Utilizing Building Information Modeling to Increase Project ROI

When it comes to increasing the return on investment for a construction project, facility managers and private investors are always looking for ways to cut costs and speed up the process. One way to achieve this is through the use of Building Information Modeling (BIM). BIM is defined as the process of using a digital platform to control and manage the various information flows involved in a construction project.

This technology has many benefits for facility managers and private investors, including improved coordination between stakeholders, greater efficiency in managing change orders, and reducing costs associated with rework or delays. By utilizing BIM in your next construction project, you can expect to see significantly better results than if you were to rely on traditional methods alone.

What is Building Information Modeling?

Building Information Modeling, or BIM, is a digital platform that facilitates the management and coordination of information flow during the construction process. Unlike traditional CAD software, which focuses on representing 2D designs in a 3D environment, BIM allows users to not only manage project plans and models but also store data on materials and quantities, track changes, and simulate construction scenarios.

Benefits of Building Information Modeling

Let’s take a closer look at some of the key advantages offered by this innovative approach to building design and management:

1. Improved coordination between different project stakeholders. One of the biggest challenges faced by those working on large-scale construction projects is keeping everyone on the same page. With BIM, this becomes much easier. By sharing information in a centralized platform, it is simple to ensure that all parties are aware of any changes or updates and can make adjustments accordingly.

2. Better communication between stakeholders and contractors. Another key advantage of BIM is that it makes communication between stakeholders and contractors much easier and more streamlined than ever before. As project teams work together to share data, there is less room for misunderstandings or miscommunication, which can lead to costly delays or errors down the line.

3. Increased efficiency in managing change orders. One of the biggest causes of cost overruns on construction projects arises from change orders – requests made by facility managers to alter an element of the design or scope of work. With BIM, it is easier to manage these requests and make sure that all parties are aware of any changes. This helps to avoid errors and delays and ultimately saves money.

4. Reduced costs associated with rework or delays. One of the most frustrating aspects of construction projects is when they run over budget due to rework or delays. By using BIM, it is possible to avoid these costly mistakes. The platform provides a clear view of the project as a whole, making it easier to catch errors before they cause major problems.

5. Greater accuracy in planning and forecasting. Another huge benefit of BIM is that it allows for greater accuracy in planning and forecasting. With traditional methods, it can be difficult to estimate the resources required for a construction project, and it can be challenging to determine when the project will be completed. BIM makes these estimates more accurate, allowing facility managers and private investors to better plan for future projects.

What are the challenges of BIM?

While BIM has many benefits, there are also some challenges that need to be addressed. One of the main challenges is training – digital platforms like BIM require a significant amount of specialized knowledge and skills, which can make it difficult for facility managers to implement them effectively.

Another challenge is data management – as the amount of data generated by BIM grows, it becomes more challenging to manage and organize that data.

Finally, there are challenges associated with integrating BIM into existing workflows and building management systems. This can require a significant amount of time and effort, but it is key to realizing the full potential of BIM.

How Does BIM Work Within the Project Life Cycle?

The project life cycle is the process that a construction project goes through from inception to completion. It typically includes four main phases, and BIM can be used in all four phases.

• In the planning and design phase, BIM can be used to create a digital model of the proposed construction project. This model can then be used to assess different design options and make adjustments before construction begins.
• In the construction phase, BIM can be used to coordinate activities on-site, such as scheduling deliveries and tracking progress. This helps to reduce delays and keep projects on track.
• During the operation and maintenance phase of a project, BIM can be used to access real-time data about the condition of a facility. This information can be used to make repairs or alterations as needed, ensuring that the facility is always operating at peak efficiency.
• Finally, in the decommissioning phase, BIM can be used to plan for the safe and efficient dismantling of a construction project. This helps to avoid any accidents or injuries and to ensure that all materials are disposed of properly.

How can BIM be used to increase ROI?

There are several ways in which building information modeling can be used to increase ROI. As mentioned above, BIM makes it easier to catch errors before they cause major problems, which can save a lot of time and money.

Another way to increase ROI with BIM is by using the platform to streamline communication between stakeholders and contractors. By ensuring that all parties are on the same page, it is possible to avoid costly mistakes or miscommunication.

Finally, BIM can be used to make more accurate estimates when planning future projects. This can help to avoid unexpected costs or delays, and it can help facility managers and private investors to better plan for future construction projects.

Conclusion

Overall, BIM has the potential to increase ROI by reducing the costs associated with errors, rework, and delays. Additionally, BIM can help to streamline communication and make more accurate estimates when planning future projects. While there are some challenges that need to be addressed, such as training and data management, these challenges can be overcome with time and effort. In short, BIM has the potential to revolutionize the construction industry, and businesses that are able to take advantage of this platform are likely to see improved ROI.

If you have any further questions about how BIM can be used to increase ROI, or if you would like to learn more about the benefits of BIM, please contact the Maptelligent team. We would be happy to discuss your specific needs and requirements and provide you with a tailored solution.