Capital Project Success Relies on Technology
/With funding for U.S. infrastructure updates and the private sector focused on projects to increase sustainability, there are more and more capital projects in the works and coming up in the next decade. How can the industry make these projects happen efficiently and cost effectively?
Capital projects are notoriously difficult. They go over budget, take longer than planned, and can be disorganized. But emerging technologies can play a role in keeping projects organized and even completing some of the work.
In a recent white paper called “Overcoming chaos to achieve efficient control: The four pillars of capital project success,” AVEVA, an industrial software company, discussed how today’s capital projects need to be aligned with people, data, processes, and technology.
The paper outlined four pillars of order and efficiency, which together rely on all aspects of a project working together.
Image source: AVEVA
Technology is key to supporting these pillars—ironic since pillars are supposed to be the supportive ones. Emerging technology advancements are enhancing efficiency, reducing costs, and improving overall project outcomes in many different ways.
Data Analytics and Predictive Modeling: Capital projects are benefiting from data-driven insights and predictive analytics. By analyzing historical data and real-time information, project managers can make informed decisions, predict potential issues, and optimize resource allocation.
Digital Twins: Digital twins create virtual replicas of capital projects throughout any stage of the life cycle. They provide a real-time view of project progress and performance, enabling better monitoring, analysis, and simulation.
Automation and Robotics: Automation technologies are streamlining repetitive tasks in capital projects. Robots and autonomous machinery are being used for construction and maintenance, improving precision and safety while reducing labor costs.
Cloud Computing and Collaboration Tools: Cloud-based solutions enable real-time collaboration among project stakeholders, regardless of their location. Teams can access project data, designs, and documentation from anywhere, fostering better communication and project coordination.
Artificial Intelligence (AI): AI algorithms assist in project planning, logistics, supply chain, scheduling, risk management, and more. They can predict potential project delays and suggest mitigation strategies, optimizing project timelines and budgets.
Virtual and Augmented Reality (VR/AR): VR and AR technologies offer immersive experiences for project visualization, design reviews, and worker training. They facilitate better decision-making, reduce design errors, and enhance worker skills.
Internet of Things (IoT): IoT sensors are deployed on construction sites and in built structures to collect real-time data. This data helps inform predictive maintenance and ensures the longevity of assets.
Drones: Drones are used for aerial surveys, inspections, and data collection. They provide detailed images and videos of project sites, assisting in site management, progress tracking, and safety monitoring.
Energy Efficiency and Sustainability: Emerging tech is helping stakeholders design and build using sustainable practices, including smart energy management systems and green building technologies.
Emerging technologies are revolutionizing the capital project landscape, making it more efficient, cost-effective, and environmentally friendly. They offer opportunities for businesses to stay competitive and deliver projects with greater precision and speed.
