Integrating Cost Processes into Digital Models - Driving the Need for Standardized Cost Data

Will Myles, 1 month ago in Opinion

The construction industry is striving to find the best way to integrate "what the design and construction teams do" with "what the PMO team does".  A lot of manual intervention is required to overcome the lack of a single source of truth when asking whether we really are on track, on budget and hitting all the right performance measures.

This recent paper (Process–Cost Integrated Management and Data Utilization Based on OpenBIM, 1Q 2026) reviews the various methods being adopted globally to try and integrate schedule and cost processes (WBS, CBS) within a single BIM model environment.  This generally means bridging information gaps through assumptions, allocations, matrix links, careful packaging or database links.

The research team integrated the schedule and cost process using OpenBIM, through object classification and property-level data.  The paper notes that this was successful, within a limited scope.

Full integration as normal practice has a long way to go, but it is apparent that cost data needs to be standardized and consistent for an integrated set-up to be achieved.  This is the case at the modelling level and from a reporting perspective.

Wells Data Services has digitized ICMS, the international standard for cost reporting ... and that standard sits at the heart of our flagship cost data product, ICMS Costs.  Consistent data helps with making better decisions.

To find out more about Wells Data Services and ICMS Costs, visit us at www.icmscosts.com.