VALUE PROCUREMENT APPROACH AND TOOLS FOR REAL ESTATE SECTOR

The building sector is traditionally focused on reducing the investment costs, rather than on total facility life cycle value creation for the benefit of owners, users, the environment and the society. The challenge is not only to consider different stakeholder perspectives, but also how to incorporate different kinds of values (economic, environmental, social & cultural) in one holistic value model approach. We propose a framework for value creation from very early stage visioning to value commissioning and facility use, to obtain and maintain high value services and brand. The framework links value, process and business model aspects employing value metrics. The metrics provide a systematic knowledge management approach for capturing stakeholder needs as key performance indicators (KPIs), consistently applied in different phases. The KPIs are implemented in an online tool and service to identify stakeholder needs and to ensure that the project targets are met. Finally, based on the findings from a case study where a public facility owner and construction client evaluated the approach with the online service, its potential not only for value creation in individual projects but also for benchmarking purposes is discussed.