Introduction:
Data quality is a top priority for COMPASS, and we continuously strive to improve our data verification standards to ensure the COMPASS 1Form contains the most accurate and up-to-date information during the prequalification process. Our commitment to data verification not only facilitates a faster prequalification process but also contributes to a stronger Q Score, potentially leading to larger prequalification limits from General Contractors. In this knowledge-based article, we will explore the data verification enhancements introduced in 2022 and how they benefit subcontractors.
Automated/In-line Validation:
COMPASS now offers automated in-line validation, which provides real-time alerts when potential invalid data entries are detected. This means that as soon as an entry fails to meet our validation standards, you will receive immediate feedback and have the opportunity to correct your inputs in real-time. This eliminates the need to make adjustments later and resubmit your data, ensuring that your COMPASS 1Form remains accurate and complete from the outset.
Summary of Potential Data Issues:
To further assist you in maintaining accurate and complete data, we have introduced a summary of potential data issues. This summary highlights any items that do not meet our verification standards, allowing you to quickly identify and address potential errors before proceeding to the next question. By addressing these issues proactively, you can ensure that your COMPASS 1Form is free from data inaccuracies, streamlining the prequalification process.
Summary of Incomplete Items:
In addition to potential data issues, we now provide a summary of incomplete items. This feature highlights any missing important data points or documents, acting as a final check to ensure that your company's information is as accurate and complete as possible before submitting the COMPASS 1Form. This comprehensive summary allows you to address any gaps in your data, ensuring a thorough and precise prequalification submission.
Enhanced Data Verification Areas:
Our data verification standards cover various critical areas within the COMPASS 1Form to ensure comprehensive data accuracy. These areas include Business, Finance, and Health and Safety.
Business:
COMPASS verifies crucial business-related information, such as current and average employee counts, project details, backlog breakdown, average contract values, and project diversification across states. Ensuring accurate business data is essential for building credibility and demonstrating your company's capabilities to General Contractors.
Finance:
Our data verification process encompasses financial data, including balance sheets, income statements, revenue growth, line of credit details, bonding capacity, and insurance limits. Accurate financial information helps General Contractors assess your company's financial stability and risk profile.
Health and Safety:
COMPASS validates health and safety data, including Experience Modification Rate (EMR) for the last three years, OSHA details, total hours worked, OSHA recordable incidents, the average number of employees, days away restricted or transferred, and fatalities. This information showcases your company's commitment to maintaining a safe work environment, an essential aspect for General Contractor consideration.
How to by-pass warning message:
If you receive a warning message stating that you have not met the minimum requirements on the 1Form, and you are sure that the information you provided is accurate, you can bypass this error by clicking "Back to sections" on the left-hand side of the 1Form. Ensure that you have completed all questions in the current section before proceeding to the next one. This will allow you to continue with the form submission without the warning message hindering your progress.