The most mature application of BIM is in investment (cost) management, commonly referred to as 5D technology. In fact, some construction management software companies in China, like Shenzhen Swell Technology Company, have conducted extensive research and development of this technology on CAD platforms. However, on a BIM platform, this technology is expected to have even greater potential for development.
Firstly, BIM simplifies the calculation of engineering quantities. With design drawings created in CAD, the computer must run a program to automatically count and calculate quantities based on instructions from budget personnel, who specify the properties of stored lines—such as beams, slabs, or columns. This process relies on three-dimensional computational techniques and is only semi-automated. In contrast, on a BIM platform, design drawing elements are no longer just lines but components with embedded attributes. This eliminates the need for budget personnel to manually define what the computer is processing, enabling fully automated three-dimensional calculations.
Secondly, BIM makes investment (cost) control much easier to implement. For project owners, the primary focus of investment control is during the design phase. Currently, the calculation of technical and economic indicators at this stage is often inaccurate, making the quality of investment control largely dependent on luck. By utilizing BIM technology, owners can quickly and accurately obtain investment estimates or budgets for various construction plans and compare the technical and economic indicators of each. Furthermore, precise project investment estimation and budgeting help owners reduce unforeseen expenses and improve fund utilization efficiency. Similarly, contractors benefit from BIM’s accurate and rapid calculation of construction quantities by optimizing material procurement and workforce allocation, which can lead to significant cost savings.
Finally, BIM supports faster project settlement processes. In China, delays in progress payment and prolonged project settlement after completion are common issues. While financial constraints of owners may play a role, a major cause is the numerous engineering changes and disputes over settlement data. BIM technology addresses these challenges in two ways: it improves the quality of design drawings, thereby reducing engineering changes during construction; and, if owners and contractors agree to settle projects based on the same BIM model, disputes over settlement data are greatly minimized.
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