The power of data and technology for quantity surveyors and cost managers

The construction industry has been encountering considerable uncertainty due to the economic downturn and the growing complexity resulting from demand-side pressures, especially the calls to address decarbonisation urgently. To confront these challenges, industry professionals are exploring new methods of working, and the role of quantity surveyors and cost managers has become even more critical. 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 this context, the significance of data and technology in quantity surveying and cost management practices cannot be overstated. Quantity surveyors 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. Therefore, quantity surveyors and cost managers must leverage data and technology to integrate into their core processes. However, the potential of data is not being fully realised, as many quantity surveyors and cost managers are still reluctant to integrate into upstream digital workflows.

Glodon, in collaboration with RICS, conducted a comprehensive study that included global surveys, focus groups, and individual interviews to address this issue. The study aimed to understand better the current attitudes towards data and technology usage in quantity surveying and cost management practice.

We believe this paper is essential to understanding why data and technology are a vital part of the toolkit for quantity surveyors and cost managers. It provides valuable insights and recommendations on how quantity surveyors and cost managers can leverage data and technology to remain competitive, provide value to their clients, and expand their role beyond traditional functions. The paper also presents recommendations for the profession that spans from an emphasis on information management to the role of digital skills and competencies.