In construction projects, effective formwork management and selection are critical for success, particularly in the absence of Building Information Modelling (BIM) techniques. Manual calculations and experiential assumptions often result in cost and schedule overruns, ranging from 5% to 40% of the project cost. This study investigates the efficacy of implementing BIM in managing formwork for high-rise structures, aiming for optimal efficiency. The research methodology involves a literature review, a convenience-sampled questionnaire distributed among industry professionals, and subsequent data analysis. The findings reveal shortcomings in current formwork management systems, indicating limited BIM implementation mainly in 2D and 3D dimensions. The study identifies barriers like lack of awareness, resistance to new technologies, and absence of standardization. Primary BIM implementation selection criteria include technology availability, organizational size and complexity, employee expertise, and technical support infrastructure. This study’s originality lies in addressing the scarcity of research on advanced technologies like BIM in formwork management. The research emphasizes the need for formwork optimization concerning productivity, reuse, economy, and standardization, especially given the multitude of formwork materials and providers available. Although limited to high-rise buildings, the study’s implications are noteworthy. Implementing BIM in formwork management can minimize labor hour variations across work zones, reducing idle time for both material and labor resources. By applying a BIM formwork management model, labor hour variability can be reduced, leading to enhanced formwork Key Performance Indicators (KPIs) and improved cost optimization.