This paper explores the practical issues and constraints faced by project cost management professionals in the implementation and effective utilization of the various software, technologies and tools that are now available in the rapidly developing Building Information Modeling (BIM) sphere. BIM and its allied digital technologies and tools provide enormous opportunities for project cost management professionals to dramatically improve the quality, speed, accuracy, value and sophistication of their cost management services and therein ensure their future as key players in the BIM world. However, the profession has generally been slow to embrace and evolve with the full potential that these technologies can provide.There is now considerable momentum building as firms realize they have to embrace these technologies and see competitors seizing market advantage through developing expertise in the field. The purpose of this paper is to explore the issues faced by firms and to identify successful practices, procedures and strategies that firms are implementing. The research methodology for the paper is based on detailed interviews with Quantity Surveying firms in Australia. The results show that the interviewed firms are spending a lot of time and effort in developing their expertise and that there was a consistent pattern in relation to the main issues and problems and what was needed to be successful. The greatest issues related to the quality/comprehensiveness of the BIM models, difficulties with designers not providing full access to the models and software/standards compatibility issues. Successful strategies were clearly based on strong commitment and leadership from company directors and positive approaches to dealing with the issues and challenges faced. The paper concludes with a range of recommendations and strategies to help address these issues.