IN a previous article, the meaning of value engineering was explained especially in relation to the construction industry. In this second part, its benefits to the construction industry are outlined, allowing for a better understanding of how this process can benefit all stakeholders.
The website KREO states that the root of value engineering is to identify areas where cost savings can be made without compromising the quality of a project.
It lists the major benefits as including:
- Cost reduction: It can reduce costs by identifying ways to lower overhead expenses and make smarter purchasing decisions.
- Streamlined estimation process: By considering factors such as project location, structural integrity and safety measures, value engineering accelerates the estimation process and eliminates unnecessary costs.
- Improved quality: By evaluating existing materials and components, value engineering helps ensure the highest quality of construction projects while eliminating potential delays due to defective materials.
- Risk mitigation: Offers a way to mitigate risks by minimising costly mistakes and helping to plan for any foreseeable problems.
- Data-based decisions: By carefully analysing current market trends, contractors can choose the best value-for-money materials and equipment.
- Increased efficiency: By leveraging real-world data, value engineering helps contractors make decisions quickly and accurately while saving time in the long run.
Value engineering can also provide a competitive advantage for contractors by helping them win more bids and receive more work, thus improving a construction company’s ROI.
HCK Capital Group has always sought to remain ahead of the curve. This is exemplified by its motto – ‘Done. Differently. Definitely’.
It has added a new division – Platforms – to complement its property business. The concept of value engineering is central to many components in the Platforms division, one of which is iconstech, which will offer a powerful value-engineering app that aims to provide a comprehensive, one-stop solution to their clients by utilising real-time big data and analytics.
For more information, please go to: https://iconstech.net/ – Nov 19, 2o23
