The Architecture, Engineering, and Construction (AEC) industry faces significant global challenges, including frequent project delays, budget overruns, and inadequate stakeholder collaboration. To address these issues, Value Engineering (VE) and Building Information Modeling (BIM) have been increasingly used in large-scale, complex construction projects. Although many studies highlight the benefits of integrating VE with BIM, its full practical potential has not yet been realized. This study aims to investigate the integration of VE and BIM within a Common Data Environment (CDE) to improve decision making and project outcomes. A comprehensive framework was developed, consisting of four interconnected modules: (1) Creating the CDE, (2) Developing the BIM Model, (3) Implementing Value Engineering, and (4) Conducting a Value Engineering Study. Central to this framework is the introduction of the VEIDEA” data bank, a structured system based on the OmniClass classification, which stores and organizes VE ideas. Additionally, the framework incorporates the Analytical Hierarchy Process (AHP) to automate the evaluation phase, assisting designers and VE teams in making data-driven decisions on design alternatives. Empirical results from a case study of an office building show significant cost savings, with a 20% reduction in reinforced concrete (RC) slab costs and a 39% reduction in flooring material costs. These findings demonstrate the potential for integrating VE and BIM to enhance cost-effectiveness and overall project performance. This study offers a novel approach to optimizing project collaboration, decision making, and efficiency in the AEC industry.