ECA welcomes the construction industry’s Value Toolkit
ECA welcomes the construction industry’s Value Toolkit, launched this week. For many years ECA have been advocates of whole-life, rather than capex, value. The Toolkit, which is still at pilot stage, addresses the way the industry thinks about, and measures value. It offers a structured approach to value-based investment decisions about a project or portfolio. And it draws on best practice in sustainable investment from across the globe. The Value Toolkit is a product of collaboration between over 200 experts, under the wing of the Construction Innovation Hub.
The Value Toolkit's user-friendly tools help clients define value beyond capital costs. Value-based decision making is already enshrined in public and private investment policy, but there is often a gap between the outcomes promised and those delivered. The Toolkit supports policy objectives common to both the Government’s Construction Playbook and the Construction Leadership Council’s Roadmap to Recovery. It helps clients engage effectively with the supply chain. And to consider the social, environmental and economic benefits and consequences of their decisions.
Before becoming CLC Business Models workstream leaders, ECA took part in early stage development of the Toolkit, contributing to the Procuring for Value Report. For the engineering services sector, which spans both construction and maintenance, the launch of the Value Toolkit is a milestone towards the goal of linking capex and opex in the pursuit of value (not lowest priced) based procurement.
Rob Driscoll ECA Director of Legal & Business
During the next six months, the Construction Innovation Hub is looking to fine tune the Toolkit. It is seeking partners from the wider sector to take part in the pilot. Partners have the chance to test the Value Toolkit on live projects and programmes, with support from the Toolkit community. To take part in the pilot scheme, register before 21 May 2021.