Owing to the rise of the digital era, Construction companies are facing cut throat competition in the AEC industry today. Being able to complete building projects within estimated short time-frame with exceptional accuracy and quality is the need of the hour. This pressure comes with the added stress to ensure profit margins are being maintained by eliminating on-site errors, costly reworks and budget-expanding delays.

To assure project feasibly in these trying times, the role of cost managers has become pivotal for optimum allocation and management of construction expenses. Traditional and manual methods of cost-estimation are not just prone to errors and miscalculations but can also be quite time-consuming. It is here that BIM Modeling Services, more specifically 5D BIM Services prove to be of significant help.

Below, the blog explains some of the many ways 5D BIM is advantageous to cost managers:

1. Increase accuracy in terms of cost

With 5D BIM, AEC professionals can not only make appropriate budget allocation for various aspects and stages of construction, but can also track construction expenses through these phases. This information, through the collaborative feature of BIM is available for all project members to see. Moreover, the automated quantity take-off features are accurate throughout the BIM process. The parametric data is automatically readjusted in real-time improving the consequent decisions that will be taken based on it.

2. Compare designs in terms of cost:

5D BIM, when applied in the design and planning stage, allows access to final cost related information of the proposed design. This makes it possible to make revisions in proposals and designs to track its impact on cost and overall budget. Additionally, two design elements can easily be compared to analyse cost difference.

3. Accurate quantity take-offs

5D BIM links cost related information with material quantities. Because of this direct link between cost and materials, any changes in the latter are automatically updated in cost estimation. Thus, any and all changes in material quantities and associated cost can be tracked and kept under control so that project budget doesn’t drastically expand in the end.

4. Informed decision making

In order to make precise and sound financial decisions, architects, designers and engineers need to have accurate cost data. With 5D BIM the cost-estimation and budgeting becomes quick and highly accurate, allowing them to make quick decisions. Decisions concerned with material procurement also become easy as all concerned professionals have instant access to information related to quantity take-offs and Bill of Quantities.

Conclusion

Equipping project cost managers with expert 5D BIM Services is definitely a smart investment over traditional tedious methods of cost-estimations for construction companies.  It is less prone to errors, it increases speed, accuracy and ensures better control throughout the project. 5D BIM refines budgeting and automatically updates the cost incurred as the project moves through the various stages of its lifecycle.

Having precise and updated information with regards to cost is also beneficial for investment purposes as it ensures adherence to allocated budget and reinstates stakeholders’ trust in the company for continued feasibility and improved ROIs.

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