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Building information modeling (BIM) is a process to improve processes. When building information modeling is done right, you are left with a model that consists of a digital description of each and every aspect of a construction project from conception to life-cycle to demolition. 

Having all of the project specifications in one place will save both time and money for obvious reasons. Information is more easily shared among the various teams that will be involved from conception to demolition. Every step of the process is outlined, and therefore, more predictable when using BIM.

Implementing BIM in the construction of an asset can be financially beneficial even after construction has completed. The vast library of building requirements, design specs, construction, and operational information created with BIM is extremely valuable and can be used to save money in facilities management. 

Cost estimation accuracy is one of the key reasons BIM adoption has increased. In 2007, the Stanford University Center for Integrated Facilities Engineering (CIFE) gathered figures based on 32 major projects using BIM and found that cost estimation accuracy came to within 3%. By quantifying materials precisely and having a better picture of all of the elements involved, BIM allows quicker estimations and the ability to easily explore other opportunities and options within the allotted budget.

BIM is an excellent form of preventative care, identifying expensive, show-stopping changes before they have a chance to destroy your budget. All major systems in the project can be checked against each other in a BIM program to check for interferences. An avoidable curveball in the middle of a build costs hours and money. Avoid it with BIM.

Andrew Knight is a content producer at Hanley Wood. Tweet him @AndrewKnight_HW.