Avoid cost overruns and generate cost savings in construction projects in Colombia

Avoid cost overruns and generate cost savings in construction projects in Colombia

BCQS is a leading construction cost management and project monitoring consultancy in Latin America and the Caribbean. Recently, Felipe Velásquez, the company’s Country Manager, and Jorge Avilán, Local Director, were interviewed by Semana Magazine, where they revealed the advantages of their services in Colombia in the context of the economy reactivation post pandemic.

Jorge Avilán – Local Director, Felipe Velásquez – Country Manager, Photo – Juan Fernando Castro

1. What are the challenges that a construction project faces that require project cost management advice and follow-up? 

FELIPE VELÁSQUEZ: Some of the main challenges facing construction projects occur at the planning stage, especially in terms of costs. We offer to help with accurate planning and cost estimating advice based upon our database of market trends and pricing. We also monitor drawing design to avoid cost overruns and ‘design creep’ and maximize customer savings. It’s about mitigating financial risk through good management decisions and advice. 

2. What benefits does this mean for Companies undertaking Construction Projects? 

FELIPE VELÁSQUEZ: The main one is economic. Our cost monitoring, financial planning and cost management service allows for significant savings that generally exceed the value of our fee. We also accompany and monitor the execution of the project, so that the client feels that there is always someone looking after his “pocket”. Additionally, we alleviate a large administrative burden and avoid the need to hire new staff.

JORGE AVILÁN: The advantage is that we mitigate risk so that the projects are carried out within an established time period and within the financial constraints that was planned for. This is key for company’s whose expertise has nothing to do with the construction sector. Click here for a listing of our project experience >

3. How is this follow-up different from the execution of an audit in a project? 

FELIPE VELÁSQUEZ: An audit supervises the execution of the construction project from a technical point of view and is to ensure the completion of the project in accordance with the drawings and specification. By BCQS integrating from the start, we can more effectively mitigate risks, and ensure design and costs are aligned.

JORGE AVILÁN: In addition, our Clients gain from over 50 years of experience that BCQS has in the marketplace and the confidence generated by being one of the most established cost management consultancies in Latin America and the Caribbean. It is summarized in our slogan: ‘Global knowledge, local experience’.

4. Are these services just coming into existence in Colombia? 

JORGE AVILÁN: Yes. Very few companies provide these services; we are governed by the Royal Institute of Chartered Surveyors (RICS). As foreign investment increases, the trend will grow. In North America and Europe, no investment in a construction project is made without services like ours, because there they have understood the value of planning for a successful project.

If you any questions or would like to speak with one of our advisers to see how we can help you deliver your next project in Colombia, contact: