The Future of Engineering and Construction: How Analytics Can Help You Achieve Your Goals
H. Marchello Arcelay
![H. Marchello Arcelay]()
H. Marchello Arcelay
Sustainability Analyst ? Environmental Compliance ?Air Quality ? Waste-To-Energy ?Regulatory Compliance ?Compliance Management ?Waste Management ?Circular Economy ?Waste Prevention ? Mission-Driven
How analytics can drive smarter engineering and construction decisions.
The engineering and construction (E&C) industry faces a significant challenge: improving productivity and performance in a complex and uncertain environment.
While other sectors have reaped the benefits of data-driven solutions, E&C firms need to catch up in adopting analytics tools that can help them make better decisions. However, some E&C companies recognize the potential of analytics to enhance their market assessment, portfolio optimization, and project delivery.
This article will explore three ways that analytics can drive smarter engineering and construction decisions.
Strategy: Analytics can assist E&C firms in making informed decisions about whether to bid on a project and, if so, how much to bid. By leveraging data from previous projects, market trends, and competitor analysis, analytics can offer valuable insights into the project's scope, risks, and potential profitability.
This enables E&C firms to avoid unprofitable or high-risk projects and avoid underbidding on lucrative opportunities.
Portfolio Management: Analytics can help engineering and construction firms manage their portfolio of projects by ensuring a balanced mix of projects across geographies, sectors, and risk profiles.
Analytics can use data from internal and external sources to assist E&C firms in identifying gaps and opportunities in their portfolios and allocating resources accordingly. This optimization can help E&C firms improve portfolio performance and maximize their return on investment.
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Effective Delivery: Analytics can assist engineering and construction (E&C) firms in completing their projects within the established timeframe, budget, and quality standards.
By leveraging data from sensors, drones, cameras, and surveys, analytics enable E&C firms to monitor and manage project progress, quality, safety, and expenses. This capability allows E&C firms to identify and address issues early, enhance stakeholder collaboration, and improve customer satisfaction.
Analytics are becoming essential tools for enhancing capital project results and minimizing risk in the E&C industry. By utilizing the large volumes of data they already gather, E&C firms can discover important insights that accelerate and enhance the quality of management decisions.
To achieve success with analytics, E&C firms need to address obstacles such as data quality, compatibility, and culture. Additionally, they should invest in data analysts who can spearhead analytics efforts and translate data into actionable recommendations.
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Sustainability Analyst ? Environmental Compliance ?Air Quality ? Waste-To-Energy ?Regulatory Compliance ?Compliance Management ?Waste Management ?Circular Economy ?Waste Prevention ? Mission-Driven
7 个月According to ???????????????? & ??????????????, analytics are crucial in driving smarter decisions in the engineering and construction sectors. We can uncover critical insights that enhance project outcomes and reduce risks.? ???????? ?????? ???????? ?????? ????????????????: ? ???????????????? ????????????????????: Analytics help ensure that projects comply with environmental regulations by providing real-time monitoring and reporting capabilities. ? ???????????????????????????? ??????????????????????: Data-driven insights enable us to adopt more sustainable practices, such as optimizing resource use and minimizing waste. ? ???????????????? ????????????????????: Advanced analytics improves project management by improving planning, execution, and efficiency. ? ???????? ????????????????????: Predictive analytics help identify potential issues before they occur, allowing for proactive measures to reduce risks. By embracing these technologies, we can support our commitment to sustainability. ???????? ???? ?????? ???????? ???? ?????? ???????????????? & ?????????????? ???????????? -? https://www.mckinsey.com/capabilities/operations/our-insights/how-analytics-can-drive-smarter-engineering-and-construction-decisions
Founder, CEO & Sr. Advisor. The Cooperative LA | Emerlane | Stately | Reaume Richardson | AIMM | YPO Member | People-First Leader | Idea Guy
1 年Thanks, Marchello. Technology is transforming how we can make better construction decisions. Data and analytics are key! Appreciate the info.
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1 年You share so many useful insights in the newsletter, very insightful, thank you Marchello Arcelay
Attorney At Law at CIVIL COURT CASES
1 年Helpful
Sustainability Analyst ? Environmental Compliance ?Air Quality ? Waste-To-Energy ?Regulatory Compliance ?Compliance Management ?Waste Management ?Circular Economy ?Waste Prevention ? Mission-Driven
1 年Do you use analytics in your engineering and construction projects?