How Prometheus Real Estate Group Achieves Real-Time Conceptual Budgeting and Design Evolution Tracking with Toric
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Prometheus specializes in real estate development services, specifically for multi-family properties, property management, acquisitions, and renovation services.
By tracking the design evolution of a building in Toric we can more closely follow the trends and cost impacts to the design evolution and use the source data to make data driven decisions and artfully balance the tension between our budget and design objectives.
Ricky Holak, Director of Construction
Goals
Prometheus' goals have always been on progress and excellence. They knew if they could automate and use direct sources (i.e. Revit model rather than PDF plan sheets) for the pre-construction planning and reporting process, it would give them another considerable advantage. With the introduction of integrated project delivery methods, and using Toric, their time to track design evolution and budget could be streamlined and more data driven.
Their aim was to provide real-time pricing feedback on design evolution, thereby enabling data driven decision-making. To achieve this, they set up the following goals:
- Streamline workflows: seamlessly compare model updates and provide real-time budgeting based on key metrics such as net rentable SF, floor-to-skin rations, and parking efficiency.
- Data integration: track external costing data sources to ensure that our decision-making was well-informed and based on the most relevant and up to date information.
- Improve efficiency: Use direct sources where possible and standardize data sources.
- Enhance reporting: link their Design Evolution Log (the process of tracking the small changes between pricing sets) and their milestone budget updates into one web-based weekly reporting platform for improved transparency and communication.
- Leverage data: incorporate pricing data for historical projects and also from external sources with industry-specific pricing information.
Why Toric
To realize these goals, Prometheus partnered with Toric. Toric seamlessly integrated with Prometheus' existing systems. For example, by using Toric's Revit plug in, we are extracting and combining data from Revit models and financial data. This data fusion provides Prometheus with interactive dashboards, empowering them to compare 3D model components across different versions and associate them with cost data.
Outcomes and Future
The collaboration with Toric’s platform automated important aspects of Prometheus’ project analytics such as model comparisons, estimates, and QA. The platform provided by Toric enables diverse project and business stakeholders to access and analyze data, fostering quality data driven decision-making and enhancing the overall asset life cycle management.
Recognizing the importance of workflow solutions in addition to software, Toric’s customer success, VDC, and Data teams augmented Prometheus’ team to implement ETL workflows and data sources, effectively streamlining Prometheus' lean processes. This resulted in achieving not only budgeting and design evolution tracking goals, but also a deeper understanding of model quality and potential efficiency improvements.
Furthermore, Toric plays a pivotal role in bringing Prometheus closer to contracting and permitting based on models, keeping Prometheus ahead of the curve on future industry trends.
The Prometheus team plans to continue deploying Toric and expanding upon leveraging their data on workflows during pre-construction planning and reporting. Beyond this, Prometheus aims to start harvesting the data that Toric transforms to drive insights into other areas of their business.
By creating a workflow that allowed the Prometheus team to compare model updates, provide real-time budgeting, and track external costing data sources, Toric has enabled Prometheus to achieve the goal of real-time conceptual budgeting and design evolution tracking to foster data driven decision making.
