by JUSTIN LEVINE, TradeTapp
Wehave a simple contention: there is simply not enough collaboration among General Contractors (“GCs”) in the commercial construction industry. For GCs, winning new projects is as much about understanding the needs and values of the particular Client as it is about knowing your peers and being able to anticipate their approach. This preeminence of competition fosters an industry of isolated participants — unwilling to share data with each other for fear that they may reveal company secrets and lose their competitive advantage. The result creates an environment where data collaboration, even where mutually beneficial, never takes place.
The ability to effectively qualify Subcontractors perhaps suffers the most from this lack of data leveraging. It makes little sense that most GCs qualify their Subcontractors in a vacuum, when the vast majority of the risks associated with Subcontractor selection are things like the status of projects currently underway and commitments made over the next 12–24 months. Subcontractor risk is distinctly unique in that it’s shared across multiple parties. TradeTapp is the first pre-qualification platform built to leverage data from all it’s users and deliver analytics with proper context when making Subcontractor award decisions.
So what is TradeTapp and how does it work?
- TradeTapp is fundamentally a risk management platform for commercial construction. GC’s can collect data about Subcontractors, view their benchmark against industry peers, and evaluate specific project awards with an algorithm designed to prioritize risks and make recommendations to protect your company.
Why start with Pre-qualification?
- We believe that smart Subcontractor selection is the genesis of a good Risk Management program. We understand that often the only way to meet a project budget is to accept a certain degree of Subcontractor risk. Our mission is to provide GC’s with a tool to efficiently maintain data about their subs and allocate their risk management resources effectively at the time of award decisions.
How is TradeTapp different?
- We’re focused on Risk Management. We want to help companies spend less time collecting data from their subs and more on allocating their risk management resources and protecting their own balance sheets.
- Our benchmarking model is dynamic. Does a healthy company operating in 2008 look the same as one operating in 2016? As the market and economy changes, so too does our analysis model.
- Better design. Modern web design is sorely lacking in the Construction Industry — especially in the pre-qualification space. We’re building a product that’s enjoyable to use and easy to navigate — for both GCs and their Subcontractors.
- And much more! We’ll continue to post over the coming weeks as we get closer to our first launch.