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BIM tool launched to avoid last-minute project cost overruns

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Autodesk has added a cost management tool to its BIM 360 software to avoid last minute cost overruns.

Using artificial intelligence to protect potential cost overruns, the tool responds to data collected from site before and during construction. It allows for project cost projections to be updated on a live basis, removing the risk of last minute cost hikes. 

Crossrail’s 12-month delay and cost overruns - announced just four months before it was scheduled to open - has put the spotlight on better monitoring of cost and time increases.  

Launching the new software at AU Vegas, Autodesk construction business unit vice president & general manager Jim Lynch said it has the potential to revolutionise the accuracies of project cost evaluations.

“Integrating cost management functionality into BIM 360 has the ability to change the way construction costs are worked out,” Lynch said. “It takes all incremental costs of a project through data sets provided and can spot cost overruns far earlier than we are currently able to.

“The hope is that we can move from uncertainty to predictability.”

He added: “Measuring performance is critical to competitive success in almost anything worth doing, especially business. What gets measured gets done.”

The software works by analysing operational data such as request for information and change orders.

Correlating operational data to financial outcomes enable proactive adjustments to ensure better outcomes.

Lynch added: “The comprehensive analysis of this data across the industry will help improve business outcomes in the form of better quality, improved profitability and decreased risk.”

The cost benefits of BIM were recently unveiled by High Speed 2 (HS2) joint venture SCS (Skanska, Costain and Strabag) who claim to have saved more than £2M by using a new BIM-integrated tool on its package of main civils works. 

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