If you’re prequalifying your contractors, you’ve already got a jump on your competition. But if you’re not using a contractor management system to navigate the prequalification process, you’re definitely missing out (learn more about Contractor Management Best Practices).
Contractor management systems help companies ensure the contractors they are considering for the job meet predetermined requirements. They simplify the prequalification process and allow managers to easily see important data for each contractor, including:
- Insurance coverage
- Bonding limits
- Safety history
- Financial performance
- Regulatory compliance
- Professional accreditation
Expired insurance or a poor safety record means added risk, and it takes just one accident to be stuck with costly OSHA fines and negative publicity. A contractor management system tracks everything for you and makes all the information accessible in one place, any time you need it.
Contractor management systems also make things easier for contractors by streamlining communication and ensuring consistency in health and safety training (find out How to Scale Contractor Management for Larger Contractor Pools).
So, to bring it all home: the biggest mistake you can make with your contractor prequalification process is not using a contractor management system. If you're avoiding it because there's a small learning curve and a bit of an investment, you're missing out on some serious advantages and efficiencies.