Construction risk management can typically be broken down into financial, safety, and legal issues with subs and suppliers.
Having a detailed process to mitigate risk during the preconstruction process will help you avoid delays, issues, and cost during construction.
1) Collect data on your subs
- Utilize prequalification software to collect any data you require from your subs.
- Anything from Safety Training, Project References, COI expiration dates, EMR, TRIR, Minority Certifications, Union Affiliation, and any upload forms.
2) Set up an approval process
- Ensure that all departments across finance, safety, legal, etc. can review prequal submissions.
- Notify a team member automatically via email when a prequal form moves from one stage to the next.
3) Approve contractors with restrictions
- Communicate with your team to identify red flags, and give approval or restrict subs from performing certain work.
- Assign filters for your subs so you can quickly identify if they are qualified to work on a project based on restrictions.
4) Improve data visibility with your Estimators
- Enable your estimating team to quickly filter subs they choose to send bid invitations for a project based on shortcomings.
- Don’t waste time calling or following up on subs that are not qualified to perform certain jobs.
- When comparing bids, consider the potential red flags identified by your prequal team to determine who to award.
- Make sure that their final bid includes all addenda added during the bidding process.
5) Improve communication during the hand-off to Project Managers
- Provide your PM with the data they need to ensure all compliance is met.
- Go through a checklist that your vendors meet all requirements
- Give your team the ability to quickly look up if any training is needed, or where to look out for potential shortcomings.
You can utilize PIpelineSuite’s bidding software coupled with the Prequal Module to accomplish these 5 steps and help increase visibility across your organization. Take the first step to start collecting data from your vendors and sign up for a free trial on our website today.