CINCINNATI – ConstructConnect, a leading provider of construction data, network, and technology solutions, has teamed up with Bespoke Metrics to offer COMPASS integration as part of its preconstruction platform to mitigate project and counterparty risk from subcontractors on billions of dollars of new construction projects bid using ConstructConnect’s network.
COMPASS is a prequalification tool that uses a data-driven model to provide unbiased assessment of subcontractor risk. Using 1Form, a standardized and unified data collection form, COMPASS applies proprietary, analytical benchmarking tools to generate a specific Q Score — representing a subcontractor’s overall level of risk based on their business, financial, and health and safety risks — to assist general contractors in meeting stringent prequalification requirements.
COMPASS brings a unique approach to data collection — co-ordinating annual data collection and verification on behalf of the construction supply chain.
Subcontractor interests have historically been underrepresented in preconstruction. Through collaboration with the subcontractor community, COMPASS offers:
- 1Form, a standardized prequalification form, saving hours spent completing multiple qualification requests from general contractors.
- Data Control, a tool built for subcontractors to satisfy inbound data requests more securely using 1Form, while maintaining full control over their sensitive data.
“Managing project risk in the preconstruction phase of any project sets all of the parties up for success,” said Jonathan Kost, EVP & GM, GC Segment, at ConstructConnect. “Integrating COMPASS with our existing estimating and prequalification tools gives estimating and risk management teams the ability to collaborate effectively, while leveraging advanced risk quantification algorithms that indicate the potential to create better project outcomes.”
Under this partnership, ConstructConnect and COMPASS will expand their capabilities and scale, while continuing to offer clients flexibility through an integrated technology platform. It also kickstarts a codeveloped effort, using the largest and most unique combined data set in the industry, to create smarter workflows between estimators, operations, and risk managers to bring risk-focused discussions to the forefront of preconstruction decision-making.
“Bespoke Metrics’ rise to be an industry leader in prequalification can be attributed to listening to general contractors and subcontractors to develop solutions that help manage the interdependent relationships that make up the supply chain,” said Michael Ho, CEO at Bespoke Metrics.