Customers managing projects on Honest Buildings’ platform show a return on investment both in dollars spent and time saved. Working with Brookfield Properties, we created a model to quantify project costs before and after the implementation of the platform.
Savings on average amount to 6.3% of project costs, from four main areas:
The creation of a ‘digitized, automated bidding and capital project management’ system has helped enable our property management team to become more efficient and spend less time stuck in the outdated previous processes."
Broadening the field from three to five bidders results in more competitive bids and may drive as much as an 11.6% drop in the lowest bid. On average, customers reduce hard costs by 4% using Honest Buildings.
Bidding through Honest Buildings engages users more actively than traditional RFP processes. Participants ask more questions, contributing to far more information sharing and interactivity.
"Honest Buildings easily reduced project costs by 5 - 15% based on improved visibility/transparency into both the bid process and project progression."
Up to 30% of commercial real estate construction costs are attributable to soft costs. Even at only 1% savings, the dollars add up. Over time, Honest Buildings customers amass a searchable, centralized vendor database. This data arms users with actionable information for better outcomes, e.g.,
"We found ourselves able to find anomalies and outliers that said ‘we’re spending too much.’ We had a better sense of how we’re spending money in real time to make strategic adjustments, and focus our energy and costs on the things that matter to the business."
Honest Buildings’ customers garner nearly 2.2% in savings of project costs through reductions on change orders through minimizing rework. When more bidders ask more questions, answers are shared consistently with the entire group.
Automating time-consuming and repetitive project management processes through the platform produced a savings of 79.8% of total admin-related project costs.
Using automated workflows and cloud-based project management, customers found nearly 1 week per month was returned to project managers through reduced:
"The ROI we see is significant as the software makes my job and those of my managers a lot easier. Using Honest Buildings frees me up from shuffling too many Excel documents and gives me time to focus on revenue creation for each of the assets. It also keeps me informed from a capital perspective as I can monitor how any project is going in real time."
Imagine relieving your team of onerous administrative tasks that take time without meaningfully impacting the bottom line. Our research shows that users were able to reallocate time to higher impact tasks and projects, boosting overall productivity by 40%.
Bid more intelligently, leverage historical data, reduce rework and change orders, while reclaiming time by automating administrative tasks. Reduce your average project costs by 6.3%.