By Jon Walton....
For too long, the 240 billion dollar plus building products industry in the U.S. has existed without a technology driven transactional platform. Frustrated purchasing agents rely on outdated and antiquated methods for sourcing, pricing and purchasing their materials, tools and equipment. Phone calls, countless emails and faxes, at times going unanswered, have created a widespread waste of resources; namely time and money.
Recognizing the need to streamline and simplify the process, NY based start-up SpecBid has created a cloud-based solution to address this problem. With the downturn in the industry, many companies have adopted a 3-5 bid process on all purchasing requests. With SpecBid, project requirements and material needs are processed using algorithms and sent to best-matched suppliers. Returned bids appear in the buyer’s dashboard, as soon as the supplier(s) responds. This web-based application can be accessed from any computer or mobile device.
Founder and industry veteran Chris Cardillo says buyers and suppliers have quickly adopted this process. “The construction industry is ready to embrace technology, but has simply been overlooked,” says Cardillo. “Early users of SpecBid have seen immediate results, whether it’s making a smarter buy, expanding the supply chain or generating solid, verifiable leads.”
With a database of 7500 individual items and growing, SpecBid has put itself not only on the radar of contractors, but suppliers and manufacturers as well. The ability to connect with customers in real time will level the playing field as well as encourage transparency and healthy competition. “SpecBid will reverse the cold call” feels Cardillo. “Once we connect a buyer and seller, the ice has already been broken and it’s time to do business”
Cardillo is quick to point out some early successes; “One of the largest contractors in NYC saved $2000 on power tools their first time using SpecBid. Additionally, We are seeing GC’s insist that their subs use SpecBid so there are no discrepancies regarding material pricing and availability “
“The platform hasn’t been limited to just contractors and building supply yards,” Cardillo says. “We’ve been approached by plumbers, electricians, facility engineers, architects, and mechanical contractors to name a few.”
Currently free for all users, SpecBid is seeing new users daily in NY and Boston, and has already identified new markets for expansion.