A key reason I focus so much on keeping cost rates current is because I find so many companies only update their pricing as often as they update their cost rates.
This timing makes tons of sense but you can quickly see the issue when companies grow lax, or downright negligent, when it comes to this process. You would be amazed how many companies continue to send quotes for multi-year projects that start in 2024, whose rates and algorithms have not been updated since 2022 or even earlier.
The most common reason for this, in my experience, is because they are waiting for someone...somewhere...to update those cost rates.
