According to a study in 1994 conducted by the National Institute of Standards and Technology (NIST), the US capital industry was losing an estimated $15.8 billion per year in efficiency losses because of inadequate interoperability among computer-aided design, estimating, facility management and other siloed processes and systems. Since that time, advancements in focused development and technology have reduced losses, especially in the area of cost estimation.
For several decades, paper construction documents served as an industry commonplace. Initially, the old-fashioned estimating take-off process required manually created two-dimensional drawings with pencil, paper and architectural scales, and hand-written spreadsheets.
Today, smart technology provides the means to do increasingly more accurate take-offs which produce savings of up to 45 percent in cost planning and construction cost estimating.