Why Is Information Management So Important?
The built environment is complex and driven by numerous criteria and influences from regulation to cost, to performance and aesthetics. Historically the industry has relied on traditional, often outdated processes which bear a huge weight on productivity and stand in the way of efficiency.
QUESTIONS TO ASK YOURSELF
Did you know you are legally obliged to hold key building and business information?
Have you ever considered the cost impact that poor data or information has on your company?
Do you struggle to find the information you require when you need it?
THE COST OF LOST DATA
Mistakes are dangerous and expensive in construction*
Poor data leads to wasted time
*Source: UK Construction is worth £117bn per year to the UK economy (Commons Library 2019). An estimated 30% of construction is rework (Egan 1998). 52% of rework is caused by poor data (FMI industry report 2018)
Different project stakeholders involved at key stages of a build project possess their own view of building information management.
- Stakeholders are typically focused on their phase of the build project and don’t see the broader business perspective
- Information management processes are regularly overlooked due to delivery time pressure, lack of training or process management
- Hard copies of plans and documents are easily mislaid, damaged or held by third parties
This can lead to issues such as:
- Variations in naming conventions, file formats and systems
- Lack of a single, common platform to efficiently store and share data
- Differing priorities and versions of what is deemed essential or critical information are stored
- Lack of a single point of control for user access and security protocols
Leading to outcomes:
- Which are challenging and expensive to correct
- Leave businesses exposed to legal challenges and security breaches
- Makes finding specific information time consuming and unnecessarily complex
Can you afford to ignore information management?
Reduced business risk
- Limited exposure against business litigation
- Protected against business and personal liability
- Mitigation against future unforeseen costs
- Ability to identify and address compliance issues as they arise
Confidence in your data
- Confidently make informed decisions based on reliable information and data
- Accurate data reduces mistakes helping to keep projects on track and on budget
- Fosters better communication between stakeholders
- Nurtures better business relationships
Increased business efficiency
- Information is accessible when you need it
- Reduced cost of daily management tasks
- Faster and easier to share assets and information
Enhanced CSR credentials
- The use of a single CDE will lead to a significant reduction in file and information sharing by email. This will have a major impact on reducing your carbon footprint
Protected asset value
- When it comes to valuing or selling your building asset missing information can affect the valuation and legal integrity of the process
IT’S TIME TO START THE CONVERSATION…
Find out how we can optimise your information management.