Streamline your quote management process using standardised quote templates and instant pricing validation against agreed contracted rates.
Industry: Banking & Finance
Location: Australia Wide
Size: 810 Site Locations
This leading banking and financial institution haveover 800 sites with hundreds of contractors visiting their sites regularly to perform repair and maintenance work.
Verified delivered a solution that held our contractors accountable and assured the executive team were getting value for money.
- Banking Client
A large banking and financial institution, implemented Verified to standardise their quote management processes, capture accurate contractor data, and validate their quotes and invoices. Each time a defect issue or repair request was raised for a site, the company could request quotes from multiple contractors through Verified.
With the implementation of Verified, the company received quotes in the same format which made them easily comparable, and where relevant, instantly validated against the contractors’ prices as stipulated in their overarching contract. The company gained significant transparency, immediate visibility and validation on actual versus quoted pricing, and maintained integrity in the lifecycle of their procurement and quote processes.
Background – The Problem with Quote Processes
Facility Managers appoint contractors to provide Preventative Maintenance (PM) services. When it comes to Reactive Maintenance (RM) or repairs, they will only request a quote from the incumbent PM contractor, relying on the initial contracted labour and parts rates. Generally, they will not get a comparative quote from the market. This creates the following issues:
There is no comparative quote
The labour and parts rates must be remembered by the FM when approving quotes. Impossible, especially when dealing with lots of contractors.
Opportunistic contractors exploit labour costs by increasing hours
Approval personnel have limited ability to understand what is required for the job and therefore cannot validate it
Opportunistic contractors often exploit facility managers by submitting inflated quotes or overcharging for the services provided. Contractors may manipulate prices, quote above market rates, or overcharge for time spent on site, exploiting the facility manager’s lack of market knowledge, urgency, or close monitoring. Further, suppliers use different formats, terminology, and pricing structures. Due to the lack of quote standardisation and accurate data capture, facility managers struggle to compare and evaluate quotes, leading to confusion and a lack of transparency in the quoting process.
Improving Contractor Accountability
Recently a Preventative Maintenance task onsite identified a defect where entry ramp anti-slip tape was heavily worn and required replacing. Defect information and photo evidence was uploaded intoVerified’s Contractor Management moduleby the technician. A contractor reviewed the defects information provided and generated a detailed quote outlining the estimated time, sixteen hours of out-of-hours labor at $100 per hour, and materials (the safety tape) required for the job. The Facility Manager approved the quote and work began.
Upon completion of the work, the contractor submitted an invoice for payment in full, as per the initial quote. Luckily the client had implemented Verified. Using the Quote Management module, the client was able to track the entire process from quote inception to work order completion. Specifically, the client could compare the work quoted against the number of hours onsite and the work completed.
Due to the link between the initial quote and the follow-through of this information into the work order, the client could unmistakably confirm the work had taken only four hours for completion, and was done in normal working hours. There was obviously a large disparity between information recorded in Verified and the contractor’s invoiced amount.
As a Verified client you have a superior and centralised approach to quote management. The module includes features such as:
Systemised quote generation and tracking for increased efficiency
Quick and easy validation of quotes
Full lifecycle tracking from creation to approval
Easy forwarding of quotes to stakeholders
Robust and accurate audit logs and history
High configurability and customisation options for contractors
24/7 availability of quotes for review and approval
Management reporting and dashboards for strategic decision-making
With our platform, you can expect a transparent and validated quoting process that maintains integrity and offers enhanced flexibility for all parties involved. To learn more, schedule a demo and see how you can improve your quote management processes. Contact us at 1300 133 950 or send an email to learn more.
With Verified, you have actionable data at your fingertips that gives you the answers you need to provide a safe and compliant workplace
We replaced our paper-based sign in with Verified. The visibility of contractor management is huge. We now have a better understanding of the cost structure of our work and we feel less vulnerable to risk.
Head of Safety
It helps me better understanding
of the cost structure of our work.
I’m new and my first objective was
to work out who was coming in our
stores and why.
I’ve been waiting for 10 years for
something like this. We had 100%
compliance on paper and no
understanding of who was in a site
at any particular time.