1. Reduce project risk at every turn
3 min read

Reduce project risk at every turn

Manage complexity with full transparency and real-time connectivity

Capital projects in the oil and gas, chemicals, and power industries are complex to design, build and operate. Each stage requires a network of specialists and an incredible amount of data and tools. Isolated information, disconnected applications and siloed organizations prevent efficient information sharing, streamlined workflows and true collaboration. Finding accurate information to make the right decisions at the right time is laborious and inefficient. And when multiple projects are happening simultaneously and over a long period of time, the level of complexity grows. To mitigate project risk, what is needed is a better way to engineer, build, manage and commission capital projects to improve safety, efficiency and sustainability, and eliminate costly delays.

Understand the Keys to Capital Project Success

Why is managing complexity and risk so important? With 58% of projects delivered late, 50% over budget and $2M per day cost of project overruns * it’s critical to improve the management and execution of capital projects. Consider these insights into capital project success.

*Flyvbjerg, Bent. “What You Should Know about Megaprojects and Why: An Overview.” Project Management Journal, vol. 45, no. 2, April-May 2014.

What are the keys to capital project success?
Learn how an integrated innovation platform can improve results and minimize risks on large-scale projects.

Digitally transform with a platform approach

Oil and gas, chemical and power companies and their suppliers are rethinking their project management approach and turning toward a strategy of digital transformation to better engineer, build and operate plant facilities. Large projects require real-time information easily accessible anywhere and at any time, along with new ways to organize and execute work. Through a multidisciplinary data-centric approach the 3DEXPERIENCE platform connects every stakeholder across the value chain for more efficient collaboration and provides a single environment to access critical business data for more informed decision-making. A single source of truth avoids miscommunication that could lead to errors, delays, cost overruns and accidents. When EPC, owners, operators and suppliers are all on the same page, it is possible to streamline projects and better organize work to deliver value at every stage of the process.

 

Mitigate complexity and risk with a single source of truth
All challenges in managing and improving asset performance have one thing in common: the availability and accessibility of accurate, up-to-date, information. Consider these strategies to keep you on top of your most valuable resource—the truth.

Break down information silos

The 3DEXPERIENCE platform includes deliverables-based project management to provide a single, consolidated, real-time view of the ecosystem activities. With immediate and accurate information, key decision-makers from executives to field personnel increase productivity and obtain the agility needed for project success. The platform delivers powerful data modelling capabilities, which helps analyze vast amounts of project information. This enables better risk management while providing intuitive, customizable dashboards that deliver actionable insights in a secure and auditable manner. The platform connects deliverables, tasks and resources to enable real-time project assessment and evidence-based analysis for allocating and prioritizing tasks and resources. The result? Streamlined risk analysis, better project execution and optimized project cycle times.

How to find the needle of truth in a haystack of information
You depend on an array of information to mitigate risk and stay on track. But how do you sift through the haystack of data to find the needle of actionable insight?

Applying Simulation throughout the lifecycle

The 3DEXPERIENCE Twin provides a virtual representation of the physical assets and engineering systems, enabling simulation, validation and verification of plant design, construction and operations before concrete is poured.  With a single, consolidated view of the project, stakeholders can quickly understand the impact of potential changes and ascertain whether deliverables meet the original requirements. The 3DEXPERIENCE Twin greatly improves collaboration and informed decision making while reducing overall project risk.

The 3DEXPERIENCE platform gives us a fantastically strong platform to significantly reduce cost and risk of operations in the future.

John Clark
Chief Technical Officer, Assystem UK
Insights and strategies from industry leaders
Watch the videos below to see how industry leading companies like Assystem, Bureau Veritas and McDermott use the 3DEXPERIENCE platform to successfully manage, engineer, build and maintain their plants to ensure future sustainability and growth.