What does building information modeling (BIM) have to do with construction financial management?
Dennis Stejskal and Walt Davis from Sage answer that question in their article, BIM 101 for Construction Financial Managers, just published in the July/August edition of CFMA Building Profits magazine.
“Most construction financial managers (CFMs) are familiar with the term ‘BIM,’ but they don’t necessarily understand it, or how it applies to their work,” explains Stejskal, vice president of strategy and customer success for Sage construction and real estate products. “With more construction companies adopting BIM, we wanted to educate CFMs on the topic and how to make BIM their ally.”
The article covers the basics from how BIM works, to who uses it and why. According to Stejskal, knowing those basics help financial managers more effectively communicate with their customers, executive team, and operations counterparts.
BIM is also playing a bigger role in creating more precise estimates, which translates to more accurate budgets. “Estimators that work with BIM are more confident in the numbers they hand over to the finance group,” says Davis, estimating market manager at Sage.
Finally, BIM offers other important benefits, including
- Increased business opportunities
- Improved project communication
- Reduction in material waste, schedules, and final construction costs
- Decrease in reportable safety incidents
All of that means better financials and reduced risks—two things near and dear to construction financial managers. If you oversee financials for your construction firm, you won’t want to miss this informative article.