Oct 3 2009
Textura-Pre-Qualification Management(TM) (PQM) ties together subcontractors and general contractors to automate key pre-qualification activities -- with benefits for everyone.
Textura Corporation announces the release of its second major application -- Pre-Qualification Management -- as further evidence of its leadership position in automating interactions between General Contractors and Subcontractors. This builds on Textura's position as the construction industry's only full solution for invoicing, lien waiver collection, compliance and payment.
Patrick Allin, Textura Chairman and CEO stated, "In the current market there is a lot of pressure on owners and general contractors to better manage subcontractor risk by dramatically improving the pre-qualification process. Today's process is manual and an administrative burden for owners, general contractors and subcontractors. We spent the last two years building a state-of-the art technology platform that enables collaboration and automates the pre-qualification process for everyone. We believe the industry will benefit from better qualified subcontractors working more effectively with better performing general contractors."
Engineering News Record (ENR) in the August 3, 2009 issue said, "Now, the e-commerce site [Textura] is about to expand with Facebook-like flair. In October, a new prequalification feature will allow contractors to distribute their resumes, balance sheets and other supporting documents online. Owners and general contractors will be able to browse the information to determine whom to invite to bid on a project, and whom to show the door."
For General Contractors, Textura-PQM(TM) automates data collection from subcontractors, freeing staff to focus on data verification and evaluation. The ability to monitor subcontractor pre-qualification compliance and obtain timely updates is substantially improved. Electronic tracking of subcontractor project performance enables improved sharing of evaluations among project managers and estimators. Textura-PQM allows general contractors to make a better assessment of subcontractors' fit for new projects.
Subcontractors enjoy one-time data entry to pre-qualify with all of their general contractors -- even if the general contractor is not on Textura-PQM. Many general contractors' pre-qualification forms are contained in the PQM database and templates are available for use in satisfying the requirements of others. The time required for subcontractors to prepare and submit pre-qualification materials is significantly reduced -- from hours per general contractor to just minutes. Subcontractors can market themselves to a broader range of general contractors.
For general contractors and subcontractors alike, the ease and efficiency that Textura-PQM(TM) introduces to the pre-qualification process significantly reduces labor costs while greatly enhancing everyone's ability to maintain and update the data, resulting in more current data with greater integrity.
Source: http://www.texturacorp.com/solutions-pqm.htm