Abstract

Building Information Modeling (BIM) provides many recognized benefits and becomes the most promising technology in the AEC industry. However, many construction companies are still hesitant to invest in this technology. The lack of information about the financial benefits of BIM implementation against the high cost of investment incurred is one of the obstacles in BIM practice. Therefore, stakeholders need to be encouraged by empirical evidence regarding the financial benefits that BIM presents. Over the last ten years (2010–2020) identified there were 16 studies on the topic of BIM investment. This study using the literature review method aims to review and map the methods used in the studies. The results of this study show that quantitative research with secondary data, case studies, and Return on Investment (ROI) is the most widely used method. However, ROI is still considered incapable of capturing the overall costs and benefits. Therefore, Cost benefit analysis (CBA) becomes the solution to the gap because it can measure intangible benefits and indirect costs as well as a combination with systems dynamic that can be modeling the financial implications arising from BIM investment. The confidentiality of construction cost data and the lack of ability to track BIM project data are among the obstacles when conducting CBA. Therefore, to address the problem two recent studies published in 2020 propose predictive methods using artificial intelligence (AI) approaches to predict the net costs and benefits of BIM implementation. The findings of this study can be used as a guideline for further research methodologies in evaluating and justifying BIM investment to encourage greater adoption of technology in the AEC industry.

Original languageEnglish
Title of host publicationProceedings of the 5th International Conference on Sustainable Civil Engineering Structures and Construction Materials - SCESCM 2020
EditorsSheila Belayutham, Che Khairil Che Ibrahim, Anizahyati Alisibramulisi, Hazrina Mansor, Muntasir Billah
PublisherSpringer Science and Business Media Deutschland GmbH
Pages1273-1286
Number of pages14
ISBN (Print)9789811679230
DOIs
Publication statusPublished - 2022
Event5th International Conference on Sustainable Civil Engineering Structures and Construction Materials, SCESCM 2020 - Virtual, Online
Duration: 8 Dec 20209 Dec 2020

Publication series

NameLecture Notes in Civil Engineering
Volume215
ISSN (Print)2366-2557
ISSN (Electronic)2366-2565

Conference

Conference5th International Conference on Sustainable Civil Engineering Structures and Construction Materials, SCESCM 2020
CityVirtual, Online
Period8/12/209/12/20

Keywords

  • Building information modeling (BIM)
  • Investment
  • Project finance

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