A capital project encompasses of anything ranging from a new construction, expansion, renovation, or a replacement project for an existing facility. Undertaken to improve the infrastructure of a city, State or corporation, these projects are always highly ambitious in nature.
The construction sector, however, has witnessed several mega capital projects reach completion as far as 20 months behind schedule while being 80 percent over budget. While ever fluctuating complexity levels are one factor, the uncertainty involved in dealing with project owners, contractors, and subcontractors is another concern.
Over time, stakeholders across the spectrum have witnessed that digital enablement has emerged as an imperative across most industries and the construction industry is no exception. Along with a strong digital strategy and data foundation, there is also a growing census that a well-defined digital transformation roadmap is crucial to achieve success in the domain of Engineering & Construction (E&C) against pre-determined metrics.
Digital Transformation revamps the processes along executing capital projects by –
The intervention of digital tools bring along with themselves a host of benefits. Data-driven insights obtained from the digital twin technology can be used to predict market trends, optimize commercial viability and predict project performance. In addition, the modules of digital transformation enable a highly trusted and collaborative decision-making process for project planning and execution.
However, the mere implementation of data transformations cannot guarantee the success of capital projects. The right operating environment includes the right people, structure or culture which is responsible for collating and deploying useful data which drive engagement and collaboration. A strategic failure to build the same can divert a capital project from the roadmap of digital transformation and result in non-performance. The lack of a fully interoperable infrastructure that can provide valuable insights to workers is another reason why the implementation of a digital transformation can fail.
To counter the challenges described above, E&C companies must be thoughtful in the ways they approach their digital transformations. Our experience in the industry suggests that adopting five practices will increase the likelihood of success and enable companies to capture greater value from digital.
Exalogic examines where operators and engineering and construction companies are in their data-driven digital transformation journey. It considers the challenges they face and the various actions that have been adopted by the most progressive companies. Together, we work towards hashing out a customised Digital Transformation roadmap, so their capital projects reach completion as planned.
Connect with us to find out how we can help aid your Digital Transformation journey!