MISSISSAUGA, ONT. — EllisDon has made an investment in new technology that will provide general contractors and subcontractors with a more streamlined prequalification process, the company states.
COMPASS is a web-based software as a service that will gather, organize and analyze subcontractor data from multiple sources. An EllisDon release indicates COMPASS produces an unbiased assessment of execution ability and financial capability, a ranking by trade type and insights for subcontractor prequalification, while maintaining the highest level of subcontractor privacy.
In co-operation with industry leaders such as Pomerleau Inc., Aon Risk Solutions, Lumbermens Construction Credit, Bird Construction, Clark Builders, SKYGRID Construction Inc. and Sterling West Credit Corp, COMPASS will continuously evolve through feedback and machine learning, states the release.
Rooted in risk analytics, COMPASS integrates data collection with a robust proprietary model that blends industry-specific variables to provide counter-party risk rankings, the release adds.
COMPASS benefits include:
• centralized data collection for multiple general contractors;
• protection of raw financial data;
• a standardized risk assessment procedure;
• exposure to participating general contractors;
• a subcontractor dashboard for ratios, assessment feedback and peer analysis; and
• emphasizing execution ability over cost to mitigate risk.