The architecture, Engineering, and Construction (AEC) industry is dealing with serious challenges on a global scale, i.e., project delays, budget overruns, and insufficient stakeholder collaboration. In this context, Value Engineering (VE) and Building Information Modeling (BIM) have been used recently to address these challenges and cope with large-scale and complex construction projects. An extensive body of literature highlights significant advantages of integrated VE within BIM technology. Despite this, it is full practical potential has not yet been realized. For this reason, this paper aims to investigate the integration of Value Engineering (VE) and Building Information Modeling (BIM) within a Common Data Environment (CDE) for the Architecture, Engineering, and Construction (AEC) industry. In doing this research, a comprehensive framework was developed and systematically implemented into practice through the use of four interconnected modules: (M. 1); Creating CDE, (M. 2); Design BIM Model Development, (M. 3); Value Analysis / Engineering Model, and (M. 4); Value Engineering Study. Introducing a new term the ""VEIDEA"" databank based on the OmniClass classification system provides a structured database utilized to store, manage, and accumulate VE ideas. Moreover, the study incorporates the Analytical Hierarchy Process (AHP) to automate the evaluation phase. Such a framework seeks to assist designers and VE team members make informed decisions when choosing appropriate design alternatives. Lastly, a case study method was adopted to examine the proposed framework for an office building. Quantitative data showed a significant link between cost savings and VR integration with BIM technology. For instance, cost of the RC slabs dropped by 20%, while flooring materials cost dropped by a 39%. Empirically, evidence from the case study supports literature regarding t the potential for significant enhancements in both cost-effectiveness and overall project performance through this innovative integration. In the context of knowledge contribution, this study provides an innovative way to assist designers and VE team members in making well-informed decisions when choosing appropriate design alternatives.