What is benchmarking?

Construction project benchmarking is the process of comparing the performance of one construction project against similar projects. This process can be used to identify areas where the project is performing well, and areas where improvements can be made.

There are many benefits to benchmarking construction projects. It can help to improve the quality of construction projects, and can also help to save time and money. Benchmarking can also help to improve communication between different stakeholders involved in a construction project.

There are a few different ways to benchmark construction projects. One way is to use a software program that is specifically designed for benchmarking construction projects. Another way is to use a generic tools, such as spreadsheets, to compare the performance of different construction projects.

Construction project benchmarking is a valuable tool for quantity surveyors. It can help to improve the quality of construction projects, and can also help to save time and money.

How can benchmarking help quantity surveyors improve accuracy?

As a quantity surveyor, one of your main goals is to provide accurate cost estimates for construction projects. Benchmarking can help you improve the accuracy of your estimates by providing a point of comparison for your project.

Construction project benchmarking involves comparing your project to similar projects in terms of scope, size, and location. By understanding how your project compares to others, you can adjust your estimate accordingly.

There are a number of advantages to benchmarking construction projects for quantity surveyors:

1. Improved accuracy: As mentioned above, benchmarking can help improve the accuracy of your estimates. By understanding how your project compares to similar projects, you can make more informed decisions about your own project.
2. Greater understanding of the market: Benchmarking can also help you gain a better understanding of the construction market. By understanding what similar projects cost, you can get a better sense of the meta conditions of the market, this is particularly important right now.
3. Differentiation: Benchmarking adoption by quantity surveyors is relatively low in small to medium enterprises. By offering benchmarked reports to your clients you will stand out against competitors
4. Better decision-making: Benchmarking can also help you make better decisions about your project. Popular cost sources prevalent in the industry and the moment rely on averages of large datasets that aren't necessarily in touch with real-world rates, benchmarking allows your to control and own your own data meaning it is making it more reliable and definitive.
5. Increased efficiency: Benchmarking can also help you increase the efficiency of your estimating process. By owning your own data in-house less time can be spent scavenging rates from different sources and more time spent productively.

If you're looking to improve the accuracy of your construction estimates, benchmarking is a great option. By understanding how your project compares to similar projects, you can make more informed decisions and improve the efficiency of your estimating process.

What are some of the challenges associated with benchmarking?

While there are many advantages to benchmarking construction projects, there are also a few potential disadvantages that quantity surveyors should be aware of.

1. Benchmarking can be time-consuming: It is a time consuming process invested initially to capture and prepare the data from one project and store it in a manner that will be useful in the future.
2. It may not always be possible to find good comparable projects: When undertaking bespoke or complex new projects benchmarking may not be suitable, if there are no comparable projects other sources of cost data will need to be found.
3. Benchmarking relies on accurate data: If the underlying data used in the benchmarking process is inaccurate for any reason this can poison the overall dataset resulting in less accuracy.

Benchmarking is only one tool that quantity surveyors can use to assess construction projects, and it should be used in conjunction with other methods.

How can Bench iT help

Bench iT is a tool designed predominantly for quantity surveyors, architects and developers to simplify the benchmarking process. Bench iT combines artificial intelligence and a simple cloud hosted interface to allow seamless benchmarking within your current workflow. Benefit from data-driven decisions, forward planning and the lowest possible risks through accurate cost forecasts and savings due to unit rate benchmarking.