Building information modelling (BIM) and the return on investment: a systematic analysis

Abstract

Purpose The purpose of this study is to identify and analyse the key measurable returning factors, value drivers and strategic benefits associated with building information modelling (BIM) return on investment (ROI). The findings of this study provide researchers and practitioners with up-to-date information in formulating appropriate strategies to quantify the monetary value of BIM. The suggested research agenda provided would also advance what is presently a limited body of knowledge relating to the evaluation of BIM ROI. Design/methodology/approach To fill the identified gap, this study develops a comprehensive systematic review of mainstream studies on factors affecting BIM ROI published from 2000 to 2020. A total of 23 academic records from different sources such as journals, conference proceedings, dissertation and PhD theses were identified and thoroughly reviewed. Findings The reported BIM ROI ranged greatly from −83.3% to 39,900%. A total of 5 returning factors, namely, schedule reduction and compliance, productivity improvement, request for information reduction, rework reduction and change orders reduction were identified as the most commonly reported factors that influence BIM ROI. Four quantification techniques including general assumptions-based theoretical model, perceived BIM ROI based on survey, factors affecting BIM ROI with no reported ROI and quantified BIM ROI based on a case study were observed and pointed out in the review, together with their limitations. Finally, three major gaps were raised as the lack of consideration on the likelihood of BIM assisting in a construction project, intangible returning factors influencing BIM-based projects and industry standards in benchmarking BIM ROI. Practical implications The outcomes of this study would assist practitioners by providing the current evaluation techniques that address the limitations with BIM investment and present issues relating to the economic evaluation of BIM in the construction industry. It is also expected that presenting a deeper and wider perspective of the research work performed until now will direct a more focussed approach on productivity improvement efforts in the construction industry. Originality/value This study identifies and analyses the key measurable returning factors, value drivers and strategic benefits associated with BIM ROI on an industry scale rather than a particular organisation or a project scale.

An integrated model of BIM return on investment for Australian small- and medium-sized enterprises (SMEs)

“…ROI is consistently cited by academics and practitioners who attempt to evaluate the monetary values of BIM (McGraw-Hill, 2012, 2014). As pointed out in a recent study, there are 2 predominant calculation methods that previous studies used to calculate the BIM ROI (Sompolgrunk et al. , 2021).…”

“…Multiple studies have investigated the factors that influence BIM ROI, as tabulated in Table 1. These returning factors have been recently complied and analysed through the use of systematic literature review (Sompolgrunk et al. , 2021), categorised into 2 groups: tangible and intangible returning factors.…”

“…Given the qualitative nature of the BIM maturity level (Sompolgrunk et al. , 2021), it is difficult to identify and analyse the benefits associated with each BIM maturity level.…”

“…The theoretical background: major components of BIM ROI ROI is consistently cited by academics and practitioners who attempt to evaluate the monetary values of BIM (McGraw-Hill, 2012. As pointed out in a recent study, there are 2 predominant calculation methods that previous studies used to calculate the BIM ROI (Sompolgrunk et al, 2021). The first method as shown in Eqn (1) indicates that BIM ROI is calculated as the gain from investment minus the cost of the investment, divided by the cost of investment and then multiplying it by 100 to establish a percentage that can be used as an indicator of performance.…”

“…The returning factors: tangible and intangible benefits Multiple studies have investigated the factors that influence BIM ROI, as tabulated in Table 1. These returning factors have been recently complied and analysed through the use of systematic literature review (Sompolgrunk et al, 2021), categorised into 2 groups: tangible and intangible returning factors. It stands to the reason that the accuracy of the evaluation process, for both tangible and intangible returning factors, accounts for the reliability of the reported BIM ROI.…”