EllisDon invests in subcontractor pre-qualification software
July 4, 2017 by EllisDon
Mississauga, ON — EllisDon has invested in a new technology that will better manage its subcontractor engagement. COMPASS is a web-based software as a service (SAAS) that will gather, organize and analyze subcontractor data from multiple sources. It produces an unbiased assessment of execution ability and financial capability, a ranking by trade type and insights for subcontractor pre-qualification, while maintaining the highest level of subcontractor privacy.
In cooperation with industry leaders such as Pomerleau Inc., Aon Risk Solutions, Lumbermens Construction Credit, Bird Construction, Clark Builders, SKYGRID Construction Inc. and Sterling West Credit Corp, the technology will continuously evolve through feedback and machine learning.
Rooted in risk analytics, COMPASS integrates data collection with a robust proprietary model that blends industry-specific variables to provide counterparty risk rankings. The use of COMPASS will deliver General Contractors and Subcontractors a more streamlined prequalification process.
- Centralized data collection for multiple General Contractors
- Protection of raw financial data
- Standardized risk assessment procedure
- Exposure to participating General Contractors
- Subcontractor dashboard for ratios, assessment feedback and peer analysis
- Emphasizing execution ability over cost to mitigate risk