One study by McKinsey found that 75% of companies that have adopted BIM reported positive returns and on their investments. But BIM can save you money in a myriad of ways if you take advantage of it. Closer collaboration with contractors can lead to reductions in tender risk premiums, lower insurance costs, fewer overall variations, and fewer opportunities for claims. Better overview of the project before starting allows for more prefabrication and reduces waste on unused materials. Prefabricated elements can be easily bolted in place rather than created on-site. Labor costs spent on documentation work and miscommunications are reduced. Many companies are using BIM and construction technology to reduce costs and mitigate risk. With an ever-increasing number of team members using project data, real-time collaboration and a single document repository such as BIM 360 Docs reduces the risk of any company using outdated information. Making sure the right information is available at the right time is essential to completing a successful quality project.

In the same way that many of these benefits save money, they save time by reducing the time of project cycles and eliminating construction schedule setbacks. BIM allows design and documentation to be done at the same time, and for documentation to be easily changed to adapt to new information such as site conditions. Schedules can be planned more accurately and communicated exactly, and the improved coordination helps projects be more likely to be completed on-time or early.

BIM data can be used to instantly generate production drawings or databases for manufacturing purposes, allowing for increased use of prefabrication and modular construction technology. By designing, detailing and building offsite in a controlled environment, you can diminish waste, increase efficiency, and reduce labor and material costs.