”Risk teams can and should take an active role in evaluating bidders annually, as well as project by project. Procurement teams should have visibility into the prequalification process without being forced to use multiple platforms or systems.Justin LevineVP of Risk Strategy at BuildingConnected
Last week, I spoke about the evolution and reasons behind TradeTapp’s integration with BuildingConnected. Here’s part two of my in-depth look at what both these solutions can accomplish together, and what it means for our customers.
The right time to think about TradeTapp and BuildingConnected
Contractors are leery of adopting new systems if they aren’t integrated or connected to their existing ones. Application “fatigue” is a very real problem when there are many solutions serving different internal processes. For this reason, when a contractor starts using TradeTapp, they have the opportunity to connect with their bidding platform. As a result, they can become proactive about their risk management process. Think of the importance of a technology solution which allows contractors to only build bid-lists with qualified subcontractors.
When our customers are thinking about how to empower their risk management teams, it makes perfect sense to take advantage of the combined TradeTapp and BuildingConnected capabilities before going into contract with a subcontractor. We meet dozens of builders that find themselves in the precarious position of trying to qualify their subcontractors after issuing letters of intent or even making an award. When the leverage is gone, it’s difficult to enforce real risk mitigation controls. Letting these platforms do the work of communicating qualification status and facilitating the bid list creation process helps us evolve from reactive to proactive.
The market triggers that make this combined solution so important
Construction spending has been consistently increasing over the past several years, and as a result, subcontractors are taking on more work than ever before. We’ve observed backlog trends growing exponentially year over year. Of course, more work creates more risk, and there is plenty of uncertainty about a potential economic slowdown in the coming years. What will this mean for our customers and how will this affect their businesses?
General contractors that have the best tools in place–ones that are integrated, data-centric, and workflow-driven–will be the ones that successfully create proactive risk management programs. Deciding which subcontractors are the right fit for upcoming projects will be one of the hardest challenges builders face in the coming years. Our customers should ask themselves: “Am I leveraging market insights and best data available to inform our decisions? Or are we limiting visibility by sticking to home-grown siloed solutions?”
With TradeTapp and BuildingConnected, we finally have a combined solution that eliminates the bottleneck issue of risk management. Here’s what we believe: Risk teams can and should take an active role in evaluating bidders annually, as well as project by project. Procurement teams should have visibility into the prequalification process without being forced to use multiple platforms or systems.
What TradeTapp and BuildingConnected are doing to address other industry challenges
We have many important integration initiatives in the works. As our company grows with our new parent company, Autodesk, the possibilities are truly endless.
In the coming months, we will,
- Continue to focus on connectivity — bringing more data and systems together to help our customers, including subcontractors, be more efficient in their day-to-day workflows.
- Build solutions to connect accounting and estimating systems to streamline the preconstruction process.
- Enable our customers to make better data-driven qualification decisions by surfacing more unique data from our platform. General contractors who use BuildingConnected’s Pro solution for bid solicitation have amassed a tremendous amount of information about their subcontractors, and more of this data will be useful in the qualification process inside TradeTapp.
- Help our customers better understand market trends through aggregating and delivering important data that will enable them to work smarter and more efficiently when winning new jobs or procuring their next projects.
With TradeTapp and BuildingConnected fully integrated — and Autodesk’s suite products — general contractors can now manage their entire preconstruction process in one place with the most advanced tools on the market. We’re only getting started.