Like several other work areas, capital projects too are getting a digital- first approach. To execute these effectively, some key questions need to be considered. For a start, the value of the individual projects need to be defined. Large construction and engineering firms are now utilizing the power of technologies such as information modeling and advanced business analytics. The ecosystem has to be fully understood. The project delivery format too needs digitizing. The overall company culture will need some kind of transformation. Success likewise needs to get mobilized. The execution of major projects will need a digital overhaul. All this will help stem the tide, where at present capital projects on average span longer than the planned time duration by about twenty months.

Source:https://www.mckinsey.com/business-functions/operations/our-insights/operations-blog/shaping-digital-first-capital-projects?kui=shR1xE0O0l450XnS7wHBgg

Uploaded Date:26 June 2019