SmartMarket Report by McGraw Hill Construction titled “The Business Value of BIM for Construction in Major Global Markets: How Contractors around the World are Driving Innovation with Building Information Modeling” presents the amount of impact BIM and construction management has made globally.
Some of the findings:
1: Three quarters of construction companies report a positive Return on Investment (ROI) on their BIM program investment (ROI) & have clear ideas about how to further improve it.
2: Fewer errors and omissions, less rework, and lower construction costs are amongst the top five BIM benefits cited by contractors.
3: Over the next two years, contractors expect the percentage of their work that involves BIM will increase by 50% on average.
4: BIM ROI increases proportionately with a contractor’s level of BIM engagement, represented by his BIM experience, skill level and commitment to doing a high percentage of its work in BIM.
5: Contractors in all markets are planning significant investments to expand their BIM programs in coming years with a focus on internal and external collaborative procedures as well as mobile hardware and BIM software.
BIM implementation has been around for many years in Canada, France, Germany, UK and US but recently the markets have emerged in Australia, Brazil, Japan, Korea, and New Zealand. They are gaining tremendous momentum and are overtaking perspectives of ROI, commitment to investment, offering innovative new services and escalating the use of BIM to non-building projects such as mining and manufacturing.
According to this Smart Market, top project-related benefits that contractors are receiving from BIM for construction includes reduced construction cost, reduced project duration and improved safety. Various other benefits include better cost control / predictability and reduced cycle time for workflows. Approvals are also considered as an important process benefit of BIM.
Half of the contractors at the maximum level of BIM engagement are reporting very positive ROI-in excess of 25% on their investment in BIM. It has also been observed that BIM is considerably curbing costly rework on projects for 40% of the highest BIM engagement contractors. Important aspect here is that, more deeply a construction company is engaged with BIM, greater are the chances to enhance their ability to reap the benefits and realize a very strong return on the investments.
McGraw Hill Construction’s investigation for BIM was conducted for ten countries: Australia, Brazil, Canada, France, Germany, Japan, New Zealand, South Korea, US and UK. Contractors in each of these countries reported positive Return on Investment through BIM for aforesaid challenges.
This is an exciting time in the global construction industry, and BIM is accelerating the pace of positive change for contractors of all types, sizes, and locations.