Construction Cost Management is not a new concept. It is an essential part of the construction process and some may argue, one of the most important. When stats like, only 31% of all construction projects came within 10% of the budget, industry professionals are pressed to find ways to improve project costs. Managing change orders and ensuring project costs stay as close to the budget as possible is critical.
With the release of the BIM 360 Cost Management Module, construction teams are armed with the power to efficiently manage all cost-related activity and change order workflows by enabling real-time collaboration with all stakeholders. Built on a centralized common data platform, all activities are up-to-date and centralized serving as a single source of truth for the entire project team. This allows for the most accurate view of the budget and the most comprehensive cost control available helping teams maintain a positive cash flow, reduce risk and maximize profit.
With the BIM 360 Cost Management Module, construction teams can efficiently manage all cost-related activity
One of the biggest risk factors on a project is staying within (or as close to) the initial estimated project budget. Change happens on jobsites everyday, and it is essential that teams are equipped with the tools they need to better manage and gain visibility into any changes that could impact the bottom line. After over 50 years in the business, Charles Perry Partners, Inc. (CPPI), one of the Southeast’s largest privately held construction firms specializing in healthcare, education, and commercial sectors, recognized the need to change.
After years of using Excel spreadsheets and Primavera Contract Manager as their primary applications for any cost management activities, CPPI decided to make the shift to BIM 360. “Our team was having to do a lot of duplicate entry and wasting time,” said Brad Buckles, Director of Technology at CPPI.
“We needed a single place where all cost management activities could be maintained. We still leverage spreadsheets but having a one stop shop allows us to have better insight into the history of specific cost items as well as reduces the amount of labor hours spent on cost tracking since all activities are housed under one user interface.”
The number one reason CPPI made the switch to an integrated project management platform was the value they saw in having a more sophisticated solution for cost management. “Our company was ready for a change and wanted to automate a lot of the mundane tasks,” said Brad.
The module has an intuitive workflow giving teams quick visibility into budget impacts and overall financial health
Built with user experience at the forefront of its design, the Cost Management module has an intuitive workflow giving teams quick visibility into budget impacts and overall project financial health. Here are some of the reasons why we think you will love it:
1. Improved cost control and budget transparency - Powerful change management workflows enabling teams to minimize risk by managing all cost related construction activities in a single software
2. Effective change management - Streamlines upstream and downstream change order workflows
3. Visualize cost related risk - A real-time summary view of all budget items and contracts providing a clear picture of revenue, costs, forecast and variance related to each item.
4. Flexible & customizable - Configurable features allow teams to customize the software to suit their needs and preferences.
Getting teams to have immediate buy-in on different software solutions is key to a successful roll out. With the BIM 360 Cost Management module, Brad and the team at CPPI have been able to quickly adapt finding the user interface to be clear and intuitive, “it has not been difficult to get people to like it!”
CPPI is currently transitioning all construction project management workflow into BIM 360’s cloud platform including Document and Field Management as well as Model Coordination.