HUNTSVILLE, Ala. – Hexagon’s PPM division, today announced the inclusion of International Construction Measurement Standards (ICMS) into its EcoSys™ enterprise project performance software. ICMS is a global standard for benchmarking and reporting of construction project cost and covers both capital and whole life costing while providing a method of presenting costs in a consistent format.
ICMS was created in 2017 and includes a global coalition of professionals from non-governmental and nonprofit organizations. A wide range of professional organizations are represented by the coalition.
The goal of ICMS is not to replace existing local standards, but to provide an internationally accepted high-level reporting framework into which data generated locally can be collected and analyzed in comparison. In turn, this results in promoting consistent data, cost predictability and maximizing returns in lifecycle process playing a pivotal role in the financial management of construction projects.
An international standard sets itself apart by providing consistency in classifying, defining, measuring, analyzing, and presenting construction costs at a project, regional, state, national or international level. In time, it is expected that ICMS will become the primary basis for both global and local construction cost reporting.
In 2018, Hexagon’s PPM division became a partner of the ICMS Coalition to help promote standards in cost management around the globe. Professional organizations can collaborate to develop standards that are in the public interest and represent international best practice. These organizations are also able to support and guide their members to deliver the new standard and thus ensure it is adopted widely and consistently.
Within the EcoSys software platform, the ICMS standard can be used to aid in project estimating across the budget lifecycle. In particular, previous project performance can be used to develop productivity norms and the basis of future feasibility and conceptual estimates.
According to Corey Short, Director, Portfolio Strategy, Enterprise Project Performance, “Hexagon provides technologies and solutions based on industry best practices across many vertical and geographical markets. A major focus for us is to enable greater cost predictability across the enterprise. Through EcoSys, we’re excited to be able to help propagate a powerful standard that can help improve engineering and construction cost predictability across the globe, thereby maximizing returns from investments.”
With the adoption of ICMS’ international standards, organizations establish themselves at the forefront of this best new practice approach.
Hexagon is a global leader in sensor, software, and autonomous solutions. We are putting data to work to boost efficiency, productivity, and quality across industrial, manufacturing, infrastructure, safety, and mobility applications.
Our technologies are shaping urban and production ecosystems to become increasingly connected and autonomous – ensuring a scalable, sustainable future.
Hexagon’s PPM division empowers its clients to transform unstructured information into a smart digital asset to visualize, build, and manage structures and facilities of all complexities, ensuring safe and efficient operation throughout the entire lifecycle.
Hexagon (Nasdaq Stockholm: HEXA B) has approximately 22,000 employees in 50 countries and net sales of approximately 4.3bn EUR. Learn more at hexagon.com and follow us @HexagonAB.