The construction industry has been grappling with substantial uncertainty in recent years, primarily due to the economic downturn and the mounting complexities stemming from demand-side pressures. Notably, there is a pressing call for urgent action to address decarbonization, adding further intricacy to the industry's landscape. In response, industry professionals are actively exploring innovative methods of working, and the role of quantity surveyors and cost managers has become even more crucial amidst these dynamics.

The Significance of Data and Technology

These professionals are responsible for ensuring the agreed financial outcomes of a project through tasks such as cost planning, commercial management, and project control. They are also expected to extend their role beyond traditional functions and engage in activities such as measuring social value, implementing environmental, social, and governance principles, adopting whole-life and whole-asset thinking, and calculating carbon footprints across various projects and assets.

"In today's construction sector, we cannot overstate the significance of data and technology in quantity surveying and cost management practices to remain in sync with upstream digital workflows on projects and programmes." Said Pierpaolo Franco, Vice President at Glodon.

Thus, quantity surveyors and cost managers must incorporate data and technology into a model-centric and data-driven process to remain competitive and deliver value to their clients. These processes provide the opportunity to make informed decisions, reduce costs, enhance efficiency, promote sustainability, and ultimately deliver better value to clients and other stakeholders. However, the potential of data is not being fully realized, as many quantity surveyors and cost managers are still reluctant to integrate into upstream digital workflows.

The Findings of A Global Research

To understand these issues, RICS and Glodon conducted a global online survey, a series of focus groups, and individual interviews in Australia, New Zealand, Singapore, Hong Kong, the UK, and Canada. The aim of the study was to understand the current thinking around data and technology usage in the quantity surveying and cost management profession. The research team conducted the study in Q4 of 2022.

The findings reveal a crucial need for greater adoption and integration of digital tools such as building information modelling (BIM), common data environments (CDE) and AI. Although progress has been made, the research indicates that many professionals are still relying heavily on spreadsheets and traditional methods, with emerging tools like AI, digital twins and blockchain still experiencing low usage levels.

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The potential benefits of embracing data and technology are vast, with respondents expressing strong agreement that quantity surveyors and cost management professionals can enhance their project advisory functions using these tools. By incorporating data-driven processes into their core functions, project professionals can achieve enhanced progress monitoring and control, greater cost certainty and more realistic and reliable cost targets.

Moreover, at the organizational level, the adoption of data and technology yields further benefits. These advancements result in improved cost certainty, enhanced progress monitoring, and the ability to set more realistic and reliable cost targets.

This adoption is not without its challenges. The cost and effort required, cultural resistance to change and low return on investment are barriers that must be overcome to fully harness the power of AI, data and technology. As the report suggests, focusing on education, training and professional qualifications can drive adoption levels and help the industry forge a path toward a brighter, more innovative future. It is important to ensure that project professionals understand that data analytics skills are essential and just as important as being proficient in desktop programmes and spreadsheets .?

The Future of Quantity Surveying and Cost Management

Based on the research findings and focus group discussion, several key recommendations are made by industry experts. Firstly, it is advised to "develop a playbook documenting the 'level of information need' and information deliveries for enhancing digital work processes and practices of quantity surveyors and cost managers", according to Anil Sawhney, Head of Construction, Knowledge and Practice at RICS. This playbook should be crafted using efficient and effective information management practices.

Secondly, there is a pressing need to enhance the skills and competencies framework for quantity surveyors and cost management professionals, placing significant emphasis on the value of digital tools, analytics, and initiatives for decarbonization. By updating the framework, it will ensure that professionals in these fields are equipped with the necessary expertise to adapt to the evolving industry landscape.

Furthermore, efforts should be focused on establishing connections and mapping cost classification standards with other existing systems that are used to categorize construction information. This strategic alignment aims to overcome the current challenges of fragmentation within processes and practices, fostering a more streamlined and cohesive approach.

Lastly, it is crucial to develop and implement strategies that promote the adoption of model-driven and data-centric work practices. By prioritizing these approaches, collaboration across the entire value chain within the construction industry can be significantly enhanced, leading to more efficient and productive outcomes. ?

Just as James Garner, Senior Director at Gleeds, said, "As we continue to navigate the rapidly changing world around us, it is paramount that quantity surveyors and cost management professionals keep pace with the digital and AI revolution. By embracing data and technology, these professionals can unlock their true potential and play a significant role in shaping the future of their industry."

This article is based on the study "Role and Importance of Data and Technology in Quantity Surveying and Cost Management Practice". Download the report to know better the benefits and improvements of data and technology, drivers and barriers behind the adoption, and more inputs from worldwide experts.