In complex projects, the volume of data continues to grow exponentially, but most organisations are not keeping pace. Deep inside this data, there is treasure to be found, and most organisations don’t know that it’s there, much less how to access it or leverage it. Project-intensive organisations continue to struggle with this for three main reasons:
Projects are Unique: With every new project, a new team comes together to solve a new challenge. Even if the scope is the same, there is something different this time – different participants, team members, stakeholders, locations, etc. Across these various participants (Owner, EPC Contractors, Suppliers, Partners, etc.) there are a variety of systems and spreadsheets requiring an enormous amount of effort to maintain. Information is slow to travel, reports aren’t accurate, and decisions are being made too late to affect the project. And when it all becomes too complex, teams will often revert to bespoke spreadsheets, without understanding the value being lost in doing so.
Projects are Temporary: The project team works hard through planning and execution phases, discovering what works and what doesn’t. Learning countless new lessons about cost / schedule performance, supplier capabilities, engineering designs, product quality, construction productivity, and other best practices. But when the project ends, where does this knowledge go? The team often takes it with them to their next project, which is good for them and their career development, but unbelievably wasteful for your organization to re-learn what it already knows.
Projects are Human: People are the root cause of all project success… (and failure). How can we leverage the logical (human ingenuity, skills, knowledge, experience), and the emotional (fear, ambition, pride, optimism, pessimism, etc.) to build sustainable knowledge and new predictive indicators? This presentation will explore the potential (and the pitfalls) of emerging technologies in capital projects and portfolios.
Ray is a senior business and project advisor, specialising in the structuring, governance and control of capital investments, and he is a global thought leader in the application of technology in project and portfolio management disciplines - leading innovation in predictive solutions for capital-intensive industries.