you’re in or what size your company has, a well-managed cost management process assists you to control the budget of your business. Not only does cost management help you predict imminent expenditures but also reduce the chance of going over budget.

Over the last few years, the cost management process has changed considerably. The API-driven estimating software has replaced the old methods of cost management.

If you’re still using whiteboards or spreadsheets, it is time to move to advanced estimating tools that are better than the old ones and much more capable of doing financial analysis, cost auditing, and ultimately help in cost-saving.

One such tool is QDV by Quick Devis. It is one of the most powerful yet user-friendly tools that has been successfully used in different industries, ranging from automotive to aerospace to defense to electricity to engineering.

Launched in the year 1991, several global leaders, including Renault Automotive, Thales Group, General Electric, and many more rely on this amazing cost management software for precise project estimations. On the contrary, for small and medium-sized organizations, it has proven to be an ideal way to enhance project estimations. There is no dearth of small companies that have configured QDV as their cost management software.

The good thing about this software is, its user interface is similar to Microsoft Word and Excel, so you can easily learn its functionalities. Even newbies can quickly work with it after the practice of a few hours. Another thing that makes this estimating software unique is that it can export to Word and PDF formats, without making any changes to the original layout.

Now let’s talk about some of the advantages this cost management software has to offer your business:

Easy Way to Organize All Your Documents

QDV helps you accumulate all the data related to your business’ expenses into a single database. Not only does it ensure the reliability of the information but also make it easier for your managers and other staff access it any time. Since all documents are interactively linked, it makes strategic planning more practical.

Error & Expense Reduction

Once you have inserted all your data into a system, there is virtually no risk of damaging essential files. Moreover, as this cost estimating software automates the entire cost management process, it saves time and reduces the labor cost to a large extent.

Dynamic Costing & Pricing

With QDV, you can expect to achieve accurate management of expenses and incredible flexibility to compute selling prices.

Since this software has Excel Workbook integrated, there is no limit to calculate your margins; include tax rules; and breakdown your costs. Moreover, with this advanced tool, you can calculate cost escalation in the long term.

API-Driven
Since QDV supports application programming interface, you have the liberty to customize this cost management software as per your need. It is entirely up to you whether you want to make it a pricing software, a CPQ software, or a project cost estimating software.

Additionally, you may use it as a safeguard for your data and link to the CRM to avoid dual inputs.

So, if you’re looking for a cost management software to manage your business’ expenses and increase productivity, give this fantastic estimating software a try.

By |2020-05-21T13:45:11+00:00January 30th, 2020|Advantages of Estimating Software|0 Comments

Electrical Estimating Software: Benefits of Bringing One to Your Practice

Being an electrical contractor or engineer, you may have gained a good knowledge of electrical estimation. But in actual, the electrical evaluation is a crucial necessity for any project type, whether it is domestic or commercial. With the advancement in technology, things have become straightforward than earlier. And if we talk about electrical contractors and engineers, electrical estimating software is an effective solution to them.

Throughput the past few years, the use of electrical estimating software has become quite popular, especially among electrical engineers. Businesses of all sizes from small to large-scale are bringing estimating software to their practice. The software comes with multiple capabilities and features; designed to enhance the accuracy and efficiency of bidding.

In this post, we have put together some benefits of using electrical estimation software. Have a look at them and know how it can help you in making your business success.

What is Electrical Estimating Software?
Before you get to know the advantage of using electrical estimation software, you need to know exactly what it is. Basically, it is a collection of information, processes, and programs that makes it easier for electrical engineers to build more accurate and consistent bids. This software includes some key features, including:

Material databases
.Different dynamic takeoffs
.Different project management tools
.Bid summaries
.Multi-user support

Now, let’s look into the advantages of using electrical estimation software.
More Efficiency
Every business wants to improve its efficiency, and electrical estimating software can help them in taking their overall business efficiency to another level. No matter which industry you belong to, the features of this system will allow you to streamline and track your business processes in an efficient way. Once everything becomes efficient, you will see a consistent boost in your overall business growth.

More Accuracy
Accuracy means a reduction in mistakes and a noticeable improvement in business production and productivity. In this competitive business industry, if you want to stay ahead of competitors, you need to lower your mistakes’ rate. You have to be as accurate as possible to be in the race. For instance, by being more precise, you can get a better estimate of your job materials, price, and labor costs. Not only this, but estimating software also provide you an accurate estimate about your customers.

Proper Project Management
Many companies depend on effective project management when it comes to project completion. Efficient project management needs those in charge to always think about all possible situations to be on the top. But with so many things to do, sometimes it becomes difficult to keep track of everything. This is where estimating software comes into play again. It helps business executives ensure that no critical details are left behind.

Final Words
These are some of the significant benefits of using electrical estimating software. Besides, it can also help you in increasing professionalism, procurement, and productivity. If you are looking to incorporate an estimating software into your business strategy, pick one wisely.

There are several vendors in the industry who provide you with different estimating software programs to make your business tasks more accessible. For instance, QDV. Here, you will get the world’s best estimating software that can exceed the demand of all businesses when it comes to making any project a big hit. So, inquire all vendors and select the one that meets all your business requirements and other essential details.

By |2020-05-21T13:45:28+00:00January 15th, 2020|Electrical Estimating Software|0 Comments