ICMSCosts is a database containing over 15,000 benchmarking figures from projects around the world.
ICMSCosts data has numerous use cases:
- Performance benchmarking – assess the capital and operating costs of your project against similar projects, on an apple-for-apple basis, overcoming the traditional problem of different users having different standards.
- Estimating costs – determine the estimated cost of your next project by looking at how much similar projects have cost in the past, with appropriate adjustment for inflation and differential cost of construction around the world.
- Valuation / reinstatement costs – determine the appropriate reinstatement cost of your assets for valuation or insurance purposes, by tapping into our database of similar assets, with appropriate adjustment for inflation and differential cost of construction around the world.
- Tendering / procurement – our database can support across multiple departments by providing consistent cost and project data at key decision points.
- Data management – the ICMSCosts team will work with you to align your existing data with ICMS, the starting point for cost benchmarking.
ICMSCosts has been set up with the following principles and features in mind:
- Free cost benchmarking service to government entities providing data for our core service – we don’t want to create barriers to the sharing of data by stakeholders.
- Transparent business model – self-funding achieved through data being made available to the wider supply chain on a subscription basis – to contractors, service providers, technology providers, suppliers.
- Collaboration at its heart – by sharing project data, client organisations gain access to reliable benchmarks from peer organisations.
- Independent from industry – not tied to project delivery, not a user of asset data, not offering professional advice around asset data.
- International by design – global cost benchmarking – based on the international standard, ICMS – since best practice and efficiency recognise no borders.
- Infrastructure as well as real estate – coverage of all classes of built asset.
- Asset life-cycle data – not just construction costs – providing clients with real data to assess value-for-money at all stages of an asset’s life.
- Accessibility – ability to search for comparable assets by location, date, or asset attributes (such as type / size / quality).
- Secure – all asset data is held in line with industry standards – and while we encourage openness by client organisations, appropriate data security protocols are of course applied.
Key Features by User Type
Quantity Surveyors:
- Structured Data Input: Enter and manage costs using ICMS-compliant templates.
- Real-Time Collaboration: Work seamlessly with project teams and stakeholders.
- Benchmarking & Analysis: Compare project costs across sectors and regions.
- Automated Reporting: Generate standardized, presentation-ready reports in seconds.
Project Owners & Clients:
- Clear Cost Visibility: Understand how funds are allocated and spent.
- Cross-Project Insights: Monitor and compare multiple projects with a unified view.
- Standardised Reports: Receive consistent, easy-to-interpret data across all projects.
- Risk Management: Identify anomalies and manage budget risks early.
Contractors & Consultants:
- Transparent Communication: Align with clients using shared, structured data formats.
- Faster Approvals: Reduce back-and-forth with clean, verifiable cost breakdowns.
- Change Tracking: Log and justify changes in cost over time.
- Cloud Access: Access project data from anywhere with secure login credentials.
For more information, or to enquire about a license, please contact us.