Over 10 years we helping companies reach their financial and branding goals. Onum is a values-driven SEO agency dedicated.

CONTACTS
Business Marketing

Making important decisions with incomplete data: The roadblock for EPC companies

Engineering Procurement and Construction

Between architects, engineers, project managers, foremen and individuals controlling back-end processes, stakeholders in today’s engineering, procurement, and construction (EPC) companies are varied and scattered. As companies embrace digital tech such as smart watches, drones, AI and IoT-enabled devices, there is a spurt in data production. With multiple players and complex layers, data will continue to be dispersed across environments, making real-time data hard to access. Also, there are fresh challenges that come with connecting isolated systems into one cohesive integration. 

That’s what we call “disconnected ecosystem” – an unintegrated collection of insights and analytics, that experts call as a top challenge for EPC companies. 

Collecting data between multiple systems and platforms in today’s engineering and construction projects is a tedious, unsecure, and inefficient process. This involves multiple touch points that often produce incomplete and error-ridden data. Even monthly statements take weeks to close. Despite proper processes that enable frequent reconciling, closing the books remain a painful and time-consuming process. 

The numbers speak for themselves

  1. 28% of UK construction firms say that lacking the data they need on-site is the single biggest factor impacting productivity. 
  2. 60% of general contractors see problems with coordination and communication between project team members, and issues with the quality of contract documents as key contributors to decreased labor productivity. 
  3. 35% of construction professionals’ time is spent (over 14 hours per week) on non-productive activities including looking for project information, conflict resolution, fixing mistakes, and rework.

Instead of sorting through isolated data in spreadsheets, construction companies need to embrace an approach that is “model-based and data-centric, simultaneous and collaborative”. If construction companies, ones that belong to the largest industry in the global economy, want to grow, all stakeholders need access to accurate, real-time data to make crucial decisions.

There is good news. Integrated, data-driven solutions provide opportunities for EPC companies to combat these challenges and provide a one-stop shop for stakeholders. By connecting data for easy access, companies can:

  1. Reduce project costs
  2. Decrease lag time 
  3. Increase efficiency and productivity 
  4. Improve client and contractor engagement 
  5. Speed up of closing the books
  6. Free up CFOs and finance teams to focus more on strategy
  7. Hiccup-free and free flow of data from field to office

Don’t know where to start? Let CEM Business Solutions evaluate, standardize, collect, and automate your data. Our consulting and implementation services evaluate your current systems and provide suggestions for best practices and digitization roadmaps.

Leave a comment

Your email address will not be published. Required fields are marked *