The client needed help with developing a digital solution to win their construction bids. They wanted to predict the likelihood of winning future construction project proposal submissions.
Bidding involves the submission of a proposal by a construction firm to prospective clients or project owners with the goal of winning the contract to manage the construction of a structure. Due to the highly competitive nature of the industry, contractors typically only win 1 out of every 6 bids they submit. This means that the time and resources spent on preparing and submitting unsuccessful bids could be better used for managing their business and successfully completing the projects they do win.
Our client has identified an opportunity to improve their bidding process by leveraging data from past bids. Currently, their bidding preparation and estimation of winning chances rely heavily on the experience of human personnel which can be time-consuming and may be lost when experienced staff members leave the company.
By using data-driven methods to predict the chances of winning future bids and explain the reasoning behind these predictions, the client hopes to improve their bids and increase their success rate. This will enable them to better allocate their resources and maximize their profitability in a competitive market.